Unlock Your Earnings: How Earned Wage Access Can Improve Your Financial Wellbeing

Earned wage access (EWA) is a financial wellness program that allows employees to access a portion of their earned wages before their scheduled paydays. This can be a valuable tool for employees who are struggling to make ends meet between paycheques. In this article, we will explore how EWA can improve your financial wellbeing by providing access to funds when you need them, reducing financial stress, and helping you to better manage your money.

In our recent Financial Resilience survey (4,000 participants), 73% of respondents said using FlexEarn encouraged them to accept a greater number of shifts. For employers, this demonstrates the importance of FlexEarn in increasing shift acceptance and improving attendance. For employees it demonstrates how financial wellbeing is a key driver in the amount they’re willing or able to work. In this article we explore why.

One of the biggest benefits of EWA is that it provides access to funds when you need them. Many people find themselves in a tight spot financially between paycheques, whether it's due to unexpected expenses, a delay in receiving a paycheque, or simply not having enough money to cover all of their bills. With EWA, employees can access a portion of their earned wages before their scheduled payday, which can help to alleviate financial stress and provide a sense of financial security.

Another way that EWA can improve your financial wellbeing is by reducing financial stress. When you're struggling to make ends meet, it can be difficult to focus on anything else. Financial stress can take a toll on your mental and physical health, and can even affect your relationships and your ability to perform well at work. With EWA, you can access the funds you need to pay bills and cover expenses, which can help to reduce financial stress and improve your overall well-being. This is why 80% of respondents (among 4,000) in our recent survey said that having FlexEarn is an important benefit when choosing a new job.

EWA can also help you to better manage your money. When you have access to your earned wages before your scheduled payday, you can use the funds to pay bills and expenses on time, which can help to improve your credit score. Additionally, you may be able to use the funds to save for an emergency fund or to pay down debt. This can help to create a sense of financial security, and can improve your overall financial wellbeing.

In conclusion, earned wage access can be a valuable tool for improving your financial wellbeing. By providing access to funds when you need them, reducing financial stress, and helping you to better manage your money, EWA can be a powerful tool for achieving financial security and stability. If your employer offers an EWA program, it is worth considering as a way to improve your financial situation.