10 Facts on Wages On-Demand

We live in the digital age.  Your Grandma can send you money electronically for your birthday, but you still have to wait weeks to get paid. Not anymore. ZayZoon’s mission is to improve customers’ financial health through the use of responsible financial products, and with Wages On-Demand, our unique offering of Earned Wage Access, we’re changing how employees get paid.

Wages On-Demand gives workers access to the money they’ve already earned ahead of payday, so they can cover unexpected expenses without having to use payday loans, paying overdraft fees or being late on bill payments.

Earned Wage Access is a game changer for the more than 78% of Americans living paycheck to paycheck (In Canada, this represents 53% of workers). On average, American households pay $577 annually between overdraft fees, late payment charges and high interest rates. ZayZoon’s Earned Wage Access gives customers control over their finances and brings them a step closer to financial freedom.

Constant financial pressure is reflected in your everyday life, resulting in 68% of employees feeling that personal financial issues affect their health (and 43% for neighboring Canadians). This is manifested in a number of ways including depression, anxiety, migraines, ulcers, and so much more. While financial advisers advocate for folks to have enough funds saved for at least six months in the event of losing your job, that is not an attainable goal for many people. The stark reality is that 57% of Americans don’t have $500 to cover an unexpected expense (and 48% of Canadians are $200 or less away from Financial Insolvency). 

Companies play a key role in providing their employees access to solutions aimed at increasing financial health and wellness. Whilst companies cannot provide all the answers, they play a key role in empowering their staff by providing solutions aimed at increasing financial health. Many employers want to do right by their employees, yet 87% of employers can’t or won’t give advances because of the risk and overhead involved. 

Now, with Wages On-Demand, you can help your employees have a better grasp on their finances, being able to focus on their job and not constantly on expenses. This is such a game-changer. We know that 89% of workers would be willing to stay longer at a company that offers Wages-On-Demand. Furthermore, this benefit gives you the extra edge when recruiting, since 79% of workers are willing to switch to an employer who offers Wages On-Demand, if all other factors were the same.