The Power of Financial Flexibility
Imagine living paycheck to paycheck, with no safety net to cover unexpected expenses. A sudden emergency—a medical bill, a vehicle breakdown, or a household repair—can spiral finances downward. This is the harsh reality for millions of gig and blue-collar workers across India, who often rely on informal lenders, high-interest loans, or payday advances just to make ends meet.
Enter KarmaLife’s Earned Wage Access (EWA)—a game-changing financial tool designed to empower workers by giving them access to their earnings anytime, before payday. This helps them manage emergencies and reduces their dependence on exploitative lending systems.
But how well does EWA work in transforming lives? To answer this, KarmaLife partnered with 60 Decibels, a globally recognised impact measurement agency, to conduct a deep-dive assessment of the product’s impact. The results were eye-opening, reinforcing the potential of EWA as a catalyst for financial well-being, reduced stress, and improved economic stability.
This blog explores the impact of KarmaLife’s EWA product as revealed by 60 Decibels’ meticulous study and how these insights shape the future of financial inclusion.
Meet 60 Decibels: The Experts in Impact Measurement
🔍 Who is 60 Decibels?
60 Decibels is a globally recognised impact measurement firm specialising in customer-centric insights. Unlike traditional research firms focusing only on numbers, 60 Decibels prioritises real human experiences, making their assessments more relatable, actionable, and insightful.
📊 Why Their Approach Matters
Many financial products claim to improve lives, but how do we measure real impact? This is where 60 Decibels excels—by collecting direct feedback from users and translating it into meaningful insights that help organizations refine their offerings.
Their unique methodology ensures that impact measurement goes beyond theoretical data and truly reflects the lived experiences of customers.
How Was the Impact Assessment Conducted?
To understand how KarmaLife’s EWA product influenced the lives of its users, 60 Decibels adopted a multi-pronged approach:
✅ Customer Surveys & In-Depth Interviews
A structured survey was conducted among active KarmaLife users, collecting insights on:
🔹 Financial stress levels before and after using EWA
🔹 Changes in borrowing habits (e.g., reduction in loan app dependence)
🔹 Overall satisfaction and ease of use
🔹 Behavioral changes in financial planning
(Note: 30 respondents did not consent to participate, and their data was excluded to maintain survey integrity.)
🔍 Key Metrics Assessed
The study focused on:
📌 Affordability & Accessibility – How easy is it for users to access their earned wages?
📌 Financial Security – Does EWA help users feel more in control of their finances?
📌 Behavioral Shifts – Has EWA reduced their reliance on high-interest loans?
By blending quantitative data with qualitative insights, 60 Decibels ensured that the results were both statistically accurate and emotionally compelling.
Key Findings: How KarmaLife’s EWA Transformed Lives
The findings from KarmaLife’s Earned Wage Access (EWA) program illuminate its powerful impact on financial stability, particularly for gig workers who often face fluctuating incomes and limited access to conventional financial services.
🚀 Financial Well-Being and Reduced Stress
– 81% of users reported that KarmaLife’s EWA helped them handle financial emergencies better than before. This statistic reflects the immediate benefits that gig workers experience when they have direct access to earned wages. For many in the gig economy, missing a payment due date can lead to late fees or service interruptions, which create additional stress. The ability to access funds quickly enables them to manage these situations with greater ease and confidence.
– 66% of users noted a reduction in financial stress after using EWA. This emotional well-being is particularly vital for gig workers, who often lack traditional employment benefits like health insurance and paid time off. The relief from financial anxiety allows them to focus more on their work and personal lives, ultimately enhancing their productivity and well-being.
– 27% of users indicated they no longer worry about making urgent payments. This decrease in urgency reflects a significant shift in mindset, giving gig workers a newfound sense of security. With EWA, they can prioritize expenses and manage cash flow more effectively, knowing that they can access their wages when needed.
