Gen Z & Earned Wage Access: The Perfect Union

On a road trip, often times it’s all about the journey and not the final destination

The generation that’s just entering the workforce, dubbed Gen Z, has grown up surrounded by not only a plethora of choices but almost everything they could need readily available on an app and on-demand.

As the prime generation of digital natives, Gen Z has found themselves in a world where they’re always connected and need to make a few taps on a smartphone to meet all their needs – right from food to tv shows, including medical consultations. In short, they’ve been exposed to a culture of getting what they want, whenever they want it.

Gen Z, born between mid 1990s and early 2010s, is defined by a strong sense of freedom, independence and individuality, having grown up in an era of widespread globalisation, facing a global pandemic and unprecedented economic distress. Thanks to their early exposure to the internet, they’re used to having a degree of control over their lives and are not afraid to challenge established norms.

The one thing that comes at odds to this lifestyle is the traditional payroll structure. And with more Gen Z employees beginning to enter the workforce, it won’t be long till we start hearing questions about alternatives to the conventional process of handling salaries.

This is where Earned Wage Access (EWA) steps in. EWA or On-Demand Salary seeks to give your employees flexibility and control over how they access their real-time earned pay without disrupting the payroll process for employers.

Earned Wage Access would fit in perfectly with Gen Z’s lifestyle and companies who use EWA could gain an edge in attracting young, upcoming talent. To a lot of the younger workforce the idea of being able to access their pay “on-demand” would seem natural and they’d actively opt for a service designed to suit their convenience and habits.

In fact in countries where EWA has already seen a healthy number of adopters, the call from younger generations has been quite clear. A survey by the American Banker noted that 79% of Millennials and 64% of Gen Z in the US workforce would avail EWA. It’s not a stretch to imagine that as awareness of EWA steadily rises across the globe, more of the workforce would expect their employers to provide some form of Earned Wage Access.

Closer home, India’s Gen Z population stood at 472 million as per a Bloomberg report from 2019. The country’s younger workforce has been exposed to several new-age workplace practices – flexible hours, formal work-from-home setups, holistic wellness schemes. As young adults, most of them are also learning to manage money for the first time in their lives, adding new categories of routine expenses that often don’t always align with their income. Offering this group Refyne’s Earned Wage Access solution would make any potential employer a much more appealing choice, allowing you to retain top talent and nurture a powerful team for your business.

Learn more about Earned Wage Access here.

Ready to take the next step? Reach out to us for a demo and empower your workforce with a zero-cost financial wellbeing product.

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