New Research Demonstrates How Critical and Useful Pay Transparency is for American Workers
Knowledge is power for hourly workers. Recent studies found that hourly workers who have access to DailyPay check to see how much they’ve earned each shift through their Pay Balance more often than U.S. hourly workers, in general, check their bank accounts. According to a consumer survey conducted online by The Harris Poll and commissioned by DailyPay, among over 600 hourly workers, only 44% of hourly workers check their bank account five or more times a week, and 65% check three or times a week. This compared to nearly six in 10 (57%) of hourly workers who are DailyPay users, who view their Pay Balance five times or more per week for an accurate, real-time tally of the amount of money they’ve just earned in a given pay period, according to DailyPay user survey. That number jumps to 80% when accounting for those who check their Pay Balance three or more times per week.
This visibility into earned income provides critical pay transparency that can have a major impact on DailyPay users' ability to pay bills, spend, save or invest. With more concrete knowledge of their spending power, users can make important financial decisions, which is particularly critical during the current challenging time of high inflation. The feeling of empowerment over one’s finances can have a positive effect in the workplace, as 67% of DailyPay users say having access to their earned income has helped reduce their financial stress. Reduced stress means employees can focus on productivity at work.
“We purposely and meticulously designed our technology platform to create a meaningful and relevant experience that empowers users with the knowledge and understanding of their actual spending power,” said Darlene Miranda, Vice President, UX Design and Research at DailyPay. “This data validates the importance earned pay transparency has in their day-to-day life.”
DailyPay’s groundbreaking Pay Balance technology revolutionized the antiquated pay model, providing employees with direct access and transparency to their earned pay from the start and control over their finances. The Pay Balance gives employees access to their earned money when they want it while supporting businesses by designing uniquely tailored systems that are innovating how companies pay their employees and interact with pay.
The consumer survey was conducted online within the United States by The Harris Poll on behalf of DailyPay from September 21-23, 2022 among 2,059 U.S. adults ages 18 and older, among whom 685 are hourly workers. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact David Schwarz, [email protected].
Separately, DailyPay surveyed 1,241 current users, 668 of which are hourly workers. The survey was fielded within the app among a U.S. audience from September 25, 2022 to October 15, 2022.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry’s leading on-demand pay solution with modern, insight-driven pay strategies that help America’s leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.