Explore Earnd's product principles that ensure we live up to our mission of making money simple.
Three years ago, Earnd set out to solve the problem of locked pay cycles, which hold employees back from covering costs when and as they need. We know that 70% of workers are stressed about money and half of those individuals are stressed because they fall short on expenses between pay periods.
“It’s known that extended locked pay cycles – a newer concept than many realise – lead to irregular spending patterns and liquidity problems for workers,” says Carl Packman of Fair by Design. “This compounds an underlying access to affordable credit, experienced by much of the working population.”
Our social charter holds us accountable to improving the financial lives of employees and prohibits us from offering unfair financial products that do not measurably contribute to their financial wellbeing:
“The company’s objectives is to advance for the public benefit technology solutions that help workers including those on low-incomes to escape cycles of debt and build towards financial wellbeing (‘social purpose’) and as a secondary object, secure a reasonable return to its shareholders while having regard for the need to achieve its social purpose”
While EY estimates $1tn of accrued pay is locked in employers’ treasures across the OECD, employees are left waiting to be paid, which can lead to many having to rely on credit to plug the gaps. But flexible access to earned wages, through Earnd’s responsible financial wellbeing app, is making a positive difference.
Our latest impact assessment has found:
While being able to meet expenses and have some money left over is one key pillar of financial wellbeing, it’s only the start of the financial wellbeing journey.
Financial wellbeing is also about being and feeling in control of money and feeling financially secure, not only in the short-term but under adverse circumstances and in the future.
To keep us accountable, we build, pilot and launch products based on the following principles. These are behaviourally-informed, with a focus on making financial fitness feel easy and attractive – to ultimately help employees feel empowered to take proactive and positive steps as they manage their money.
We strive to make what’s happening with an individual’s earnings clear at a glance, so there’s no need for complicated mental maths. This means:
We strive to be transparent about our fees and charges and aim to price products fairly and affordably. This means:
We create products for the needs we’re uniquely positioned to meet through connecting with payroll, such as payroll savings and financial guidance based on individual financial health scores. This means:
We strive to offer encouragement, and positive feedback for users to help transform their personal ideas and beliefs around finance and make engaging with money feel good. This means:
We strive to make it easy for users to see, access and use their money how best works for them. We’re not paternalistic or judgemental about how anyone manages their money. This means:
We strive to build contextual help, support and messages that offer the right help and the right time. This means:
Check out our product impact framework for more information.