Bryan Bergin, Computer Services & IT Consulting Analyst discusses his latest Ahead of the Curve® report, More Than EWA: Financial Wellness On Demand. In this video he highlights how integration of broader financial wellness tools into on-demand pay will accelerate its adoption. Press play to learn more.
I’m Bryan Bergin, Cowen’s Services and HCM Analyst.
Notoriety of On-Demand Pay, or Earned Wage Access, has grown significantly since we published a deep-dive on the topic one year ago. We called it the next major disruption to payroll.
Today, we published an Ahead of the Curve® report that details why On-Demand Pay will be accelerated as broader financial wellness functionality is embedded around it. Faster adoption will come as market perception of EWA evolves to being a stronger, more holistic financial wellness product.
The current state of employee financial wellness is dire, and there’s significant gaps in what exists versus what is needed. Approximately 80% of workers want employer-sponsored financial wellness tools, yet only about 20% of employers offer them. And, even where solutions exist, those often are not effective in addressing everyday financial needs. This presents a major opportunity and earned wage access providers are ideally positioned to benefit from this void.
The direct attachment to wages enables adjacent financial wellness functionality of On-Demand Pay vendors to be more comprehensive versus downstream alternatives. This is a broadly positive tailwind for the On-Demand Pay sector. Among the public HCM names, we view the trend as most beneficial to Ceridian.
Enjoy the report and let us know what you think.
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