Three-quarters of Americans live paycheck to paycheck. More than half (56%) have $0 saved in an emergency fund. The average American’s credit card debt is $15,000.
To help fight these dangerous statistics, we’re honored to mark National Financial Literacy Month by supporting organizations dedicated to improving our country’s financial health.
Our joint event with HelloWallet last year brought together benefits professionals from public and private employers, including Google, Levi Strauss, and the City and County of San Francisco. All of the attendees were invested in using every tool possible—plan automation features, investment mix, participant data and even behavioral science—to overcome inertia and get employees active and engaged in saving for their futures. The energy and the feedback both were incredibly positive.
We’re inspired by NARPP’s ambition to make understanding retirement savings basics “a piece of cake”—music to the ears of any employee who wants to save, but has no idea where to start. The organization’s message to employers is simple as well: T + FL = BO, meaning trust + financial literacy = better outcomes.
We couldn’t be more excited about our work with SSGA and the results from a financial wellness “hackathon” late last year in New York City. The event gathered more than a dozen large employers to build the foundation of a financial wellness framework that will be shared with companies both large and small. We’re nearly ready to share that framework publicly, and believe it could be a game-changer for how employers of all sizes approach financial wellness programs.
We also see great promise in a startup that’s putting greater financial security into the hands of consumers—literally. Using the free DoubleNet Pay app, consumers can track their bill amounts and due dates, then seamlessly schedule bill payments and savings contributions around their paycheck cycles. That way, they’re left an exact amount for discretionary spending—without headaches or guesswork.
DNP founder Brian Cosgray walked away from a career on Wall Street to launch a new business that helps Americans on Main Street. To help him and his business partners launch the company, we created a suite of marketing materials for DoubleNet Pay that appeals to overwhelmed, but underserved, workforce segments.
Across multiple organizations, we’re honored to be a part of work like this—to be an expert partner for companies in helping all Americans be financially literate and secure. That’s what Financial Literacy Month is all about, and we’re happy to be celebrating it not just in April—but year round.
Jennifer Benz, SVP Communications Leader, has been on the leading edge of employee benefits for more than 20 years and is an influential voice in the employee benefits industry.
