Empowering financial wellness through on-demand pay

With the rise of on-demand pay solutions, individuals have greater control over their financial wellbeing. Here at Access, we believe in empowering individuals with the tools they need to take control of their finances.

PayWise+ is the evolution of Access EarlyPay, taking our proven on-demand pay solution and expanding it into a complete financial wellbeing platform. The EarlyPay functionality now provides the earned wage access element within PayWise+, giving employees the ability to access their wages as they earn them and manage day-to-day finances with greater confidence and control.

The insights below are drawn from a 2023 Access EarlyPay user survey, which demonstrates the value of on-demand pay in practice. These findings show not only the positive effect on individuals’ financial wellbeing, but also the wider business benefits of higher morale, loyalty, and retention, now delivered as part of the broader PayWise+ solution.

We recently conducted our annual user survey which is now in its third year. The results from this show that in 2023 80% of those who use Access EarlyPay feel increased loyalty to their employer, compared with 47% in 2022. 46% said they take on more shifts because they can access their earned wages immediately.

Furthermore, 93% of Access EarlyPay users credit on-demand pay with helping them through the cost-of-living crisis, showcasing the significant role that access to on-demand pay can play in addressing financial challenges for individuals, especially in times of crisis. 75% of respondents who would have previously relied on high-cost credit facilities report using these facilities less since having access to on-demand pay.

On-demand pay is becoming more important in recent years, and this trend is expected to continue well into the future. In 2021, on-demand pay was considered important by 17% of employees. This has seen a 64% growth in 2023, with 54% now citing it as ‘very important’ reflecting a significant shift in the way that people think about pay and the role that it plays in their lives.

Groceries, home emergencies, and utilities remain the most popular reasons for drawing down wages early. We believe that financial control should be a fundamental right, and 70% of individuals agree.

The impact of cost of living on the usage of on-demand pay
We are also seeing a shift in the way on-demand pay is used. In previous years, the majority of employees have reported accessed their wages only a handful of times throughout the year but as employees are finding it increasingly difficult to make their monthly wage cover crucial costs, we are seeing an increase in those who are using the service more often.

At Access, we're committed to making financial wellness accessible to everyone. Our on-demand pay solution puts the power back in the hands of hardworking individuals, allowing them to cover essential expenses, unexpected emergencies and take control of their financial future.

Join us in empowering financial wellness through on-demand pay.

Contact us to learn more about EarlyPay and how it can benefit your employees and your business.

We conducted a survey in February 2023 via SurveyMonkey and reached out to 10,000 active users of Access EarlyPay.