ZayZoon’s Money Mindsets Quiz Finds Majority of Employees are Squirrelling Their Money Away

Data from the Money Mindsets Quiz gives a fresh look at employee spending and saving habits

PHOENIX--(BUSINESS WIRE)--ZayZoon, the leader in Earned Wage Access (EWA) solutions for small and medium-sized businesses, today released new employee insights from its Money Mindsets Quiz. The academic-backed quiz found that almost 50% of employees are “Squirrels”, meaning they are savers and thrifters who are watching their wallets closely amid current economic challenges. It also found that 48% of employees often feel anxious when thinking about their financial situation.

This data is unsurprising given the current economic climate. Concerns about inflation, stagnant wages, and increasing costs are making it harder for employees to meet their basic financial needs and this stress inevitably affects their productivity and well-being. Employers have an opportunity to make a difference.

“Understanding employees’ financial mindsets can help businesses tailor their benefits to truly address their workforce’s needs – whether it’s through early access to earned wages, budgeting tools, or financial education programs,” said Tate Hackert, President and Co-founder of ZayZoon. “When employees feel financially secure, they are more engaged, productive, and satisfied at work.”

Additional highlights from the quiz, based on responses from 800+ North American employees, include:

• 41% of employees keep a detailed budget and regularly track their expenses
• 60% of employees enjoy finding creative ways to save money and maximize value
• 53% of employees would rather save their money than spend it on something non-essential
• 43% of employees avoid taking financial risks and prefer to keep their money in safe investments
• 42% of employees like to plan out their future financial goals in great detail and track their progress

“At ZayZoon, we’re dedicated to giving employees the tools and resources they need to take control of their finances,” said Hackert. “Money Mindsets builds on that mission by offering our customers and users meaningful insights into their financial behaviors like their strengths, areas of improvement or how to reach their financial goals.”

Take the Money Mindsets Quiz now to find your unique spending profile and toolkit: https://www.moneymindsets.com/.

About ZayZoon

ZayZoon is the financial empowerment platform for modern businesses. With ZayZoon, payday finally comes with the push of a button. It’s free for employers and takes only 30 minutes to implement. Employees can use ZayZoon to get paid whenever, however. The platform also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle. And it works. 74% of employees who use ZayZoon report less financial stress, and employers who offer ZayZoon boast a 29% reduction in turnover. To learn more, visit https://www.zayzoon.com/.

Quiz Methodology

Money Mindsets is rooted in academic-backed financial knowledge and extensive employee insights. ZayZoon collaborated with leading experts in psychology, economics, and behavioral finance to ensure the assessment aligns with the latest research in financial behavior. The 20-question assessment categorizes participants into distinct financial personas – Squirrel (Saver), Raccoon (Thrifter), Octopus (Spender), Beaver (Planner), and Bull (Investor) – offering strategic guidance based on their financial behaviors.

To create a tool that resonates with today’s workforce, ZayZoon conducted interviews with employees across a variety of industries. The findings presented are drawn from 800+ responses collected through the quiz, offering a data-driven perspective on financial behaviors and attitudes.