Retail workers are able to avoid “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 an update shared by the Fintech firm.
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
Ed Zaval, Chief Customer Officer, DailyPay.
“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.”
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.”
As covered, DailyPay, Inc., powered by its technology platform, is on a mission “to build a new financial system for everyone.”
DailyPay delivers the 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.”