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Nov 7, 2024
In a world where 1.4 billion adults are excluded or underserved by traditional financial systems, Stream was built to rewrite the narrative and pave a path to a better financial future for every worker.
Our Impact Annual Report 2024 provides an in-depth look at how Stream's holistic financial wellbeing platform is creating positive, measurable outcomes for all workers.
In a world where 1.4 billion adults are excluded from the formal financial sector, the need for systemic change has never been clearer.
Even in countries with mature and widely accessible financial services, millions are locked out or underserved. In the UK, 25 million workers face income volatility, and in the US, income volatility is the norm for around 3 in 10 Americans. For too long, traditional financial systems have been built on the premise of steady, predictable income, failing low- and middle-income workers by trapping them in cycles of debt, stress, and uncertainty. Stream was built to rewrite this narrative.
Since our founding, we've believed that every job should pave a path to a better financial future. In 2024, our financial wellbeing toolkit was offered to more than 2.5 million colleagues across 1,300+ employers, 20+ industries and six countries, ranging from NHS nurses in the UK, hospitality employees in Spain, to teachers in the US, and more. By reimagining how people access, manage, and grow their money, we've empowered everyday workers to create financial security, turning financial wellbeing into a fundamental right.
This report isn't just a reflection on 2024 - it's a roadmap for the future. Inside, you'll discover:
1. How behaviour change tools transform money habits;
2. The systemic ripple effects of financial inclusion, from stronger local economies to fairer policy;
3. Honest insights into challenges and outliers, ensuring we learn as we grow.
As we look to 2025, our resolve remains unwavering: to make financial dignity an outcome of work for every worker. Together with employers, policymakers, and partners, we're building a world where financial security is the expected reward, not an unpredictable risk, of employment.
"Financial wellbeing isn't a perk - it's a pillar of a productive, compassionate workplace."
— Emily Trant, Chief Impact Officer, Stream
UK: In 2024 the UK accounted for ~90% of our membership base. The figures in this report are UK-specific. Our app and feature set is more mature in the UK, and therefore we see a wider range of impacts in this market.
Europe: In 2024, we supported employers in Ireland, Spain and Portugal. However, as EU members represent less than 5% of our base, we have excluded analysis from our impact reporting for 2024. This is likely to continue in 2025.
North America: In 2024, we supported employers in the USA and Canada. However, as North American members represent less than 5% of our base, we have excluded analysis from our impact reporting for 2024. Our growth in North America is accelerating, and we anticipate that data from the US and Canada will form a meaningful part of our impact reporting for 2025.
When Stream launched, our focus was making income provision work better for shift and frontline workers, by giving them a choice over when they got paid. We call this flexible pay, or as it's also known, Earned Wage Access (EWA).
The concept is an old one. Workers were originally paid daily, and then weekly, but by the 1960s locked pay cycles were becoming prevalent in order to meet the needs of businesses and payroll teams – not their people. Going back to our roots and connecting pay with work is an integral part of what we do.
The Stream app today has expanded far past this one feature. It's transformed into a holistic financial wellbeing platform designed to give workers positive financial pathways for the long term – with products and services built for their circumstances and needs, and at a fairer price than what's traditionally available.
Designed by financial inclusion experts, our fair financial toolkit is built around three core pillars - improving resilience today, planning for the future and building long-term security - to improve employee financial health in the short, mid and long-term.
Stream is committed to ensuring our services positively impact the financial wellbeing of workers, and improve public understanding of the blockers and drivers of financial wellbeing.
1. Legally binding
We're serious about creating a positive impact. We have a binding commitment, held in our articles of association at Companies House:
The objects of the Company are to promote the success of the Company: (a) for the benefit of its members as a whole; (b) through its technology, to reduce the poverty premium and help workers improve their financial wellbeing; and (c) through its business and operations, to have a material positive impact on (i) society and (ii) the environment, taken as a whole.
This commitment is held at the top level of the corporate structure, so it flows through to all subsidiary entities.
2. Externally validated
Stream is a certified B Corporation, having gone through its rigorous certification regime.
3. Publicly available research
We collaborate with academics, think tanks and policy makers to produce primary research for the public good.
