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

But in our real world data set, what we do find

is that those who were paid more frequently, again, controlling for the amount of income they earned, were more likely to pay bank fees and were more likely to overdraft.

And so, you know, that tells me that these are not the folks who are saving more, even though we couldn't measure it directly.

Well, the first thing that we all have to realize is that $100 is not $100 is not $100.

The timing of that income really matters.

And it matters because it changes our perceptions of our financial resources.

And these perceptions ultimately change our behavior.

We have to recognize that we're beautiful and perfect humans.

You know, we're not walking around with abacuses all the time.

We're making decisions based on our perceptions.

And sometimes our perceptions can be a little bit flawed.

And that's okay.

The second point that I want us to take away is that a lot of these apps that we talked about, going back to the technology point, like DailyPay, they charge consumers every time they want to access their funds early.

Sometimes it's $2.99, sometimes it's $3.99.

And when you work out the math, that interest rate, if someone chose to access their paycheck every day, Monday through Thursday, and then get their regular check on Friday,

That interest rate will work out to be almost like a payday loan.

Accessing, if you don't have free access to your money on a frequent basis, not only are you going to spend more because of that increase in subjective wealth perceptions, but you're also going to spend more in fees.

It's not always, but a lot of these new startups, that's the fee structure that they have in place.

So it's not the employer bearing the expense, it's the employee bearing

You know, I think we have to realize that every company is getting smarter, faster, and better at helping us part with our money.

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