Imagine this: it’s Wednesday and you’ve just received a disconnection notice from your telecom provider. You’ve been so busy at work that you haven’t gotten the chance to pay your bill, and now your mobile service will be cut unless it’s settled immediately. The problem is that it’s still a few days before payday and you don’t have much cash left.
The reality is that many of us have experienced a similar type of pinch, and there isn’t always a solution readily available. So what can be done when everyday mishaps or unforeseen emergencies arise, and we don’t have that spare cash on hand?
Financial Wellness Starts In The Workplace
According to the National Baseline Survey on Financial Inclusion conducted by Bangko Sentral ng Pilipinas (BSP) in 2015, 88% of Filipino adults believe that financial services are beneficial and want to have access to them. Unfortunately, not everyone is given the privilege by financial institutions because of numerous restrictions.
The lack of access to credit and other forms of safe and secure financial assistance is a huge barrier for many Filipinos, whether they’re struggling to meet their daily needs or wanting to improve their long-term financial health. Here’s why employers are in the best place to help.
The experience of scrambling for funds has been proven to have troubling effects on many individuals and in turn, the companies they work for. Increased absenteeism, poor health, and decreased productivity can mean hours of work and thousands of pesos are being lost to financial stress alone.
Supplementing employees’ compensation with access to relevant financial resources can open up opportunities that they could not have gotten on their own.
This is why more and more employers in the Philippines have been turning to financial benefits to support their employees.
The Role of Credit In Improving Employees’ Financial Health
Credit services can help cover various needs when we don’t have cash on hand. However, many are unable to avail of credit cards or loans from traditional institutions.
‘Anytime access’ to funds can also help individuals avoid resorting to payday loans and other unsafe measures, allowing them to maximize the value of their hard-earned salary.
Empowered with instant access to funds, individuals can avoid having to pay for late fees, be prepared for any emergency, and even enjoy new opportunities that come their way. Without the burden of financial stress, they are also more motivated and able to perform at their best at work.
Advancing Financial Wellness and Inclusion in the PH
In the Philippines, employers have access to salary on-demand, a simplified credit service offered by Advance as a benefit for their employees. The salary on-demand perk allows employees access to a portion of their salary anytime, empowering them with financial flexibility and peace of mind.
Data from Advance has shown that users are able to use their credit lines prudently, whether it’s to cover daily needs, emergencies, or essential big-ticket payments. The platform’s combination of financial assistance and educational resources has empowered employees to make better financial decisions and build great habits.
For the thousands of Filipinos still unable to rely on timely assistance from employers or banks, salary on-demand is a safe and hassle-free solution to their financial woes.
Advance’s Salary On-demand has helped thousands of employees get started on their journey to financial freedom.
Does your company offer salary on-demand yet?
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