Can earned wage access help employees manage debt?
Instant access to salaries is a productive lifeline for debt-stressed workers.
Steep rises in living expenses are pushing more South Africans towards debt, with employees and employers experiencing more negative consequences. For employees, it’s the stress of growing debt and seeking higher-paying jobs, and for employers, the resulting absenteeism, lack of focus, and poor retention as financial worries overwhelm their people.
For many, payday cannot come soon enough. According to Debt Busters, 57% of people in debt counselling rely on payday loans and 22% regularly use overdrafts. Credit cards and buy-now-pay-later (BNPL) loans also increase debt burdens, and the most desperate turn…