As the cost of living crisis and wider financial headwinds continue to put strain on household budgets, there’s no doubt that these macroeconomic considerations must rank highly in employers’ wellbeing strategies.
Abhishek Agrawal, director of Access EarlyPay, commented on a recent feature for Management Today, discussing the role that early access to wages that have already been earned can have to “empower” employees to take control of their finances.
In the article, Abhishek discussed the reduced need for employees to engage in expensive forms of credit, such as payday loans or credit cards. In fact, a recent Access Group survey showed that 75 per cent of users found the scheme eased reliance on high-cost forms of credit, reducing the financial and mental burden of expensive interest fee payments.
Our survey also found that 93 per cent of workers who have the option to receive their wages early reported a reduction in feelings of financial stress caused by the cost-of-living crisis.