New Research Conducted by Arizent Demonstrates the Positive Impact Earned Wage Access Can Have On Employees' Financial Wellbeing

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Oct 10, 2023, 11:00 ET

The Majority of DailyPay Users Pay Fewer Late Fees on Bills and Incur Less Credit Card Interest Charges

The New Findings Announced in Connection to DailyPay's New Brand Evolution "On The Daily"

NEW YORK, Oct. 10, 2023 /PRNewswire/ -- New research from Arizent, commissioned by DailyPay, demonstrates the positive impact earned wage access can have on employees' finances. The survey was conducted among more than 10,000 DailyPay users in an effort to gauge the impact the financial wellness benefit is having on employees' lives.

Findings from the study include:

Financial Habits:

80% of DailyPay users say DailyPay has a positive influence on their financial habits.
69% of users who previously paid late fees do this less often or stopped completely since they started using DailyPay.
62% of users who previously incurred credit card interest charges do this less often or stopped completely since they started using DailyPay.
79% of users who previously borrowed money from friends/family do this less often or stopped completely since they started using DailyPay.

Pay Transparency

93% of DailyPay users check DailyPay for their earnings activity to make spending and financial decisions.
72% of DailyPay users say DailyPay helps them feel more confident about managing their finances.
69% of DailyPay users say that DailyPay helps them be more diligent about spending.
83% of DailyPay users say that DailyPay helps them understand how much income they earn each day.

The new research was announced in connection with DailyPay's roll out of its new brand campaign, "On The Daily,'' which amplifies the company's mission to help Americans live a better financial life.

"The new research is very encouraging and validates our efforts to empower workers with choice and control of their earned income," said Gino Palozzi, Chief Marketing Officer at DailyPay. "When employees have visibility into their earned pay in real time and the comfort of knowing that the money is there if they need it, they can make the best, educated financial decisions for themselves and their families on a daily basis."

Methodology:
This study was conducted by Arizent on behalf of DailyPay. The study included a survey of DailyPay users (those who have made at least one transfer in the last 90 days) and a survey of employers who offer DailyPay. The user survey collected 10,283 responses and was conducted online August 17-31, 2023. The employer survey collected 84 responses and was conducted online August 23-September 7, 2023.

About DailyPay
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution that helps America's leading employers build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay works to ensure that money is always in the right place at the right time for employees and employers. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.

Media Contacts

David Schwarz
Email: [email protected]

Adriana Ball
Email: [email protected]

SOURCE DailyPay