Welcome to Wagestream Wrapped 🎁
January. The longest month of the year, like ever. With most people getting paid the week before Christmas, the five-week wait for payday is tough.
But now we’ve finally made it through the month with the bluest day of the year 👏, we wanted to look back to see how our users were using Wagestream. Introducing Wagestream Wrapped.
The Monthly Pay Cycle
We’re a big believer that the monthly pay cycle is not right for everyone. Why should you have to wait a month to be paid the wages you’ve already earned, and why can’t you access them straight away?
The monthly pay cycle drives unhealthy habits. First bills, rent and other scheduled payments come out on payday. Then, a survey by Porafina shows within the first 24 hours of payday, 43% of disposable wages have also been spent. An individual’s balance steadily decreases throughout the month, so that in the last week they are left financially exposed.
How Wagestream helps to break the monthly pay cycle
By diving into how Wagestream users used our app over January, we want to show that the monthly pay cycle is outdated and old fashioned and that it doesn’t provide the flexibility necessary for life’s twists and turns.
We think one of our users explained it well in their app review:
Can you guess what the most popular day of the week was for streams?
You guessed it, it was Blue Monday with 3,511 streams.
Why did people stream their wages in January?
People streamed for various reasons over January. Bills came in on the top at 31.6%, with groceries and expenses coming in at 28.1%.
People want to access their wages early to cover everyday costs of life, but it shouldn’t be ignored that 7.8% of people wanted to access their wages for fun stuff 🕺🏾. Which is cool because we think people deserve the financial freedom to decide what they do with their own money.
What about Track?
We’re not just about streaming your wages. The Track section of Wagestream lets our users track how much money they have already earned and lets them know exactly where they are with their finances. In January, the Track page on Wagestream reached the lofty heights of on average 10,000 visits a day.
Wagestream Wrapped 🎁 shows how Wagestream was used over the longest and toughest financial month of the year. It shows that people really do need access to their money in the last week of the month. And instead of getting into debt and turning to bad credit, Wagestream users only paid a flat fee of £1.75 per streams to access their accrued earnings. It’s a no brainer 🧠.
Want your employer to get Wagestream? Sign up to our waiting list here.