ZayZoon, the leader in Earned Wage Access (EWA) solutions for small and medium-sized businesses, released new employee insights from its Money Mindsets Quiz. The academic-backed quiz found that almost 50% of employees are “Squirrels”, meaning they are savers and thrifters who are watching their wallets closely amid current economic challenges. It also found that 48% of employees often feel anxious when thinking about their financial situation.
ZayZoon’s new Money Mindsets Quiz found that almost 50% of employees are “Squirrels”, meaning they are savers and thrifters who are watching their wallets closely amid current economic challenges.
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This data is unsurprising given the current economic climate. Concerns about inflation, stagnant wages, and increasing costs are making it harder for employees to meet their basic financial needs and this stress inevitably affects their productivity and well-being. Employers have an opportunity to make a difference.
“Understanding employees’ financial mindsets can help businesses tailor their benefits to truly address their workforce’s needs – whether it’s through early access to earned wages, budgeting tools, or financial education programs,” said Tate Hackert, President and Co-founder of ZayZoon. “When employees feel financially secure, they are more engaged, productive, and satisfied at work.”
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Additional highlights from the quiz, based on responses from 800+ North American employees, include:
- 41% of employees keep a detailed budget and regularly track their expenses
- 60% of employees enjoy finding creative ways to save money and maximize value
- 53% of employees would rather save their money than spend it on something non-essential
- 43% of employees avoid taking financial risks and prefer to keep their money in safe investments
- 42% of employees like to plan out their future financial goals in great detail and track their progress
“At ZayZoon, we’re dedicated to giving employees the tools and resources they need to take control of their finances,” said Hackert. “Money Mindsets builds on that mission by offering our customers and users meaningful insights into their financial behaviors like their strengths, areas of improvement or how to reach their financial goals.”
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Source: Businesswire
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