In 2024 we contributed to:
- Mind Over Money, Exploring the link between IQ and financial stress (Report by Stream)
- Inclusion at the Crossroads, A financial inclusion action plan for social care employers (Report by Stream and Care England)
- State of Financial Wellbeing 2024, How leaders shape FinWell in the workplace (Report by Stream and CogCo)
- Savings for all, What works to support savings inclusion? (Report by Nest Insight)
- Automating Short-Term Payroll Savings: Evidence from Two Large U.K. Experiments (National Bureau of Economic Research working paper by Sarah Holmes Berk, James J. Choi, Jay Garg, John Beshears & David Laibson)
We proudly spearheaded the second Financial Wellbeing Forum 2024 which united HR leaders, policymakers, and researchers to advocate for inclusive policies, while government engagement highlighted Stream's role in bridging the "intent-to-action" gap in financial services.
Here's a rundown of our 2024 top level global impact figures for Stream.
1,311 employers offered Stream to their employees
2,531,919 employees reached
Each month we recorded more than:
12 million app visits
1.7 million disbursements
£1 billion of pay processed
Stream contributes to the UN Sustainable Development Goals through our dedication to enacting sustainable shifts for financial resilience and providing the accompanying resources.
Key impacts include:
SDG 1 (No Poverty): Enabled access to earned wages and savings tools, helping 40% of users in trials save for the first time, reducing reliance on high-interest loans.
SDG 5 (Gender Equality): Bridged economic gaps for women through flexible pay and savings, promoting financial independence.
SDG 8 (Decent Work): Lowered financial stress linked to absenteeism and turnover for employers like the NHS and Co-op, boosting productivity and economic resilience.
SDG 10 (Reduced Inequalities): Empowered marginalised workers (e.g., immigrants, low-income earners) with fair access or alternatives to credit, used by 4 in 10 members.
SDG 9 & 17 (Innovation & Partnerships): Collaborated with Money & Pensions Service, academic teams from Harvard and Yale, policymakers, and employers to reshape financial systems, advocating for auto-enrolment savings and fair wage access.
Stream's holistic approach bridges financial inclusion with systemic advocacy, advancing progress across multiple SDGs. By tackling income volatility, promoting financial literacy, and challenging exploitative practices, Stream fosters inclusive growth and systemic change, aligning with global goals for equity, health, and sustainable development.
Poverty Premium
Our poverty premium impact increased from £33.1 million in 2023 to £36.6 million in 2024 (↑11%).
The number of people impacted by poverty premium savings grew from 404,660 to 517,874 (↑28%).
Savings
There was a huge growth in the number of people saving with Stream, increasing from 123,000 savers in 2023 to 309,000 savers in 2024, making a total of £89 million of deposits (↑151%).
Loans
Loans were launched in late 2024 and as such made a minimal contribution to our impact, estimated at around £99,000.
Qualitative impact
We collect robust and statistically significant data on our qualitative impact at the 99% confidence level, with a 1% margin of error.
We find that 4 in 5 app users improve their control over money and reduce their stress. This leads to:
22% improved sleep
30% better focus at work
91% increased job satisfaction
12% better relationships
To better understand our impact, we also took a look at some of the personal stories of our members. Simon, a chef at Rosa's Thai, avoided financial crisis by accessing his earned wages flexibly, while Julia, an NHS nurse, gained clarity and reduced stress through real-time pay tracking. This underscores the positive impact we have on real lives.
"The App has really alleviated my money worries, giving me the freedom and flexibility to manage my money, pay down old debts, and even put money aside for the future, all in one place. Now, I can handle my finances with ease and look ahead with a lot less anxiety."
Simon is a Chef at Rosa's Thai. When he started at Rosa's, he hadn't received his final paycheck from his previous employer, leaving him concerned about going another month without pay.
Through Stream, he could access his earnings flexibly during that time, helping him make ends meet. Since then, the app has continued to support him in managing other financial challenges.
"When I came across Stream it was like an epiphany. Before I would have no idea what to expect from my paycheck but now I can see exactly what I'm earning throughout the month, both from my substantive role and Bank shifts. I just love how visible and clear it is. It has made picking up shifts and getting paid for them much simpler and my financial stress has reduced."
Julia is a specialist NHS nurse who lives in surrey with her two teenage children.
With a change in personal circumstances and an increased cost of living Julia found herself having to manage her money more carefully and pick up extra shifts through the Staff Bank to make ends meet.
We use the term 'member' to describe someone who uses the Stream app. Stream is a closed network, with membership only available to employees of our employer clients.
Stream is designed for shift and deskless workers; people who need to go to work, often referred to as frontline workers. Frontline workers make up 80% of the global workforce and in both the UK and US account for around 60% of all workers.
