SILICON VALLEY, CALIF. – June 26, 2019 – Today, PayActiv, Inc., the leader in employer-sponsored, holistic financial wellness service for employees, unveiled its documentary made in collaboration with Early Light Media and Roundtable Companies about the direct benefits of timely earned wage access. Now available at ItsAboutTimeTheFilm.com, the documentary, titled It’s About Time, looks at pay timing and its correlation with epidemic financial stress being experienced by millions of working Americans.
Time is an important factor for workers and can often mean the difference between paying a bill on time, taking out a payday loan or being hit with a late fee. According to the Financial Health Network, financially underserved Americans pay $173 billion each year for alternative financial services. It’s About Time follows the stories of several American workers living paycheck-to-paycheck, and how the weekly or two-week pay system has inflicted hardship and financial stress.
“Low-income workers in America are a faction that is often overlooked and excluded in this country,” said Safwan Shah, PayActiv founder and CEO. “It’s About Time is meant to shine a light on the colossal issues with the two-week pay cycle as we strive to bring security, dignity and savings to low-income workers through timely wage access.”
Featuring commentary from CEOs, academic researchers, financial health experts and employees, the film is intended to highlight issues with the fixed weekly or bi-weekly pay cycle, and the importance of pay timing. In addition to providing an inside look at the employee benefits of receiving timely access to wages, the documentary also demonstrates the measurable business benefits for employers, such as increased productivity and reduced turnover.
“It’s About Time highlights the barriers facing American workers in achieving financial health, something that should be accessible to everyone,” said Jennifer Tescher President and CEO of Financial Health Network. “We need everyone working together to accomplish that goal and earned wage access offers us an innovative solution to address one facet of the problem.”
The documentary launches on the heels of Safwan Shah’s recent book release, also titled It’s About TIME: How businesses can save the world (one worker at a time), which shares a look at how workers came to be paid in this country, how an industry of predatory practices has resulted in massive financial stress, how lower-income workers are excluded from our financial system, and the role “pay timing” plays in American society.
To view the film, visit ItsAboutTimeTheFilm.com. For each person that shares the video on their social channels, PayActiv will contribute $5 for financial wellness up to $XXX to help paycheck-to-paycheck workers*. For real-time updates on local screenings and showtimes, follow PayActiv on Twitter and Facebook.
The release of the documentary follows a year of tremendous growth for the company, including processing more than $1 billion in funds. PayActiv is helping users save millions of dollars in overdraft and late fees as well as avoid high-interest payday loans and better manage their finances. In addition to providing timely access to earned wages, the PayActiv holistic solution includes features like electronic bill pay, budgeting & savings tool, financial literacy & counseling, discounts and access to Uber & Amazon without a need for a debit or credit card.
About PayActiv PayActiv is an award-winning holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. Businesses that partner with PayActiv see significant cost reductions through increased recruitment, engagement and retention. Employees love PayActiv because it eliminates the expensive between-paychecks tolls of payday loans, bank overdrafts and late fees. PayActiv offers a suite of financial services that include timely access to earned wages, savings and budgeting tools, bill payment and financial health measurement. PayActiv has won best in class awards in both FinTech & HRTech and is the provider for Earned Wage Access to Walmart.