Retail Employees With DailyPay Pay Fewer Late Fees, Use Payday Loans Less, and Incur Less Credit Card Debt According to New Study From Arizent/Employee Benefits News

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Nov 01, 2023, 11:00 ET

Research Comes As Retailers Ramp Up Seasonal Hiring Efforts For The Holidays

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- Retail workers are able to avoid such financially crippling fees associated with payday loans and late penalties, while amassing less credit card debt when they have access to the financial wellness benefit of DailyPay, according to new research from Arizent/Employee Benefits News.

The research follows the news of recent seasonal hiring efforts from DailyPay's retail clients, including top employers such as Target, Dollar Tree, and Dick's Sporting Goods

The Arizent study, commissioned by DailyPay, surveyed retail workers from around the country whose employers offer the financial benefit. With DailyPay, employees are able to access their pay as they earn it, instead of waiting for a scheduled payday. With the power of choice and control over their earned wages, they can pay bills on time and live a better financial life. The study also shows that the positive impact of DailyPay is good for retail employee morale as they are more motivated and satisfied with their job thanks to the benefit.

Among the noteworthy findings for retail employees since becoming a DailyPay user include:

72% use fewer payday loans
67% pay fewer late fees on bills
61% incur less credit card interest
71% pay less overdraft fees
70% are more confident managing finances
67% are more diligent about spending
56% are more satisfied with their job
46% are more motivated at work
56% are less likely to look for a new job

"As retail employers are looking to add staff around the busy holiday season, DailyPay is proud to be a part of the hiring strategy for America's forward-thinking companies," said Ed Zaval, Chief Customer Officer, DailyPay.

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, including 2,731 employees in the retail industry, 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
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Adriana Ball
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SOURCE DailyPay