A snapshot of our UK members:
70% are paid by the hour
61% are in part-time work
£1,400 monthly take-home
80% earn less than the national annual wage of £34,953
2x as likely to be financially excluded compared to the overall UK population
64% are female
The high proportion of women is not just a Stream phenomenon. Women are overrepresented in frontline, part-time, low paid and insecure work. Globally and in the UK, women are more likely to experience poverty, be financially excluded, have a credit score that is lower than men, be paid less, accumulate less wealth, spend more time caring for children, be financially responsible for children, and be responsible for financial management in their household.
In 2024, Stream continued to redefine financial wellbeing for the underserved majority, transforming how everyday workers navigate economic challenges. Against a backdrop of rising living costs and workplace turbulence, our innovative solutions and collaborative partnerships delivered positive measurable outcomes, proving that every job can be a pathway to financial resilience.
Poverty premium
The poverty premium is the additional amount that lower income households pay for the same essential services. It's experienced across financial services, insurance, utilities and local area premiums. Stream uses the methodology developed by the University of Bristol Personal Finance Research Centre and the calculator provided by the Fair by Design Fund to calculate our impact on the poverty premium each year.
We report our net impact by offsetting any fees that app members pay us, against the amount of cost savings we achieve for the members who use our services instead of more costly alternatives.
# people impacted
- 2023: 404,660
- 2024: 517,874
- Change: ↑30%
£ net reduction in the poverty premium
- 2023: £33,067,351
- 2024: £36,558,264
- Change: ↑11%
£ amount per person
- 2023: £81.71
- 2024: £70.59
- Change: ↓14%
Our poverty premium impact in 2024 is a modest increase on 2023, and has grown more slowly than our adopted member figures. Drivers of this modest growth are:
Fee increase: In late 2023 we increased our fee for flexible pay for the first time in Stream's 7-year history. We report net impact, and the full effect of this fee increase was felt minimally in 2023 data and fully in 2024 data.
Growth in other products: Our poverty premium calculations are based solely on the number of members who use our flexible pay feature. This grew more slowly compared to other product areas in the app, particularly savings.
Changes in assumptions: We revisit our assumptions each year as our own data improves and as market conditions change. We reduced our reach assumptions in 2024 for payday loans and household appliance insurance. Eradication of payday loans has been a core part of Stream's mission since our founding, and this is positive progress.
Loans
Stream launched workplace loans in the UK in September 2024. We issued 2,802 loans for a total of £7.3 million. The average interest savings for our members compared to loans on the open market is £381 per loan (£144 per year over ~2.7 years).
2,802 loans issued
£7,302,831 total loans issued
£2,606 average loan size
31.8 months average loan tenure
£144 average annual cost saving per person
£99,000 total annual cost saving
Our 2024 impact is minimal, estimated at around £99,000 of cost savings to our members. This is due to the small number of loans issued, and the timing of our launch towards the end of the year.
We anticipate very strong growth in 2025 including a 10-fold increase in the number of loans issued and a longer period of impact.
Savings
# savers
- 2023: 123,207
- 2024: 308,871
- Change: ↑151%
# first time savers
- 2023: 24,203
- 2024: 93,646
- Change: ↑287%
£ amount deposited
- 2023: £45,471,851
- 2024: £89,512,891
- Change: ↑97%
£ amount deposited per person
- 2023: £369
- 2024: £289
- Change: ↓22%
Stream is working hard to make savings more inclusive. This is reflected in the dramatic growth in UK savers – particularly first time savers – paired with a decrease in deposits per person. Much like parkrun have celebrated that their average recorded 5k speed has slowed from 22:17 in 2005 to over 32 minutes in 2023, this change in the demographic of savers is a success story. We reach more people who are starting with or struggling to save, but who have started to build a regular savings habit through Stream.
Our research on savings has created a policy-grade evidence base for disruption of current KYC, FSCS and HMRC red tape that gets in the way of scaling workplace savings. We are making progress to remove some of these barriers in 2025.
State benefits
In partnership with inbest.ai, we offer a benefits calculator in our UK app to support members to understand their full entitlement to state support. In 2024 we saw a 35% increase in members using the calculator, and helped identify over £245 million in state benefit entitlement.
# people checking benefits
- 2023: 34,623
- 2024: 46,762
- Change: ↑35%
# people with benefits entitlements
- 2023: 26,414
- 2024: 31,929
- Change: ↑21%
£ total annual entitlement
- 2023: £190,813,917
- 2024: £245,598,587
- Change: ↑29%
£ amount per person
- 2023: £7,224
- 2024: £7,692
- Change: ↑6%
These numbers are relatively small, but by de-stigmatising benefits and making it quick and easy to understand entitlement, we are ensuring that many more households get the support they need and deserve.
A less tangible part of our impact is in the way we improve the emotional wellbeing of our members.
