We've all been there - just plugging along, minding our own business, and then...boom! An unexpected expense pops up and sends us into a tailspin. Whether it's an expensive medical emergency or a costly car repair, this type of inconvenience can be a huge source of financial stress.
And why does that matter? Well, financial stress can have a slew of negative side effects. One study found that 53% of people say that financial trouble interferes with their ability to focus and be productive at work. Another report uncovered that 50% of those who say they’re financially stressed spend three or more hours at work each week thinking about or handling their personal finances. This lack of productivity can have a significant, negative impact on a provider's bottom line.
While it's impossible to eliminate unexpected expenses, it is possible for companies to make sure their employees are equipped to handle them quickly and responsibly when they do. Employee financial wellness apps like OnShift Wallet offer access to earned but unpaid wages between paychecks to better manage emergencies without having to resort to high-interest payday loans and credit cards.
Watch the video below to hear how OnShift Wallet helped Nakia Williams, a scheduling coordinator for a Singh Senior Living, when she needed it most and why she's dubbed the app a "lifesaver." [Transcript below video.]
My name is Nakia Williams. I am the scheduling coordinator here at Waltonwood Lakeside.
Using OnShift Wallet has been very helpful for me. There was a time when my vehicle broke down just a little bit before my shift, which is a little bit unfortunate.
So I was able to go into OnShift Wallet and I was able to request money that I had available to me and I was able to use that money once it posted to my account to get my vehicle fixed. So, it wasn’t an inconvenience, I didn’t have to worry about calling off, I didn’t have to worry about finding a ride.
It was really, really helpful because I was stressed at first. I would have had to maybe borrow money from someone, maybe even use a payday loan – which interested is included in that.
One of the greatest benefits about OnShift Wallet is there’s no interest, you go right in and get the money you have available and they take it right back out of your paycheck.
It has been a lifesaver for me and I’m very grateful for OnShift Wallet.