Estimated reading time: 11 minutes
As 2022 ends, we compiled a round-up of statistics supporting your company’s decision to add Earned Wage Access financial wellness solution to your benefit suite. Financial wellness benefits like Earned Wage Access (EWA) create a competitive advantage in a hyper-competitive labor market.
Below we list 111 statistics from 19 research reports, surveys, and articles published in 2022.
Financial Stress Statistics
1. 97% of full-time employees reported that they have financial stress, and 87% said it affects them in some way (Purchasing Power Report, 2022)
2. 72% of U.S. employees are stressed about their finances (BrightPlan Survey, 2022)
3. 62% of employees are stressed about their financial situation (Bank of America Report, 2022)
4. 80% of employees are concerned about inflation across all demographics — age, gender, race, and income (Bank of America Report, 2022)
5. 48% worry that with the current rate of inflation, they won’t be able to make ends meet (Bank of America Report, 2022)
6. 64% of consumers lived paycheck to paycheck in January 2022 — up from 61% in December 2021 (PYMNTS Report, 2022)
7. 54% of full-time employees were either unable to cover monthly living expenses or lived paycheck to paycheck, barely covering monthly living expenses over the past year (Purchasing Power Report, 2022)
8. 69% of full-time employees were either more financially stressed or had the same amount of stress in January 2022 than they did in January 2021 (Purchasing Power Report, 2022)
9. 30% of full-time employees have less money or nothing in their emergency fund due to withdrawals during the pandemic to cover expenses (Purchasing Power Report, 2022)
10. 54% of full-time employees have $2,000 or less/none in an emergency savings account to cover unexpected expenses (Purchasing Power Report, 2022)
11. 30% of U.S. workers are struggling financially, and more than two in five workers (43%) are having difficulty meeting basic needs (WTW Global Survey, 2022)
12. 54% of full-time employees said they were unable or barely able to cover monthly living expenses over the past year (Purchasing Power Report, 2022)
13. 48% percent of consumers earning more than $100,000 per year lived paycheck to paycheck in January 2022, representing a six-percentage point increase from December 2021 (PYMNTS Report, 2022)
14. Among consumers who earn more than $100,000, 23% who live paycheck to paycheck with issues paying their bills say they would not be able to pay a $400 emergency expense (PYMNTS Report, 2022)
15. Among workers earning $100,000 or more, the number of employees living paycheck to paycheck doubled from 18% in 2019 to 36% this year ((WTW Global Survey, 2022)
16. Only 30 percent of people with annual incomes of at least $100,000 cited money as a negative factor in their mental health. That’s compared to 48 percent of those with household incomes of less than $50,000 (Bankrate, 2022)
17. Over half of workers earning less than $50,000 (52%), single parents (53%), and those in poor or fair health (57%) are living paycheck to paycheck (WTW Global Survey, 2022)
18. Workers reported having difficulty accessing or paying for housing (23%), healthcare (22%), or healthy food (19%) (WTW Global Survey, 2022)
19. Three in 10 (31%) workers incurred a significant medical expense, while 23% were placed on furlough or had their hours reduced (WTW Global Survey, 2022)
20. About one in seven (15%) workers were victims of financial fraud or scam, while 13% experienced significant expenses due to a divorce or separation (WTW Global Survey, 2022)
21. Rising inflation (79%) is employees’ top financial concern, followed by adequate retirement planning (59%), with employees currently contributing significantly more to retirement. In addition, market volatility (56%), having sufficient emergency savings (55%) and paying off debt (44%) rank high (BrightPlan Survey, 2022)
22. Deteriorating financial health is impacting both mental health (77%) and physical well-being (52%) (BrightPlan Survey, 2022)
23. Those reporting financial stress state they lose, on average, 11.4 hours in productivity every week—this translates into over $4 billion in lost productivity weekly for U.S. employers (BrightPlan Survey, 2022)
24. 73% of employees whose productivity at work is severely or majorly impacted by their financial worries also say that their finances have significantly affected their self-esteem (PwC Employee Financial Wellness Survey, 2022)
25. 42% of U.S. adults say that money negatively impacts their mental health (Bankrate, 2022)
