Financial Finesse and SecureSave on Wednesday announced a new partnership aimed at making financial planning and emergency savings accounts (ESAs) accessible for employees.
SecureSave, an emergency savings platform, will have its own dedicated page on Financial Finesse’s employee Financial Wellness Hub. Users will be able to sign up for an emergency savings account and view their savings growth in real-time.
Users will also have direct access to Financial Finesse, which includes one-on-one coaching, “within SecureSave to provide support at key decision points,” a release announcing the partnership revealed.
Through the platform, employers will be able to offer incentives, like allowing employees to earn ESA contributions for taking positive actions towards their financial wellness.
Liz Davidson, founder and CEO of Financial Finesse, believes the solution could ease anxiety for participants concerned with recent inflationary markets. A recent MetLife study found that 68% of respondents listed “economic uncertainty” as a financial concern. A lack of emergency savings can drive these anxieties among consumers.
“In these uncertain times, many American workers are more financially stressed and vulnerable than ever,” said Davidson in a statement. “Our top priority is helping struggling employees quickly achieve financial security. Over 70% of our users receive an action step related to emergency savings, and by integrating SecureSave’s ESA benefit into our holistic coaching experience, we can get them saving and on the path to security even faster.”
Financial Finesse and SecureSave found that employees reached tangible savings and improved outcomes at higher rates when using the integrated solution. For example, users saw a 28% increase in higher ESA balances and had higher savings per paycheck when using the joint solution compared to SecureSave alone.
Further, users were 20% more likely to advance from a financially unstable or struggling phase to a stable planning/optimizing stage when using the integrated solution rather than Financial Finesse alone.
Devin Miller, SecureSave co-founder and CEO, believes the partnership will introduce a host of users who could kickstart their emergency savings journey while building on their long-term financial wellness.
“We believe the path to long term financial success starts with building and maintaining an emergency fund. It’s an on-ramp for deeper financial wellness engagement,” said Miller. “Integrating into Financial Finesse’s platform helps us reach more employees who need us.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
