Why faster payments could be a boon for hourly workers
Often overlooked as prospects by financial services institutions who have increasingly focused on the wealthy, hourly workers represent a massive pool of underserved consumers with distinct financial needs.
Early access to earned wages is just one financial product that has recently come to the market and seen dramatic success, as it is a significantly less expensive alternative to payday loans for consumers struggling to make ends meet.
According to the Bureau of Labor Statistics, there are 80.4 million hourly workers over the age of 16, representing 58.3% of all hourly and salary workers (excluding small business owners). While the average hourly worker is often thought of being a young, single person, the reality is far from the truth. There were only 4.67 million teenage (16-19) workers and just 11.31 million young adults (20-25) workers with the rest being over 25.