On the 2nd, the pay-advance fintech corporation PayWatch announced that a study conducted in collaboration with the United Nations International Labour Organization (ILO) and the Bill and Melinda Gates Foundation found that 80% of respondents reported that pay-advance services had a positive impact on their quality of life.
This study was conducted at the suggestion of the International Labour Organization, involving the Global Digital Wage Center under the ILO and the Gates Foundation, and surveyed over 1,500 users in Malaysia who had experienced PayWatch services, analyzing factors such as financial accessibility, usage status, risk elements, and benefits, as well as impacts on financial stability and workplace satisfaction.
The study found that 80% of users reported that pay-advance services contributed to an improvement in their quality of life. Additionally, 57% of respondents noted that these services helped reduce economic stress, while 76% stated that they assisted in financial management. 30% of users reported a decrease in household liability, and 36% indicated an increase in savings.
It also turned out that pay-advance services had a positive impact on employees' workplace satisfaction. According to the study, 41% of employees who used pay-advance services reported that their relationship with their employer improved, indicating that these services contribute to building trust between workers and corporations, beyond being merely financial support tools.
Approximately 46% of respondents indicated that whether a pay-advance service is offered is a very important factor when choosing a new job. This suggests that corporations implementing pay-advance services may expect to reduce employee turnover rates and enhance workplace satisfaction.