Alkami Telemetry Data – Earned Wage Access (EWA) use by Age Range
60% of Earned Wage Access users are over the age of 30
Source: The 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy / “The Definitions of “Money” and “Payments” Continue to Evolve” page 13.
What we’re seeing: Per Alkami’s telemetry data, earned wage access has seen a 600 percent growth in users since 2018, with the monthly amount that users withdraw also increasing (Exhibit 10). This option appeals to younger employees, with more than 66 percent of users between 21 and 40 years of age participating in EWA.
Takeaway: Account holders need for speed is showing up in more ways than just wanting 24/7 mobile access to their accounts. Consumers are adapting quickly to new payment technologies, so make sure your financial institution is educated on the latest offerings, and has the capabilities to keep account holders safely and efficiently connected to their money.
Call to action for FIs: Educate account holders on all the terms and conditions related to this new service in this financial landscape.
Download the 2023 Alkami Data Telemetry Report: State of the Industry℠, Emerging Financial Institution Opportunities in an Uncertain Economy