Increasingly younger generations and the employed workforce see income erosion due to high-cost credit and lack of savings discipline fuelled by consumerism and rising needs.
To put some numbers into perspective - over 70% of the Indian workforce live paycheck-to-paycheck, and, as a result, resort to emergency credit or payday loans, with high-interest charges north of 35%+.
What's worse is that less than 12% of millennials save and a majority face credit card overdraft charges. This pushes them into a debt trap, which is hard to get out of
We believe that some of these quagmires can be resolved by breaking the 30-day pay cycle and giving employees the choice to earn as they work i.e “Earned Salary Access”. At Jify, we also provide money management tools and tips to help take their first few steps toward their financial security