Everyday workers are at the heart of the economy and society. They are the people we encounter every day as we go to work, shop for essentials, enjoy a dinner out, get help with a health condition, and more. They keep us safe, take care of our children, and help society function. At Stream, we aim to understand and empower these workers.
We collect robust and statistically significant data on our qualitative impact at the 99% confidence level with a 1% margin of error.
Survey sample sizes:
71,618 at 3 months
10,480 at 9 months
7,752 at 15 months
Frontline work is a driver of financial exclusion
A 2024 report from the Financial Conduct Authority in the UK found that 23% of UK adults had difficulties accessing a financial service in the previous 2 years. In the US the figures are similar – around a quarter of the population are unbanked or underbanked. Financial inclusion is a complex picture, but one part of it is caused by irregular earnings. Shift-based, hourly paid or part time work, creates an irregular earnings pattern which makes it harder for the financial services ecosystem to understand an individual's financial picture. This is a driver of financial exclusion.
Money worries create a knock on effect at work and home
Close to 1 in 5 (17.3%) American workers can't stop thinking about their money. In the UK 3 in 10 lower earners worry about money weekly or even daily. Feeling worried about money can affect both work and home lives, and as a result 1 in 4 (24%) have worse self-confidence and 1 in 5 (19%) have difficulty focusing at work. Productivity is at risk here too, because financial stress affects available IQ by 10-13 points.
This affects both cognitive capability and executive function, leading to impaired decision-making and worse impulse control. The literature on money worries suggests that predictability and timing of incomings and outgoings is key to alleviating the negative effects of financial stress. And yet the opposite is characteristic of frontline work patterns.
Research demonstrates that feelings of financial insecurity can create decision-making patterns that lead to worse financial outcomes. Our impact data shows that when you provide visibility on finances and access to make money choices, individuals respond by improving their control over money and – in the majority of cases – by managing to reduce their spending even when budgets are tight.
The effect of improvements to financial wellbeing hold steady over time, with a high and sustained improvement in control over money and a very significant and sustained improvement in control over spending.
Control over money improved at:
- 3 months: 80%
- 9 months: 80%
- 15 months: 79%
Awareness of spending improved at:
- 3 months: 37%
- 9 months: 37%
- 15 months: 36%
We find that employers who offer the Stream app as a benefit are rewarded with extremely positive sentiment that grows over time. This positive sentiment is linked to sustained improvements in productivity.
Independent research shows a very strong link between positive sentiment towards your employer and feelings of fulfilment at work, which in itself creates positive health benefits such as improved sleep, better health behaviours and higher likelihood of good long term health.
Productivity at work improved at:
- 3 months: 30%
- 9 months: 31%
- 15 months: 29%
Positive feelings about employer improved at:
- 3 months: 89%
- 9 months: 91%
- 15 months: 92%
Social wellbeing shows the outcome of inclusive and accessible tools that are designed to meet the needs of a population. By addressing core issues such as financial inclusion and the poverty premium we've been able to create lasting improvements in overall wellbeing that goes far beyond simple money behaviours.
We would expect a tapering off of impact over time as our members become used to the improvement in their financial circumstances and adjust their expectations. However, this is not the case.
The longitudinal data shows that these positive social outcomes are not just short-term effects but are sustained and, in some cases, strengthened over time. Improvements in sleep, relationships and even positive feelings about an employer are linked to improvements in physical health, mental health, appetite, immune system, cardiovascular health, health behaviours and even longevity.
Sleep quality improved at:
- 3 months: 21%
- 9 months: 22%
- 15 months: 23%
Relationships with family & friends improved at:
- 3 months: 12%
- 9 months: 12%
- 15 months: 12%
At Stream we know we can't achieve systemic change alone. A collaboration with Co-op to trial auto-enrolment savings has been hugely successful, boosting colleague savings rates to 71% and supporting low-to-middle income workers to set aside £3 million.
This work was supported by Nest Insight and the academic team from Harvard and Yale Universities.
Co-op has a long history of supporting colleagues' financial wellbeing. This support has taken many forms, from generous pension schemes, to debt consolidation support, to becoming the first major retailer to offer flexible pay. But in 2023, feedback revealed that despite regularly saving being important to colleagues' financial wellbeing, only 30% were putting money to one side.
"Stream has made a huge difference to our Co-op colleagues, helping thousands of us to feel more positive, empowered and less stressed about money."
— Alex Henley, Culture and Colleague Experience, Co-op
71% saving for the future
£3m set aside in savings
70% feel positive towards Co-op about the new benefits
Anchor, a social care provider, reduced money-related stress for 80% of its workforce while cutting agency costs through flexible shift management.
