A research study recently revealed that healthcare workers who leverage the financial wellness benefit of DailyPay offered by their employer, “reduce their credit card debt, pay fewer late fees on bills, use payday loans less often and pay fewer overdraft fees.”
The majority of healthcare workers surveyed also agree that DailyPay, the provider of earned wage access, “helps them feel more confident managing their finances, makes it easier to save a portion of their income and helps them be more diligent about their spending.”
According to the survey, healthcare workers from around the country noted that since they started using DailyPay, they either stopped or reduced how often they did the following:
- 82% – borrow money from friends/family
- 75% – pay overdraft fees
- 74% – use payday loans
- 72% – pay late fees on bills
- 64% – incur credit card interest charges
The study also shows that DailyPay helps employees better manage their finances:
- 82% – makes it easier to understand how much income they’ve earned each day
- 73% – helps them feel more confident managing their finances
- 66% – makes it easier to save a portion of their income
- 68% – helps them be more diligent about their spending
With an industry plagued with high employee turnover, the survey also revealed that healthcare employees with DailyPay look “for another job less frequently and are more productive and engaged at work.
In fact, among the healthcare workers surveyed;
- 56% – have stopped looking or reduced how often they look for a new job
- 56% – say DailyPay makes them feel more satisfied with their job
- 48% – say DailyPay makes them feel more motivated at work
- 42% – say they are more productive at work because they have DailyPay
- 42% – feel more engaged at work because they have DailyPay
The reduction in stress can be “particularly critical this time of year.”
According to a survey by the American Psychiatric Association, one out of three American healthcare workers say they “are more stressed than usual over the winter holidays.”
Jon Lowe, Chief People Officer, DailyPay, said:
“For millions of American healthcare workers, flu/COVID season once again brings additional challenges to their already stressful positions. That stress is compounded by the financial concerns around inflation and holiday bills. For healthcare employers, it’s critical that they provide impactful benefits, such as earned wage access, that can help their team members weather these stressful storms.”
Methodology
This study was conducted by Arizent on behalf of DailyPay.
The study included a survey of DailyPay users and a survey of employers who offer DailyPay.
The user survey reportedly “collected 10,283 responses, including 2,456 employees in the healthcare and medical assistance industry, and was conducted online August 17-31, 2023.”