💡 A Shift Towards Smarter Financial Planning
– 57% of users found KarmaLife’s policy on permitted transactions clear and understandable. This clarity is essential for gig workers, who may not have the same level of financial literacy or access to resources as traditional employees. The transparency in how EWA operates helps users make informed decisions about their finances, contributing to better budgeting and planning.
– 39% of users reported gaining confidence in managing their finances after using the service. This increase in financial confidence is crucial for gig workers, who must navigate their own taxes, retirement planning, and financial goals without the support of an employer. As they gain a better grasp of their finances, they can engage in more proactive financial behaviors, such as setting up savings plans or investing in their personal and professional development.
🔄 Reduction in High-Interest Borrowing
– 67% of users who previously relied on loan apps and informal lenders reported a significant reduction in their dependence on these sources. This shift is particularly impactful for gig workers, who often face higher risks of debt due to inconsistent income streams. By accessing their earned wages through KarmaLife, they can stabilize their financial situation, making it less likely that they will have to resort to high-interest loans that can perpetuate cycles of debt.
📊 Regular Usage Patterns Show Growing Trust
– More than 50% of users access their wages at least once a month, indicating a regular utilization of the service. This consistency underscores the role of EWA as a reliable financial tool for gig workers. As they become accustomed to managing their finances with EWA, it evolves from a temporary solution to a permanent fixture in their financial habits. Regular use suggests that gig workers are integrating EWA into their overall financial planning strategies, further indicating a growing trust in the platform.
These key findings demonstrate that KarmaLife’s EWA is not just addressing immediate financial needs but is also crucial in facilitating long-term financial health and resilience for gig workers. By providing quick access to earnings, clear financial guidelines, and reducing need for costly borrowing, KarmaLife is empowering gig workers to take charge of their financial futures.
Shambhu’s Story – When Every Rupee Matters
Shambhu Prasad is a delivery partner in a bustling Indian city. He’s always on the move—navigating traffic, chasing targets, and ensuring parcels are delivered on time. But one evening, he wasn’t thinking about the next delivery. He was rushing home, worried sick.
His wife had taken ill. The doctor prescribed urgent medication. But Shambhu’s salary was still a week away, and he didn’t have enough in hand. In that moment, every minute mattered—and so did every rupee.
That’s when KarmaLife came through.
With just a few taps, Shambhu accessed a part of his earned wages through KarmaLife’s Earned Wage Access (EWA) platform. No paperwork. No stress. No waiting.
“When my wife needed medicine urgently, KarmaLife helped me take care of it on time.” – Shambhu Prasad
It wasn’t just about money. It was about dignity, peace of mind, and being there for his family when it truly mattered.
For gig workers like Shambhu, KarmaLife isn’t just a financial tool. It’s a lifeline—bridging the gap between hard work and timely access to what’s rightfully theirs.
The Future of EWA: Expanding Financial Inclusion
With the success of its EWA product, KarmaLife is now looking to scale up and innovate further:
✅ Expanding Access to More Gig Workers – KarmaLife is onboarding more gig platforms to extend EWA access to thousands more workers.
✅ Integrating Additional Financial Services – Plans are underway to introduce micro-savings tools, insurance solutions, and budgeting features.
✅ Advocating for EWA in the Fintech Space – By working with policymakers and financial institutions, KarmaLife is paving the way for EWA to become a mainstream financial service.
The insights from 60 Decibels reaffirm that EWA is not just a convenience—it’s a revolution in financial inclusion.
A Testament to Data-Driven Impact
The collaboration between KarmaLife and 60 Decibels is a shining example of how data-driven insights can drive real-world change. By listening to users and understanding their needs, KarmaLife has refined its EWA product to truly empower India’s gig workforce.
But this is just the beginning. As KarmaLife continues to evolve, these insights will fuel new innovations, better services, and greater financial stability for millions.
Financial inclusion isn’t just an idea—it’s a movement. And with KarmaLife at the forefront, the future looks brighter than ever.
