Battling Aussies should be able to access wages when needed

That's an extra $2000 a month that families already struggling under financial pressure are going to have to find to keep a roof over their heads.

The rental market doesn't look much more appealing with rents in capital cities across the country at a record high and queues stretching down the block for people desperate to sign a lease.

More families than ever before are living pay cheque to pay cheque and as they try to keep their head above the tide, it's the unexpected expenses that crop up which are crippling them.

When you're that stretched, what happens when the car breaks down? Or there's an unforeseen medical bill for your child?

Not everybody has the luxury to have a stash of cash set aside for a rainy day, or in this case, a looming recession, in fact one in three people don't even have $500 in savings anymore.

Let's look at the options available to workers as they weather this financial storm.

They can ask for an advance on their pay, but that's embarrassing and means they have to admit to their boss they're having financial difficulties.

They can put expenses on their credit card, effectively shifting the problem to a future date and meaning they'll be faced with even more debt from interest accrued at over 20 per cent per annum.

Or they can go to a payday lender which sends them into a spiral of debt and simply exacerbates the problem.

Recent research from NAB found one in 10 Australians facing financial hardship have accessed a payday loan in the past three months.

There needs to be a better alternative.

Give workers access to their wages as they earn them. Let them choose their payday.

Earned wage access is commonplace in the US and UK but there still seems to be a stigma associated with it among some corporates here in Australia.

There's a perception that it's only for shift workers or for those on the minimum wage.

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The reality is those wanting access to the money they've already earned come from a broad range of backgrounds and age groups. We even have six-figure salary users who withdraw their wages weekly to pay down their mortgages and save on interest repayments.

Companies need to listen to their people and stop being disconnected with the day to day stresses of their employees.

The current cost of living crisis means workers are not only looking at their salary but also at their payroll options when they consider what job to take.

Better access to their pay is now a drawcard. With businesses in a battle for talent and struggling to retain the employees they have, flexible pay gives a clear recruitment advantage.

Fortnightly or monthly pay is an outdated concept from back when payroll was processed manually.

Technology has moved on and it has the ability to significantly alleviate the financial strains of many Australian workers. It's time for companies to get with the program and support their people.