81% people exhaust salary before month end: Survey

Earned Wage Access allows a person to get a portion of salary before payday. A recent Refyne-EY survey says 59% consider this a deciding factor when seeking a job. The survey was conducted among 3,010 people between 20 and 60 years of age in July-August 2021 and the report analyses the state of Indian employees’ financial wellbeing and the way they manage their finances in the unique economic situation they currently find themselves in.

Macro trends like inflation, low salary hikes, or a once-in-a-century pandemic like Covid-19 contribute to expenses getting ahead of salary, shrinking cashflow for employees. Here are the key findings from the report.

Is your monthly salary enough to cover your expenses?

74% unable to cover expenses with salary


What are the types of unexpected expenses?

Medical issues big reason for expenses

How many couldn’t cover unexpected expenses?

Only 29% meet unplanned expenses

Has Covid-19 increased the need for more money in hand?

Covid raises need for money in hand

How did you cope when you faced unexpected expenses in the past six month?

41% rely on loans from family/friends to meet unexpected expenses

When during the month do you run out of money?

81% exhaust salary before month-end

What is the potential for savings from salary?

Low-income group more likely to fall in debt cycle

What do you feel about your financial status?

62% unhappy or unsure about financial status

How often would you like to access your salary?

59% employees consider flexible access to salary a deciding factor for their next job