Wendy De La Rosa

speaker

106 appearances 1 recordings 1 series first heard Feb 2022 last heard Feb 2022

Wendy De La Rosa’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Getting Paid Daily Can Change Your Spending Habits · 16 Feb 2022 podcast

So Walmart, for example, our largest employer now allows all of their hourly workers to get paid up to every day.

And that's been sort of a trend, not just in the gig economy, but really for employers of hourly workers.

The thesis is, you know, there's something that doesn't sit right with us where you have a low-income worker essentially giving a 0% loan to their employer, right?

Why should I wait the 14 days to get my money?

I work today.

You've reaped the benefits of my labor.

I should get rewarded.

And now that we're in this era of pro-labor, that has really pushed the narrative and sort of enticed a lot of employers of low-income workers to increase their payment frequency.

It's becoming something that's so prolific in our world, but it's been sadly under-underexplored.

And what I'm hoping to show is that these advances in technology, they come with benefits and they also come with costs.

In our real world data set, where we had 30,000 consumers, we had a wide variance of income spectrums.

One of the things that we found was that the association between payment frequency and spending was essentially lower for higher income consumers.

And that makes sense, right?

If I never have to worry about whether or not I'm going to make it through the month, or if I have such high levels of subjective wealth,

I'm feeling pretty good.

But the effect really mattered for lower income populations.

Now, in our studies, we essentially focused on that population.

We focused on consumers who were on online platforms, working to get a couple of dollars per survey, because that's the population that, based on our real world data analysis, seemed to be the most impacted.

What we did was we created a life simulation.

We really created the life simulation to be as realistic as possible.

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