NEW YORK, Feb. 22, 2021 /PRNewswire/ -- Leading American companies are prioritizing their employees' financial wellness by teaming up with DailyPay to support employee savings and "America Saves Week." The annual event that kicks off today is organized by the nonprofit America Saves, an initiative of the Consumer Federation of America. The event's mission is to encourage and support Americans to save effectively, aimed at motivating individuals and families to take better control of their finances and achieve financial stability.
America Saves Week brings together thousands of organizations representing a diverse coalition of companies, nonprofits, educational institutions, military services, influencers, government agencies and financial institutions. America Saves encourages people to take The America Saves Pledge, a framework that allows savers to set a goal, and make a plan to achieve better financial stability.
DailyPay's clients will be able to access the pledge and corresponding comprehensive saving information on the DailyPay platform. To begin their savings journey, employees can utilize DailyPay's popular no-cost AutoSAVE feature, which enables them to automatically save a set amount of money from each paycheck in the employees' own bank accounts. DailyPay also offers participating employees special access to financial counseling along with their #SavethatMoney Challenge.
"Financial wellness for our staff has always been a major priority," said Pinny Faska, COO of Foundation For The Elderly DBA Rockaway Home Care. "Partnering with DailyPay for America Saves Week enables us to share tools and resources with our community that inspire individuals and families to save successfully and achieve better financial stability."
"Staffmark Group partnered with DailyPay in 2020 to give our employees more control over their paychecks, and we now have over 6,500 enrolled in this program," said Wendy Reiner, Director of Operations Support at Staffmark Group. "Our goal is to help our employees achieve financial wellness through great work opportunities. With DailyPay, employees have access to their earned pay before our standard payday for urgent needs, and DailyPay's AutoSAVE feature makes it easier to set money aside and plan for the future. America Saves Week is a great reminder to begin the habit of automated saving. We are thrilled to share this important message and be part of the #SaveThatMoney Challenge."
"Mission Health Communities is proud to partner with DailyPay for America Saves Week, as financial wellness for our valued team members is a top priority for us," said Cheri Kauset, VP of Customer Experience and Communications, Mission Health Communities. "DailyPay has been a great win for our employees with over half of our staff participating within the first few months of launch. Our staff have found that DailyPay has been incredibly helpful in managing their day-to-day finances - and immediately began sharing those experiences with their colleagues."
"DailyPay is proud to join forces for America Saves Week with our valued clients in supporting their commitment to the financial wellness of their employees, especially during these uncertain times," said Jeanniey Walden, Chief Innovation and Marketing Officer, DailyPay. "We are thrilled for this opportunity with America Saves to be part of a larger national conversation around saving successfully that closely aligns with our mission of supporting the American worker."
The need to start a savings program has never been greater. According to a recent Harris Poll commissioned by DailyPay, Funding Our Future and the Center for Financial Security at the University of Wisconsin, 52% of millennials have depleted their savings due to COVID-19. And slightly more than half (58%) have enough savings to cover a $400 expense.
However, the road to financial wellness can start with one's employer. Recent research shows over 50% of employees polled look to their employer for financial assistance. And increasing financial well-being for workers relieves stress and allows them to be more productive on the job.
"America Saves looks forward to establishing a model of saving for employees who access their pay on a frequent basis with DailyPay. DailyPay is providing and promoting the opportunity for their users to save automatically and through the relationship with America Saves, develop a savings habit," says George Barany, Director of America Saves. "We know that saving automatically is the most effective way to save. DailyPay is setting up their employers and employees for financial success by not only making saving automatically easily accessible through their AutoSAVE feature, but then encouraging ongoing support along their savings journey by taking the America Saves Pledge."
DailyPay is the award-winning, recognized gold standard on-demand pay platform offering comprehensive pay experience solutions to world-class companies and their millions of employees including Adecco and Berkshire Hathaway. DailyPay has created an ecosystem with the most advanced, modern technology stack in the industry and delivers the most secure, compliant and seamless on-demand pay benefit in our rapidly growing marketplace. DailyPay is headquartered in New York City with operations based in Minneapolis. For more information, visit www.dailypay.com/press
About America Saves:
America Saves is a non-profit organization that uses principles of behavioral economics and social marketing to motivate, encourage and support everyday Americans to save money, reduce debt, build wealth and create better financial habits. America Saves encourages individuals and families to take the America Saves pledge, a tool that empowers them to commit to save successfully with a plan. Thousands of non-profit, government, and corporate organizations partner with America Saves through local, regional, statewide, and national campaigns both year-round and during America Saves Week. America Saves is an initiative of the Consumer Federation of America (CFA), a non-profit, pro-consumer organization of over 270 consumer education, advocacy, and cooperative members dedicated to advancing consumer interest.
Contact: Sehrish Sayani
Email: [email protected]