More Australians are looking to access their pay early to keep up with the growing costs of living.
Sydney resident Antonia Janti is one of those people who dips into her pay when she experiences a shortfall, like when she has a university bill.
The 19-year-old, who works as a supermarket cashier, said she sometimes found it hard to wait until payday, especially if most of her shifts were at the start of her weekly pay cycle.
“At first I wasn’t too keen on the idea, thinking I would overspend and take out too much money, but I was put in a position where I needed to do it and … it helped me out,” she said.
“It took me out of a situation where I urgently needed to pay for something and has helped me to keep my deadlines when I need to pay for things.
“For people who get paid monthly, it would be really helpful.”
Miss Janti, who is an aspiring actor and in her second year of a Bachelor or Arts, said accessing pay early was something she would ask future employers about.
Paytime, a platform which plugs into payroll so employees can access a portion of their pay before payday, has experienced a 600 per cent increase in interest over the past three months.
Its chief Steven Furman said the workplace salary payment system is outdated, as evidenced by the company receiving more than 150 inquiries per week.
“Employees are demanding more and more benefits from companies in order to stay and Earned Wage Access is a key benefit in avoiding the great resignation,” he said.
Your company can empower your employees to take control of their financial wellbeing and reduce their financial stress by offering an EWA solution. Get in touch with Paytime today to arrange a free consultation.