What Do Employees Think About Earned Wage Access?

Earned Wage Access (EWA) is gaining popularity as an employee benefit, and it’s easy to see why. Giving staff the ability to access part of their wages before payday can make a world of difference in their everyday lives. But what do employees really think about Earned Wage Access? Why would they want access to their earned wages?

Level received feedback from users, here’s what they’ve shared:

Improved Cashflow Management 

For many employees, the ability to manage cash flow is one of the biggest advantages of Earned Wage Access. It helps to close the gap between work and pay, a gap which can often cause financial stress and lead people to use short term expensive credit:

"I think it’s a great idea as some of my bills are due before payday and I’m unable to change them, so having access to my pay makes me feel less stressed knowing I have access to my funds when needed."

Support During Emergencies 

Life’s unexpected expenses don’t wait for payday. Employees value Earned Wage Access as a safety net when emergencies and unexpected costs strike.

"Things have been a struggle as I’m a single parent, so I’ve found it very helpful. When I had a car issue, it became very useful to be able to access my pay early."

Ease of Use 

The simplicity of earned wage access tools makes a positive impression on employees. There are no complicated applications, credit checks, or repayment schedules.

"This is very straightforward to use and super efficient."

No Borrowing Required 

Employees love that Earned Wage Access gives them access to their own money, avoiding the need to run up debt or borrow from external sources. This reduces the risk of falling into a debt spiral, and continuing to owe lenders money.

"I like that I don't have to source for funds from external sources when I need it."

What This Means for Employers

By offering Earned Wage Access, companies can alleviate financial stress for employees while contributing to their overall wellbeing. This can lead to higher job satisfaction, better retention rates, and improved workplace morale. Read more about the business benefits of offering Earned Wage Access here.

Would your team benefit from having access to their earned wages?