Friday, April 6, 2018
As you plan coverage of World Health Day, please consider speaking with Safwan Shah, Founder and CEO of PayActiv.
Poor people are more likely than others to be "financially excluded," meaning they lack access to formal financial services. Financial stress is directly linked to increased frequency of health and legal issues (obesity, depression, anxiety, substance abuse, domestic violence and suicide).
Based in Silicon Valley, PayActiv was founded to improve the lives of individuals living paycheck to paycheck and to empower low-to-moderate income earners with the tools needed to achieve financial resilience. Shah believes "Capitalism needs integrity."
The PayActiv platform, gives employees timely access to their between-paycheck earned wages without incurring debt --- a practice proven to help employees avoid high interest loans, late fees and debt traps, encourage budgeting and savings, and significantly lower employee stress. The PayActiv platform also provides budgeting and savings tools, financial counseling (800#), bill pay options and prescription discounts. PayActiv is always employee sponsored and Does Not require an employee to have a bank account. 50% of PayActiv users do not have a bank account.
"Some of the things we think of as 'mental health problems' are actually poverty problems. If we solved people's financial problems, I think many of their other problems would go away."
Annie Harper, PhD, Yale Department of Psychiatry
PayActiv bring financial security, dignity and savings to millions experiencing financial stress.
BUSINESS EXPENSE WITHOUT AN INVOICE
Companies lose over $300 billion annually due to worker stress. Employee Financial Despair:
Reduces productivity, retention & engagement
Increases frequency of workplace accidents and worker sick days
Significantly stagnates careers
Enormous associated HR Costs: recruiting, hiring, training, productivity loss, cost of temp workers
PayActive is used nationwide by numerous American businesses, including Walmart and Good Will.