Recent 401(k) Specialist cover subject Jamie Linkowski pointed to potential disaster that comes from a financial wellness fail.
Referencing a University of Pittsburgh study of workers at multistate trucking company, he noted they analyzed two types of financial scarcity; direct scarcity, which might involve a truck driver that doesn’t have much money and knows it, and indirect scarcity, which is the “cognitive burden or perception around their current situation, and the stress associated with it.”
“That secondary scarcity, frankly, is the one that drags on work performance and potentially becomes the widow maker in terms of safety,” Linkowski, president of PRIMESolutions Advisors, said. “The company had 1,800 drivers behind the wheel of 60,000-pound vehicles going 65 miles per hour down the road. We knew it was a major safety issue and something the University of Pittsburgh study confirmed.”
Thankfully, Penske Automotive Group realizes the same, and is doing something about it.
The international transportation services company has partnered with MoneyLion to provide its associates with “a better way to save, earn and invest their money.”
What it means
The partnership will enable Penske Automotive Group associates in the U.S. to sign up for MoneyLion Bonus, a financial wellness program designed to help them gain access to financial products and tools beyond what a traditional bank offers.
MoneyLion is a primary sponsor of legendary racing outfit of Team Penske.
MoneyLion Bonus, an employee-sponsored benefit, is designed to help Americans save money and manage their finances.
“What began as a sponsorship of Team Penske on the racetrack has evolved into a powerful opportunity for all of our employees,” Roger Penske, chairman of Penske Automotive Group, said in a statement. “This partnership with MoneyLion will offer our employees an opportunity to improve their financial wellness.”
“We are excited to roll our employer-sponsored financial wellness membership program out to Penske Automotive Group, providing their associates with the tools and advice they need to reduce financial stress and more quickly reach their financial goals,” added Dee Choubey, CEO and co-founder of MoneyLion.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
