Paytime exists to help end financial stress for every worker across Australia. While an ambitious task, it’s important to understand why this goal is so important, and how employers, employees and third-party providers all play a role in helping Australians achieve financial wellbeing. Suppose you’re a manager, business owner or otherwise involved in employing others. In that case, you’d more than likely be aware of how vital it is to minimise the impacts of stress on your daily activities. From time to time, we all face issues with personal relationships and professional interactions. Perhaps you’re moving homes or applying for a new home loan. You’re facing a medical problem, or you’re dealing with the loss of someone close to you.
It’s a useful exercise to think back to the most stressful event you’ve faced in recent years and think about how it impacted you. Remember how it made you feel, the constant pain and reminder that something was wrong. Maybe it was difficult for you to concentrate on your work or be available for your family and friends. Even distracting yourself with a sports game or movie did little to ease the worry. If you can, imagine the perspective and experiences of someone who has to deal with that continuous stress on a daily basis. It’s always there, playing on their mental state.
Mental health is incredibly important, and our financial wellbeing plays a significant part in it. Almost six million Australians live paycheck to paycheck, often meaning they cannot live a meaningful, stress-free life. Paytime is one tool of many that can be used by employers to help remove financial stress from your employee’s lives.
How Bad is Chronic Financial Stress?
Stress is a serious problem that does a lot more than just impact a person’s mental wellbeing. Not only can stress affect a person’s physical body, but it can have a significant effect on those around them as mental states are often more infectious that we might realise. Financial stress can be particularly insidious, developing over time into a more significant issue that is often extremely difficult to rectify. Chronic financial stress is a crippling illness that can snowball if not dealt with early on. While it’s not necessary to become a medical expert, understanding the role of stress in the human body can help us contextualise the importance of solving the problem!
This insightful article breaks down the cause-effect relationship of ongoing, chronic stress on the human body. Continual stress is associated with the overproduction of the hormone ‘cortisol’ – preventing proper brain function and therefore, physical performance. Two crucial parts of the brain are primarily impacted – the prefrontal cortex and the amygdala. Stress leads to a reduction in the size and capability of the prefrontal cortex, which looks after our memory and learning – something every worker needs. Worse still, stress stimulates the size of the amygdala, making the brain even more receptive to stress in the future.
We’ve all heard of the ‘fight-or-flight’ response and experience it from time to time. Unfortunately, chronic stress can lead to those continuously affected being in this highly-strung state. Typical stress-related symptoms include severe headaches, joint pain and general weakness of the body. Your heart must work harder, often increasing blood pressure. If that’s not enough, there is a strong link between elevated cortisol levels caused by stress and more severe clinical depression. Clearly, the impacts of financial stress are numerous and in many cases, chronically severe. It’s no way for anyone to live!
How Paytime Plays a Role in Reducing Financial Stress
Everyone plays a role in reducing financial stress for workers across Australia. By understanding the negative impacts of financial stress on people’s mental and physical health, employers, media, third-party providers and governments are better equipped to help. Financial stress is a significant barrier for many when it comes to achieving inner peace, wellness and an otherwise fulfilling and meaningful life.
Earned Wage Access offered by providers such as Paytime, allow your employees to access their earned pay at any point of the pay cycle, without having to wait until their next payday. When an unexpected bill or expense arrives, instead of turning to credit or a payday loan, employees can alternatively access a portion of their earned wages to cover any shortfall. It’s easily worked into your existing payroll system, avoiding any disruption to your usual processes. When an employee wants to access some of their earned income, they will be charged a small, fixed platform fee (less than the cost of a cup of coffee) and Paytime will automatically deduct the amount from their next paycheck.
While this is just one part of the puzzle, it’s an important and actionable step your business can take to improve the financial wellbeing and quality of life of your workforce. If your company wants to help your employees improve their financial wellbeing and reduce financial stress, contact Paytime today!