26. Women are significantly more likely to cite money as having a negative impact on their mental health, with 46% selecting it compared to 38% of men (Bankrate, 2022)
27. The survey found that 48% of millennials (26- to 41-year-olds) are psychologically impacted by financial concerns, followed by 46% of Generation X (42 to 57-year-olds). Generation Z (18 to 25-year-olds) isn’t far behind, though, with money issues reportedly causing mental health concerns for 40% of this group (Bankrate, 2022)
28. Among those who cited money as having a negative impact on their mental health, 28% said they worry about it daily (Bankrate, 2022)
29. Those reporting financial stress say they lose, on average, 11.4 hours in productivity every week–an amount that translates to more than $4 billion in lost productivity weekly for U.S. employers (BrightPlan Survey, 2022)
30. 79% of employees are worried about rising inflation (BrightPlan Survey, 2022)
31. 59% of employees are worried about retirement planning (BrightPlan Survey, 2022)
32. 56% of employees are worried about market volatility (BrightPlan Survey, 2022)
33. 55% of employees are worried about emergency savings (BrightPlan Survey, 2022)
34. 77% of employees say stress impacts their mental health (BrightPlan Survey, 2022)
35. 52% of employees say stress impacts their physical health (BrightPlan Survey, 2022)
36. 47% of employees say stress lowers engagement (BrightPlan Survey, 2022)
37. 45% of employees say stress lowers their productivity (BrightPlan Survey, 2022)
38. 50% of respondents with debt stress spent an hour per week on average dealing with debt-related issues at work (Financial Health Network Report, 2022)
39. 47% of respondents reported not being able to pay all of their bills on time in the last 12 months (Financial Health Network Report, 2022)
40. 32% of respondents said that they or someone in their household had trouble paying medical bills in the last 12 months. Among this group, 50% reported that they had reduced spending on basic needs such as food and clothing to repay their medical bills (Financial Health Network Report, 2022)
41. 60% of women respondents reported they were experiencing debt stress, compared with 53% of men, yet women were less likely to report access to debt-related benefits and more likely to report that they don’t know whether their employer offers financial wellness benefits (Financial Health Network Report, 2022)
42. 87% say a significant source of stress is the rise in prices of everyday items due to inflation (e.g., gas prices, energy bills, grocery costs) (American Psychological Association Survey, 2022)
43. 82% of adults ages 18-25 say money is a significant source of stress (American Psychological Association Survey, 2022)
44. 81% of adults ages 26-43 say money is a significant source of stress (American Psychological Association Survey, 2022)
45. 68% of adults ages 44-57 say money is a significant source of stress (American Psychological Association Survey, 2022)
46. 54% of adults ages 58-76 say the economy is a significant source of stress (American Psychological Association Survey, 2022)
47. 55% of adults ages 77+ say the economy is a significant source of stress (American Psychological Association Survey, 2022)
Financial Wellness Statistics
48. 97% of employers say that they are in some way responsible for their employee’s financial wellness (Bank of America Report, 2022)
49. 80% of employees say they think employers should play a role in supporting their financial wellness (Bank of America Report, 2022)
50. 72% of full-time employees believe that employers have a responsibility to help employees with their financial well-being (Purchasing Power Report, 2022)
51. 38% of employees are not confident they will reach their retirement goals (Bank of America Report, 2022)
52. 44% is the overall percentage of employees who feel financially well (5-year low) (Bank of America Report, 2022)
53. 71% are concerned that the cost of living is outpacing their growth in salary (Bank of America Report, 2022)
54. 30% of U.S. workers are struggling financially (WTW Survey, 2022)
55. 43% of U.S. workers are having difficulty meeting basic needs (WTW Survey, 2022)
56. 46% of respondents want financial apps and tools to be a core part of their employee benefit programs (WTW Global Survey, 2022)
57. 36% of respondents said employer-provided resources helped improve their financial situation. That’s an increase from 27% in 2017 (WTW Global Survey, 2022)
58. 72% of Americans are living paycheck to paycheck (National Payroll Week Survey, 2022)