Our partnerships with employers like Co-op and Anchor demonstrate that investing in financial wellbeing isn't just ethical – it's strategic. Our 2024 data shows that close to 1 in 3 of their workforce report improved productivity, 9 in 10 feel more positive towards their employer and 1 in 6 say they now expect to work longer for this employer. Empowered employees drive stronger businesses.
"I can be sceptical with new technology, but Stream has without a doubt been a huge success within Anchor. Already over half our workforce is using the app to manage their money more effectively. A happy workforce means a more engaged workforce giving a better experience to our residents."
— Rob Martin, Executive Director, Care Services, Anchor
82% feel more in control of their money
80% feel less stressed
£300,000 saved in under 6 months
In 2015 the United Nations set out the 2030 Agenda for Sustainable Development, which was adopted by all UN Member States. It sets out a roadmap for what is needed to achieve peace and prosperity for people and the planet. This roadmap comprises 17 Sustainable Development Goals (SDGs), covering topics such as poverty, gender equality, climate action, decent work and economic growth, quality education and more.
Within each SDG there are specific targets for all stakeholders to work towards.
Stream is dedicated to enacting real impact and improving the communities, businesses, and countries we operate within. We map to 9 of the UN SDGs, contributing to their progress directly and indirectly.
End poverty in all its forms everywhere.
Around 240 million workers across the world are still living in extreme poverty. Stream directly addresses poverty by providing everyday workers with real-time access to earned wages and financial tools, helping them avoid high-interest debt traps and other predatory alternatives. Through features like flexible pay and automated savings, in 2024 we enabled 93,646 people to save for the first time, building crucial financial resilience against economic shocks. Our platform gives frontline workers control over their most important financial asset - their earned but unpaid wages.
Target 1.4
- Equal Access to Financial Resources: Stream provides everyday workers with 100% inclusive access to flexible pay ensuring workers can manage expenses without resorting to high-interest loans.
- Available to any worker with any financial background as long as their employer offers the toolkit.
- Financial Engagement: Research shows Stream's toolkit drives greater financial engagement, helping lower-paid workers leverage their earned wages as a viable financial asset.
Target 1.5
- Building Resilience: Helps workers manage volatile incomes, preventing cash-flow crises.
- Through the opt-out savings trial, 40% of participants became first-time savers, demonstrating how Stream helps vulnerable workers build financial buffers against economic shocks.
Ensure healthy lives and promote wellbeing.
By reducing financial stress for more than 75% of app members, Stream contributes to better mental health and overall wellbeing. Our partnerships with healthcare employers like the NHS help retain vital staff while improving their ability to focus on patient care. According to the SDG Industry Matrix, one way for companies to contribute to SDG 3 is through supporting healthy employees, families, communities, and nations by ensuring healthy and safe work environments. Stream offers the necessary tools for businesses to address employee financial stress and wellbeing, bettering the workplace and their health. Research confirms that alleviating money worries leads to better sleep, reduced absenteeism, and improved workplace safety.
Target 3.c
- Strengthen the health workforce (Indirect Impact):
- Health Sector Retention: Partnerships with healthcare employers (e.g., NHS) improve retention and fulfillment among staff, indirectly supporting healthier work environments and communities.
Ensure inclusive and equitable education.
Stream supports educational access by helping families manage expenses. By expanding access and use of personal savings and loan products, Stream is able to help families plan for and finance education costs.
We also increase collaboration across industries and explore best practices for scaling financial literacy, especially in collaborations with civil society. Our long-running research into payroll savings is an example of this in action.
Financial literacy empowers workers with the knowhow and skills to make informed financial decisions. Our financial coaching and planning tools equip app members with such necessary knowledge and services to create long-term stability, particularly benefiting marginalised communities who traditionally lack access to mainstream financial services. The data we provide to workers about their current financial situation is most powerful when it comes to supporting people to make informed financial decisions.
In reference to the SDG industry matrix for financial services, we achieve the following:
- Financial Literacy & Access: 76% of app members who use flexible pay leverage it for critical bills and essential purchases.
- Promoting Financial Education: Tools like budgeting features, real data about individual financial circumstances, and financial health quizzes empower workers to adopt lifelong money management skills.
Achieve gender equality.
Gender equality in financial inclusion is critical for unlocking sustainable economic growth and social progress. When women gain equal access to financial services, they become powerful drivers of development by investing in businesses, educating their children, and improving family health. Studies demonstrate that financially included women are more likely to participate in the labour force, break cycles of poverty, and allocate resources toward healthcare and nutrition, benefiting entire communities.
