Financial wellness can have a direct impact on employee satisfaction and productivity. Yet, not nearly enough employers are doing anything to address it.
A recent research study conducted by Visa and commissioned by ADP* found that only two in five employers support the financial wellness of their employees. The study also discovered the following:
- 40% of employees say living paycheck-to-paycheck saps their productivity at work.
- 60% of employees want their employer to help them stop living paycheck-to-paycheck.
- Nearly 70% of employees want financial education from their employer.
These results make it clear that financial wellness programs are more important than ever. By providing employees with tools and resources to help them manage their finances, you can help reduce the stress that's keeping them from fulfilling their potential at your workplace.
One financial wellness tool that’s quickly becoming an important benefit is earned wage access (EWA). It allows employees to access a portion of their already earned wages before their traditional payday so they can handle unexpected expenses and avoid late fees.
Wisely® by ADP, a pay card solution, has integrated EWA (powered by DailyPay). It also offers cash back rewards and savings envelopes to help employees work toward their financial goals.
* Visa Financial Wellness Research Sept 2023, commissioned by ADP.
