FTI Consulting Study Finds that EWA Services Such as EarnIn Boosts Consumer's Ability to help Avoid Fees and Crush Credit Card Debt
EarnIn recently partnered with FTI Consulting a global leader in economic analysis and business management – in a study on the impact of on-demand pay and found immediate access to earned wages frees people from making crippling financial decisions and helps families escape debt.
Earned Wage Access (EWA)
boosts financial resilience.
FTI found that people feel more in control of their finances and experience
better financial wellbeing after receiving early access to their wages through
on-demand pay services like EarnIn. Here are a few key takeaways:
say they had
higher self-esteem
reported feeling
less stressed
about their financial situation
noted an improvement
in their mental health
Who Uses EWA and How They Use It.
The study found that the vast majority of EWA users feel the service is the best option to help them manage their spending after researching multiple options. On-demand pay allows people to buy groceries, pay bills, and cover life's unexpected expenses with their own money.
OF MEMBERS
said EWA was essential to their
wellbeing during the pandemic.
OF MEMBERS
would consider missing
bill payments without EWA.