However, persistent gender gaps continue to exclude millions of women from these opportunities. Addressing these disparities is not just a matter of fairness; it is an economic imperative.
We're closing the financial gender gap by giving women equal access to economic resources.
"Women are 5 percentage points more likely to use the Stream savings feature than men, whereas in the UK as a whole women are 5 percentage points less likely to be saving on a regular basis."
Stream's tools help women better manage household finances and overcome systemic barriers in the financial system that disproportionately affect them. It empowers women to have greater control over their resources and assets.
Target 5.a
- Closing the Wealth Gap: Stream's savings tools help women build financial independence, reducing gender-based economic inequality.
- Accessible Financial Services: Flexible pay and savings options ensure women in marginalised groups (e.g., low-income, immigrants) gain equitable access to financial resources.
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
Stream drives economic productivity by creating financially stable workforces. Employers using our platform see that over 30% of their workers report improved productivity, and 9 in 10 report positive feelings towards their employer.
By replacing predatory lending with fair wage access, inclusive savings and affordable credit we're keeping more money in workers' pockets and local economies. Our research into the financial lives of everyday workers helps influence employment policies and practice.
Target 8.2/8.3
- Productivity & Retention: Reduces absenteeism and turnover by addressing financial stress, boosting workplace productivity.
- Supporting MSMEs (Micro, small and medium enterprises): Promotes decent work by enabling businesses to offer fair financial benefits.
Target 8.10
- Living Wage Advocacy: Promotes all employees globally to receive a living wage, aligning with fair financial practices. Stream as a company also provides a living wage to all our employees and is a Living Wage Foundation Ambassador, working to lead by example.
Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation.
Our financial technology innovations are pushing traditional institutions to develop fairer products. Encouraging fairer wage-based financial products leads to increased pressure on high-street banks to reform. This also encourages better financial products within the market. Through reductions in turnover, absenteeism, and financial stress-related inefficiencies, Stream's model demonstrates how responsible fintech can reduce business costs while improving worker financial health, creating a blueprint for more sustainable employer-employee financial relationships.
Target 9.3
- Financial Innovation: Pressures traditional banks to adopt fairer wage-based tools and to better design services for the working majority, fostering inclusive financial ecosystems.
- Sustainable Business Practices: Reduces operational inefficiencies for employers by lowering turnover and financial stress-related costs.
Reduce inequality within and among countries.
Stream specifically targets financial inclusion for underserved groups. We're particularly effective at helping immigrants, workers with volatile earnings and others excluded from traditional banking systems to gain financial footing and stability. Financial inclusion builds resilience for the most disadvantaged yet hardworking of populations, including those most vulnerable to climate change and natural disasters. By providing access and resources to generate a financial buffer, we help everyday workers increase their ability to manage economic and life shocks.
Target 10.1/10.2
- Empowering Marginalized Workers: 21% of app members who use flexible pay do so as an alternative to credit cards, directly aiding financially excluded groups (e.g., immigrants, low-income workers).
- Income Equality: Wage access and savings tools help narrow income gaps for the bottom 40% of earners.
Promote fair institutions.
The majority of current financial services and competitors, especially in the US market, still employ high-service fees. Stream is focused on impact and we're challenging unfair financial systems by providing ethical alternatives to payday lenders and high-fee services. Stream's success in the workplace is creating pressure for broader reform in employee financial protections and wage access policies.
In reference to SDG industry matrix for financial services, we achieve the following:
- Combating Exploitative Practices: Undermines payday lenders by offering fair wage access, challenging predatory overdraft fees and loan practices.
- Systemic Change: Promotes norms where flexible wage access becomes standard, fostering economic fairness.
Strengthen the means of implementation and revitalize the global partnership for sustainable development.
Fostering international cooperation to develop inclusive financial systems is essential for the future. Through collaborations with employers, policymakers and researchers like the academic teams from Harvard & Yale, and Nest Insight, Stream is building the case for financial wellbeing as a key component of sustainable development. Our work aligns with global initiatives like the G20's financial inclusion principles while demonstrating scalable solutions. We must acknowledge the vital role financial inclusion plays in creating a world that is more inclusive, sustainable, and prosperous.
In reference to SDG industry matrix for financial services, we achieve the following:
- Multi-Stakeholder Collaboration: Partners with employers (e.g., Co-op, NHS), policymakers, and researchers (e.g., the academic team from Harvard and Yale, Nest Insight).
- Impact Measurement: Aligns with SDG Industry Matrix guidelines through transparent reporting on financial inclusion and wellbeing outcomes.
