GITNUX MARKETDATA REPORT 2024

Earned Wage Access Industry Statistics

The Earned Wage Access industry is experiencing rapid growth with an increasing number of companies offering this service to employees seeking early access to their earned wages.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore the significant impact of Earned Wage Access (EWA) in the workplace based on a comprehensive set of statistics. From the increasing demand for real-time pay solutions to the financial stress faced by workers, EWA programs offer a valuable resource for enhancing financial wellness and job satisfaction. Join us as we delve into the compelling data that highlights the essential role of EWA in today’s workforce.

Statistic 1

"Roughly 82% of workers globally consider real-time pay, the prime function of Earned Wage Access, a key advantage,"

Statistic 2

"Over 70% of workers report financial stress causing a distraction at work, an issue EWA solutions can help alleviate,"

Statistic 3

"74% of Americans would experience financial hardship if their paycheck was delayed for a week, indicating the need for EWA services,"

Statistic 4

"Earned wage access could assist the 12% of U.S. workers who have borrowed from their retirement savings due to an unexpected expense,"

Statistic 5

"The usage of voluntary benefits, like EWA programs, is predicted to rise from 36% to 58% by 2022,"

Statistic 6

"Around 63% of employees are willing to switch to employers who care more about financial wellness, an area where EWA programs make a positive impact,"

Statistic 7

"EWA programs can help the 40% of U.S. adults who struggle to cover a $400 emergency expense,"

Statistic 8

"70% of employers say financial stress impacts their workers' performance and is a driving factor for offering EWA benefits,"

Statistic 9

"The EWA market in 2020 was estimated to be $38 billion globally and is expected to grow exponentially,"

Statistic 10

"The average EWA user accesses their earned income 4-5 times per month,"

Statistic 11

"The majority of EWA transactions, 80% are handled digitally with mobile app usage,"

Statistic 12

"Approximately 90% of Americans feel stress about money, underlining the need for EWA services that provide real-time access to earnings,"

Statistic 13

"About 61% of millennials and 44% Gen X workers have used costly methods like payday loans which can be avoided with EWA platforms,"

Statistic 14

"More than 50% of Americans can't afford an unexpected $500 expense, heightening the importance of EWA services,"

Overall, the statistics presented demonstrate a clear and urgent need for Earned Wage Access (EWA) services in the current workforce landscape. Workers globally value real-time pay as a significant advantage, with financial stress impacting a majority of employees and potentially affecting their work performance. The data also highlight the financial vulnerabilities of many Americans, from potential hardships with delayed paychecks to the reliance on costly methods like payday loans in times of emergency. As EWA programs continue to gain traction and show potential for growth, employers play a crucial role in addressing their workers’ financial wellness and improving overall job satisfaction.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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