59. 88% of employees expect their employers to provide tools and resources to help them with their finances (BrightPlan Survey, 2022)
60. 88% of employees expect their employers to offer financial support (BrightPlan Survey, 2022)
61. 54% of employees say financial wellness benefits are the number one most desired employee benefit (BrightPlan Survey, 2022)
62. 64% of workers reported the availability of financial wellness benefits (BrightPlan Survey, 2022)
Payday Loans, Interest, and Fees Statistics
63. The total Global Payday Loans Market is estimated to reach USD 42.6 Billion by the year 2028 (Vantage Market Research, 2022)
64. The percentage of households reporting usage of payday loans dropped from 5% in 2020 to 3% in 2021 (FinHealth Spend Report, 2022)
65. The average payday loan has $520 in fees for an initial loan of $375 (DebtHammer, 2022)
66. As a percentage of their income, low- to moderate-income households spent close to three times more on interest and fees than higher-income households (8% compared with 3%) (FinHealth Spend Report, 2022)
67. Overdraft/NSF fees remained fairly steady year over year, totaling roughly $11 billion both in 2020 and 2021 (FinHealth Spend Report, 2022)
68. Financially Vulnerable households were 28 times as likely to use pawn loans than Financially Healthy households (15% compared with 0.5%) (FinHealth Spend Report, 2022)
Employee Pay and Earnings Statistics
69. 93% of survey respondents receive their pay via direct deposit (National Payroll Week Survey, 2022)
70. 0.99% of survey respondents receive their pay via payroll card (National Payroll Week Survey, 2022)
71. 3.62% of survey respondents receive their pay via paper paycheck (National Payroll Week Survey, 2022)
72. 45.7% of U.S. private establishments pay their employees every two weeks (U.S. Bureau of Labor Statistics Survey, 2022)
73. 31.8% of U.S. private establishments pay their employees weekly (U.S. Bureau of Labor Statistics Survey, 2022)
74. 18% of U.S. private establishments pay their employees semi-monthly (U.S. Bureau of Labor Statistics Survey, 2022)
75. 44% of American workers are employed in low-wage jobs at the front line of industries (Harvard Business School Research, 2022)
76. 28% of employees earning below $10.10 per hour are parents and supporting a family (Harvard Business School Research, 2022)
77. Employees who make $10–$15 per hour have a 52% chance of remaining in that same wage bracket when they switch jobs. For middle-wage employees, or those earning $19–$24 per hour, there is a 46% chance that job transitions will lead to lower earnings (Harvard Business School Research, 2022)
Recruiting, Retention & Engagement Statistics
78. 46% of employers noticed an increase in resignations over the past year (Bank of America Report, 2022)
79. 84% of employers also cite that offering financial wellness tools can help with employee retention (Bank of America Report, 2022)
80. 86% of HR leaders say their biggest challenge is attracting or retaining talent; engaging employees is also high on the list (65%) (BrightPlan Survey, 2022)
81. 70% of workers in the U.S. have considered a major career change in the last 12 months (ADP Research Institute Survey, 2022)
82. Among the 29% of employees currently looking for a new job, 65% cite money as their primary reason (PwC Employee Financial Wellness Survey, 2022)
83. 60% say they would work harder if they were offered enhanced benefits (BrightPlan Survey, 2022)
84. 59% would feel more financially secure if they were offered enhanced benefits (BrightPlan Survey, 2022)
85. 58% would be more engaged and productive if they were offered enhanced benefits (BrightPlan Survey, 2022)
86. 34% would be more committed and stay longer if they were offered enhanced benefits (BrightPlan Survey, 2022)
87. 92% of HR professionals agree that stress, particularly regarding finances, is hurting employee engagement and productivity at their organization (BrightPlan Survey, 2022)
88. 25% of organizations in the U.S. are having trouble finding skilled tech talent (Manpower Group Survey Q4, 2022)
89. 80% of full-time employees say benefits that their employer offers impact their decision to stay at their current job (Purchasing Power Report, 2022)
Earned Wage Access Statistics
90. 57% of survey respondents receive EWA to pay via a program offered by their employer (National Payroll Week Survey, 2022)
91. 12% of survey respondents receive EWA to pay via a service provider (National Payroll Week Survey, 2022)
