3 Ways Earned Wage Access Improves Employee Mental Health

Mental health problems, such as depression, anxiety, job stress and substance abuse are occurring more frequently throughout society, affecting individuals, their families, and co-workers. Falling deeper into spiralling debt and losing control of one’s financial standing takes a huge toll on employees’ mental health, and these issues are often carried through into the workplace, having a direct impact on increased absenteeism, reduced productivity, and increased overhead costs.

Help your business thrive by offering your employees a lifeline to take back control of their finances with access to on-demand pay.

Here are three ways having an earned wage access solution implemented into your business can help improve your employee’s mental health.

  1.  Restore your employees’ financial dignity by giving them access to their money

Times are tough and now more than ever, companies need to up their game to attract and maintain quality workers. Understanding what your employees’ financial needs are in an effort to help them prioritise and achieve their goals makes for good business practice and can help lessen the stress that impacts their mental health.

Financial emergencies happen, and you as the employer have the power to help your employees by implementing an earned wage access solution in your business. No employee should have to worry about taking out a high-interest loan from a loan shark just to be able to afford to get to work so that they can earn a salary.

By offering flexible compensation alternatives such as Paymenow for when your employees are faced with a financial emergency, you can help relieve their financial stress and the impact this has on their mental health and in turn, their productivity in the workplace.

At Paymenow, we make this process seamless for employers to implement this lifeline into their business through a data free app that integrates with all payroll systems, is bank agnostic and ISO 27001:2013 certified.

  1. Changing financial behaviour responsibly through financial education

“Financial wellness isn’t just about providing education and budgeting advice. It’s about providing practical tools that empower people to take control of their financial lives.” – Seth Ross in ‘Now is the time to reimagine your financial wellness benefits’

When establishing Paymenow, our research indicated the lack of basic financial education within our target group, and how the lack of the fundamentals helped employees dig themselves deeper and deeper into debt. Financial education is key to helping employees escape a vicious debt cycle and learn how to position themselves towards a savings mindset.

Providing a solution for your employees to access a percentage of their already earned wages for emergencies is one thing, however, changing their financial behaviour by giving them access to the tools and knowledge needed to escape debt and make better choices for their pocket is ultimately, the long-term goal.

It, therefore, became our mission to not only offer a solution which satisfies the ’now’, but instead, provide key education modules to our users through our app platform and gives them the tools they need to help push them to become more in control of their finances and change their relationship with money for their future.

  1. Help your employees escape spiralling debt

A lack of access and lack of financial education can lead your employees into precarious situations with informal lenders. By tackling these core issues through on- demand pay, you are giving your employees the tools they need to help regain control of their finances and in turn, a fighting chance to escape their spiralling debt.

It is important to note that earned wage access is not a loan and bears no interest. It is simply a lifeline for your employees to access a portion of their already earned wages and essential value-added services – like airtime, medical and shopping vouchers – instead of approaching unscrupulous lenders with exorbitant interest paybacks. This means no debt, less stress and a solution that is inspired by people and powered by technology.

Get in touch with us to help your employees break the debt cycle and take Mzansi from struggling and surviving, to thriving and succeeding!


info@paymenow.app | +27 21 891 1201