Candidly has officially expanded beyond student debt solutions by this week launching a new emergency savings solution, available as a workplace benefit through employers, recordkeepers, and financial institutions.
The emergency savings solution sits alongside New York City-based Candidly’s full suite of student debt and SECURE 2.0 retirement savings enablement solutions. It comes at a time when nearly 50% of Americans report that they do not have $500 saved to cover an emergency expense, and a record number of people are seeking 401(k) hardship withdrawals to absorb unexpected expenses.
Candidly’s Emergency Savings solution addresses this critical issue head-on, providing a comprehensive suite of capabilities designed to help workers proactively build a robust safety net for unexpected financial challenges.
“Our No. 1 job to be done is to find, create, and direct savings from the liabilities side of the personal balance sheet to the asset side, enabling hard working Americans to become first-time and ongoing savers,” said Laurel Taylor, founder and CEO of Candidly.
Candidly directs savings into deposit accounts already available to the worker through their employer or existing providers within their curated benefits stack. This is consistent with Candidly’s business model to direct new-found savings to partner-preferred destinations, as a source of growth and net new assets under management. If an employer isn’t already offering a savings account within its benefits stack, employees can open a dedicated account through a leading FDIC insured online banking platform known for its seamless and easy user experience.
In addition to automated payroll deduction, Candidly enables employers to offer employees employer-sponsored contributions, and matching contributions, helping workers build financial resilience and reduce the physical, emotional, and mental symptoms of stress associated with financial insecurity.
Candidly, an AI-driven student debt and savings optimization platform, is backed by leading venture capital and strategic investors including Altos Ventures, Breton Capital, Cercano Management, Impact Engine, Rethink Impact, Salesforce Ventures, UBS, and Unum.
SEE ALSO:
• Tackling Student Loan Debt Relief Issues with Candidly’s Laurel Taylor
• 401(k) Loans Grow as Participants Struggle with Emergency Savings
• Now is the Time for Emergency Savings