92. 21% of employees in America want access to their wages as they earn them rather than waiting for a traditional payday (National Payroll Week Survey, 2022)
93. 60% of employers recognize that offering programs such as EWA can be a low-cost way to attract and retain employees, as well as generate goodwill among their workforces (Financial Health Network, 2022)
94. 56% percent of employees who had a no- or low-cost service to access their accrued wages indicated that they had used the benefit (Financial Health Network, 2022)
95. 70% of middle-market companies say they are already offering some form of earned-wage access, and another 24% expect to offer it soon. Among those who plan to implement it, most expect to do so in the next one or two years (Citizens Bank, 2022)
96. 66% of employees working for companies that didn’t offer EWA said they would be interested if their employer were to offer it (ADP Study, 2022)
97. When asked how often they might use EWA, 20% of surveyed employees suggested they might use it every or every other pay period (ADP Study, 2022)
98. Among employees that did have access to EWA, 62% surveyed said they used it every or every other pay period (ADP Study, 2022)
99. 59% of millennials would give priority to a job offer with an employer that offers earned wage access (ADP Study, 2022)
100. 75% say that the availability of earned wage access would influence their acceptance of a job offer (ADP Study, 2022)
101. 76% of surveyed employees across all age, education, and income levels said it was important for their employer to offer EWA (ADP Study, 2022)
102. 90% of employers are aware of flexible payment options such as EWA. Currently, 4 out of 5 employers offer EWA to employees, and among those who don’t, the majority are interested in doing so (ADP Study, 2022)
103. 96% of employers said of EWA, “my employees like it” (ADP Study, 2022)
104. 96% of employers said of EWA, “it improves [the employee’s] sense of financial security (ADP Study, 2022)
105. 96% of employers said of EWA, “it helps me attract talent” (ADP Study, 2022)
106. 93% of employers said of EWA, “it helps me retain talent” (ADP Study, 2022)
107. 92% of Employers believe that a portion of accrued wages should be available for early access, with 25% to 75% being the preferred range (ADP Study, 2022)
108. Younger employees aged 18-24 tend to use EWA to reduce the stress of not having enough cash until payday. Those aged 25 and older use it for family expenses and to pay bills in order to avoid late fees (ADP Study, 2022)
109. 70% of employers think charging employees a fee for using earned wage access is reasonable. Employers may view a small fee as a potential guardrail against over-usage (ADP Study, 2022)
110. 37% percent of employees who do not have access to EWA estimated they would request an early payment only when a specific need occurred. One-quarter would use EWA 1-6 times a year, while 20% suggested they might use it every or every other pay period (ADP Study, 2022)
111. 62% of employees who have access to EWA indicate they request early access every or every other pay period (ADP Study, 2022)
BONUS EWA Statistics from 2020 and 2021
· In 2021, over $1.13 billion was raised by startups offering EWA products (Techcrunch, 2022)
· U.S. households tapped nearly $10 billion in early wages during 2020, according to the research and consulting firm Aite-Novarica (Payments Dive, 2022)
· There were 55.8 million EWA uses totaling $9.5 billion in 2020 (compared to 2019 37.2 M EWA uses totaling $6.3 billion, and 2018 with 18.6 M EWA uses totaling $3.2 Billion) (Financial Health Network, 2022)
· 77% of EWA users choose to receive their funds instantly or on the same day – reflecting an immediate need to pay an emergency expense such as a car repair or make a needed purchase such as food for dinner (Benefit News Research, 2021)
· An estimated 4.5 percent of U.S. households were “unbanked” in 2021 (FDIC National Survey of Unbanked and Underbanked Households, 2021)
· Approximately 5.9 million U.S. households were “unbanked” in 2021 (FDIC National Survey of Unbanked and Underbanked Households, 2021)
· Reasons for not having a bank account include “Don’t have enough money to meet minimum balance requirements,” “Don’t trust banks,” and comments regarding fees such as “Bank account fees are too high,” “Bank account fees are too unpredictable,” or “Don’t have enough money to meet minimum balance requirements” (FDIC National Survey of Unbanked and Underbanked Households, 2021)
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