Rellevate Commissions Study on the Impact of Earned Wage Access on Financial Wellness
A study commissioned by Rellevate of the impact of access to earned wages on financial well-being exposes the painful reality facing 100 million American workers
STAMFORD, CT, U.S., June 2, 2021 /EINPresswire.com/ – Rellevate, Inc., a fintech company dedicated to empowering consumers through leading financial and payment services, has researched by the strategic advisor and economist William M. Rodgers III, Ph.D. to assess the current economic health of the US workforce and examine the impact that Access to Earned Wage (EWA) solutions could have on financial wellbeing.
The report, available at https://rellevate.com/bridging-the-gap, finds that even before the pandemic (1), low- and middle-income families did not have the income to make ends meet , nor about the ability to accommodate unforeseen expenses, (2) closing the income-spending gap would alleviate the anxiety, frustration, and stress that low- and middle-income families experience, and (3) nearly US $ 100 million -Workers could benefit from EWA access programs.
“Prior to the COVID-19 pandemic, millions of American households experienced tremendous fear and frustration with their personal finances. The pandemic exacerbated problems for insolvent workers, ”said Dr. Rodgers. “My analysis shows that most workers do not have access to affordable financial services that could help them fill the void when there is a loss of income or unexpected expenses. If they had access to their income between paydays, they could cover vital expenses that might arise before their next payday. While not a panacea for fear and frustration, EWA programs, if created, properly priced and monitored to ensure consumer rights, could help millions of workers fill their financial void. “
“Rellevate’s mission to improve the lives of workers through their employers requires us to better understand the painful reality so many US workers face. Dr. Rodgers provides valuable insights to help you make informed decisions and take meaningful action, ”said Stewart A. Stockdale, chairman and CEO of Rellevate. “We created our digital account and associated Pay-Any-Day feature to help US workers provide a new source of money between payment periods, save time, money and reduce stress. Based on research by Dr. Rodgers, we’ve made it easier for employers to provide their employees with access to our EWA and digital banking services through one extremely affordable, simple and secure platform – Rellevate. “
Rellevate’s state-of-the-art digital platform empowers companies and their workforce without employing them. The Rellevate digital account offers Pay Any-Day, which enables employers to provide their employees with secure and affordable access to the wages they deserve at any time before the scheduled payday. Other features of the Rellevate digital account include Bill Pay, Money Send and Visa® Debit Card. There are no monthly subscription fees, no credit checks, and no minimum balance.
Rellevate, Inc. is a digital fintech company dedicated to empowering consumers through innovative financial and payment services that enable them to access, move, and use their money whenever they want. The company’s financial services, primarily offered through employers, include the Pay Any-Day product, a digital account with a Visa debit card, Pay Any-Day, Bill Pay and Money Send, and gift and incentive cards. For more information about Rellevate and for companies wishing to offer Rellevate digital financial services to their employees, please visit www.rellevate.com or contact Rellevate at [email protected]
About William Rodgers III, Ph.D.
Dr. Rodgers is Professor of Public Policy and Chief Economist at Rutgers University’s Heldrich Center for Workforce Development. He is a Non-Resident Fellow at the Century Foundation. In 2000 he was Chief Economist at the US Department of Labor. Rodger’s expertise in compensation, equity, diversity and inclusion, and general economic trends is widely drawn upon by journalists from the New York Times, Wall Street Journal, Fortune Magazine, Washington Post, Guardian, Financial Times, and many others Publications. He is a frequent guest on numerous television and radio talk shows: MSNBC, Yahoo Finance, CNBC, NPRs Marketplace and Weekend Edition.
The Rellevate Visa® debit card is issued by Sutton Bank, FDIC member, under license from Visa USA Inc. Rellevate enables banking services through Sutton Bank, a member of the FDIC.
Goldman Communications Group
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June 02, 2021, 13:00 GMT
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