Stream was founded in the UK in 2018 with a narrow focus on eradicating the poverty premium for frontline workers. As we've scaled in the UK and launched across geographies we've learned an enormous amount about creating and measuring impact. We've also learned how much more there is to do – both in terms of scaling and creating impact, and also in terms of measurement.
Our service and toolkit has changed substantially since 2018, and so too has our impact. The way we measure impact has some catching up to do.
Four core opportunities for 2025:
- Better understanding of adverse outcomes
- Scaling workplace savings
- The right tools for each market
- Quantifying our 'softer' impact
The significant majority of app members experience positive outcomes when using Stream, but that won't be true for everyone. Predicting who may be struggling is hard. Our members come from diverse backgrounds (family, cultural, financial), are in a diverse set of situations (spare job for fun money through to sole income provider), and the impact of money choices is linked to personal circumstances.
We've run correlative analysis over several years and there's no particular pattern of app usage that can predict if someone is in difficult financial circumstances or more likely to experience adverse outcomes. We've tested usage patterns across all dimensions (time of day, frequency, total usage, app tenure and more) and paired that data with financial health measures and sentiment measures.
Our best tool for detecting an issue is to listen to what people are telling us – through support interactions, survey responses or even conversations with their employers.
We've made progress here with automated app-based follow up when someone tells us they're struggling or stressed. We've also invested in AI tooling to better detect indicators of vulnerability in messages and automatically triage those cases to specialist team members.
We continue to work on this problem and to understand our users, and for 2025, we have partnered with a team of academic researchers to measure financial decision-making and to detect where people are potentially making 'mistakes'. Our aim is to understand how these 'mistakes' change when someone interacts with the Stream toolkit, and any ways we can predict the likelihood of this occurring. This can also allow us to create new solutions to intervene and facilitate better financial practices.
We've seen very early indications that by broadening our toolkit to include loans we may be better able to detect financial difficulties. A single-product offering only gives data in a single dimension, and as we broaden the ways that we serve our members, we build a richer picture of their financial lives.
We've invested substantially in developing an effective workplace savings proposition in the UK and are learning how to scale these in both the UK and our other markets.
Each market presents unique challenges and regulatory barriers. In the US the regulatory framework is in place for employers to automatically enroll workers into pension-linked emergency savings accounts – but this is a new feature launching at the start of 2025 and its impact is untested.
In the UK there are some small regulatory barriers that get in the way of scale, primarily clarification on how workplace savings interacts with minimum wage laws. There's an ongoing multi-agency effort across all the regulatory parties to provide clarity, which is expected in late 2025.
In our other markets we're looking ahead to launching workplace savings in 2025.
Stream was founded in the UK in 2018 and has since grown to other markets.
The complexity of the US labor market presents an enormous opportunity for impact, but requires careful thought to ensure that assumptions and products are designed for the local markets and are truly impactful. We want to ensure our products are creating the best solutions with consideration for cultural and societal norms within each market. Even further, we recognise the importance of understanding the potential differences in thought processes across borders, in order to enact the greatest change.
Some parts of our impact story are easy to quantify such as the pounds, dollars and euros we put back into peoples' pockets. Other parts are more challenging. How do you assign a monetary value to sleeping better, feeling more productive or loyal, or having better relationships? And somewhere in the middle, what about someone who has a better relationship with their money, and is more deliberate about how they use it? If they spend less (or more) as a result of that better relationship, does that automatically equate to a positive (or negative) impact? How do these softer impacts compare to the hard pound/dollar/euro savings we can measure more easily?
All are equally important parts of how we create social impact, and yet they're not equally counted. In 2025 we're working to improve our methodology to start to account for our softer impacts in monetary terms so we can better understand how they measure up. We'd love to hear from anyone working in this space who has experience of this particular challenge.
Stream's impact extends beyond individual success stories. We're challenging a broken system. Gallup estimates that low employee engagement costs the global economy US$8.9 trillion, or 9% of global GDP. For real change and progress, it is absolutely necessary to address the root and systemic causes. Although Stream isn't positioned to address all of them, we make our best effort to enact the necessary cultural and behavioural change for it to be realised:
From reactive to proactive: Workers like Simon, a chef at Rosa's Thai, replaced payday loans with flexible pay, while Julia, an NHS nurse, gained control through real-time wage tracking.
From exclusion to inclusion: Over 20% of members who used earned wage access substituted credit cards with Stream's tools, bridging gaps for immigrants, part-time workers, and others marginalised by traditional finance.
