Voya Financial launched its new Financial Wellness Experience last week, the latest addition to the company’s suite of financial wellness offerings that includes access to guidance and personal financial planning services.
“Developed from insight and consumer feedback through user testing, the experience provides participants with a resource center for educational articles, life-stage tips, and planning tools and calculators so they can learn and take action,” according to the company. “After completing a brief financial assessment, participants will receive a personalized summary of where they stand along with a customized dashboard that includes meaningful steps for improvement.”
Voya quotes industry research that finds a “significant amount” (40 percent) of Americans say they do not have the funds to cover a $400 unexpected expense—adding to one’s financial stress and concern. Nearly half (49 percent), who completed the online assessment acknowledged that they do not have three months of living expenses to cover an emergency.
In recognizing that many workers do not have a complete understanding of their financial picture; Voya has identified six pillars that it believes are essential to successful financial outcomes and serve as the core of the experience. These include:
1) protection;
2) spending and saving;
3) emergency funds;
4) retirement;
5) debt; and
6) other savings goals.
Based on one’s assessment, individuals can see how they measure up within each pillar based on a color-coded scoring display, highlighting where they are on track and where they might need improvement.
“Saving for retirement is one of the most important financial goals, but it’s never done in a vacuum—and we know that more immediate life events and competing priorities can often impact one’s ability to save,” Christine Lange, senior vice president, Retirement Digital Solutions for Voya Financial, said in a statement. “As part of our commitment to making a secure financial future possible for all Americans, we believe in a holistic wellness approach—ranging from self-directed digital planning tools to meeting with financial professionals who can offer advice and guidance.”