FinFit today announced a new platform designed to be a financial safety net for workers living paycheck-to-paycheck.
The financial wellness company launched its SafetyNet platform, which provides solutions for those experiencing financial challenges. The feature specifically comprises of three modules for employees to advance their financial standings over time, including emergency savings features, emergency credits for workers to cover surprise and unexpected expenses, and debt consolidation loans to avoid 401(k) withdrawals.
“American workers are in a precarious position where any unexpected expense could send them spiralling into financial crisis,” said David Kilby, CEO and founder of FinFit, said in a statement. “At FinFit, we believe that a financially healthy person is fairly banked, has prime credit, enough savings to withstand three-to-six months without income, has longer-term savings for retirement, and can afford the life they want with health and happiness. FinFit’s SafetyNet is a suite of products created to help workers reach that level of financial health, simplifying the journey to financial stability, and ensuring everyone can achieve financial peace of mind.”
Other financial wellness tools and products include financial health assessments, one-on-one financial coaching, and financial dashboards to assist with budgeting and goal tracking.
“FinFit’s SafetyNet broadens liquidity access to all financially coping employees, encourages savings behaviors to reduce reliance on predatory lending products, and promotes prime credit-building to minimize the cost of mid- to long-term financing needs,” Kilby said. “At the heart of FinFit’s SafetyNet lies a deep understanding of the challenges and aspirations of the financially coping workforce.”
FinFit currently services over 500,000 organizations across the U.S., and has partnered with Paychex, Pilgrim’s Pride, and PrismHR in the past. The company’s SaaS-based model provides financial wellness services that include a personalized financial assessment, educational resources, online money management tools, financial coaching, financial solutions, and a member rewards program.
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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.