From theory to action: Collaborations with research teams from Harvard, Nest Insight, and policymakers tested innovations like auto-enrolment savings, now a case study for regulatory change.
As Stream looks ahead, the focus shifts to scaling solutions and shaping policy. Key priorities include:
- Policy Advocacy: Influencing legislation like the Employment Rights Bill and advancing auto-enrolment savings to close the savings gap.
- Expanding Reach: Partnering with employers to target the "hard-to-reach," leveraging behavioural science to flip defaults toward financial resilience.
- Holistic Wellbeing: Integrating mental and financial health strategies, using data to address root causes like income volatility and lack of financial visibility.
- Innovation: Enhancing the platform with coaching and expanded benefits, ensuring tools adapt to diverse needs, in particular providing support to those who need it most.
- Understanding: Develop positioning of financial products in relation to cultural contexts for each operating country, to better understand needed services and target populations.
By continuing to collaborate with employers, policymakers, and researchers, 2025 promises not just incremental change, but a reimagined future where financial dignity is within everyone's reach.
"Every job should build the path to a better financial future. And by working together, I know we can achieve that."
— Emily Trant, Chief Impact Officer, Stream
Payday loans
- Annual cost: £120
- Stream member impact: 14.6%
A survey sample of 37k Stream members asks about behaviour and reduction in usage of credit. 11.7% of members report they stop/reduce payday loan usage within 3 months of having access to Stream. A further 39.5% stop/reduce borrowing from friends & family. A separate survey sample from late 2023 asks approx 11k members what they would do if they could not access Stream. Just 2.9% would turn to a payday loan. 26.1% report they would go without food or essentials/ 27.3% report they would borrow from friends and family. We make the assumption that a proportion of these groups would instead turn to payday lenders, and revise our estimation to 14.6%. This is a reduction of 2 percentage points from our 2023 estimate, and we will continue to monitor it.
Subprime personal loans
- Annual cost: £520
- Stream member impact: 7.0%
Open Banking analysis in 2024 shows that 8% of members have active subprime loans (close to 99% APR) and 6% of members have active near prime loans (22% to 35.6% APR). We started offering debt consolidation loans in late 2024 and don't yet have impact figures for that part of our toolkit. We know that many people use flexible pay as an alternative to credit. Our best current estimate is that for 14% of our members we are reducing this cost by half. We will revisit this estimate in 2025 when we have better data on both the reduction and prevention.
Subprime credit card
- Annual cost: £207
- Stream member impact: 6.6%
At the point of onboarding 29.4% of members note that they use a credit card; 3m later when we ask again, 17.4% of total respondents (60% of those who use a credit card) report they have stopped or used credit cards less. Given the credit score profile of our app members we make the assumption that 50% of this group are using a subprime credit card, therefore we set the impact at 14.7% of members x 60% reduction --> 8.82%. We lower our impact assumptions from 100% to 75% since members stop/reduce rather than entirely eliminate.
Payment on receipt of bill
- Annual cost: £38
- Stream member impact: 18.9%
Over 75% of individuals who use flexible pay state that it is to pay bills that are due, and this accounts for around half of all flexible pay transactions. We do not know the exact proportion who switch to direct debit because of this, and so estimate the impact at the lowest level of 25%.
Household appliance insurance
- Annual cost: £131.88
- Stream member impact: 12.5%
In an insurance survey we ran, 25% of members reported they buy some sort of domestic appliance insurance/warranty. Through separate data we understand that purchase of an appliance is one of the reasons members use our flexible pay feature. We don't fully understand how these two data points interact with each other and how much we're reducing the cost of single item insurance. We set a conservative assumption at 50% reduction.
Mail order catalogues
- Annual cost: £178.19
- Stream member impact: 4.1%
Survey data collected in late 2023 shows that 15.1% of Stream users report they use catalogues, and 36.4% use them much less than before. We set the reduction figure at 5.5%, and the impact at 75%.
Home collection loan
- Annual cost: £644
- Stream member impact: 5.0%
50% of Stream users report they do not have an overdraft, and 47% report they do not have a credit card. 38% report that, prior to Stream, they borrowed from 'friends and family'. We understand this is sometimes a euphemism for other forms of lending, and have made a conservative estimate that 5% of users were using home collected credit and now use Stream instead.
Pawnbroking loan
- Annual cost: £50
- Stream member impact: 1.4%
Based on a sample of data collected for 11k members in late 2023, 3.4% of app members use Pawn shops. 54.6% report a substantial reduction in using Pawn shops since signing up to Stream. We set the impact at 1.9% and the reduction at 75%.
Talk to us about the positive impact we can have on your teams and your business.
