Healthcare workers who leverage the earned wage access solution DailyPay reduce their credit card debt, pay fewer late fees on bills, use payday loans less often and pay fewer overdraft fees, finds a study from Arizent/Employee Benefits News. 

The survey gathered more than 10,000 responses, including nearly 2,500 employees in the healthcare and medical assistance industry. Expedited pay has become a function of numerous companies in the senior care realm in recent years.

The majority of healthcare workers surveyed agreed that DailyPay helped them feel more confident managing their finances, made it easier to save a portion of their income and helped them be more diligent about their spending. In particular, survey participants noted that since they started using the non-traditional payment service, they either stopped or reduced how often they borrowed money from friends or family (82%), paid overdraft fees (75%), used payday loans (74%), paid late fees on bills (72%) and incurred credit card interest charges (64%).

The study also found that DailyPay helped employees better manage their finances. For example, 82% of those surveyed said it makes it easier to understand how much income they’ve earned each day. Approximately 73% reported that it helped them feel more confident managing their finances, and 66% said it made it easier to save a portion of their income. Further, 68% reported that it helped them be more diligent about their spending.

Of particular interest to long-term care operators, the survey also revealed that healthcare workers who used the service looked for another job less frequently and were more productive and engaged at work. 

“For millions of American healthcare workers, flu/COVID season once again brings additional challenges to their already stressful positions,” said Jon Lowe, chief people officer, DailyPay. “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.”

From the January/February 2024 Issue of McKnight's Long-Term Care News