Financial wellness provider FinFit is partnering with Sunny Day Fund, an emergency savings platform, to expand workplace rainy day accounts to clients through the FinFit SafetyNet platform.
Powered by Sunny Day Fund, FinFit enterprise clients will be able to add the emergency savings product to their existing FinFit offering starting this fall.
“Too many American workers are stuck in debt, debt that is cyclical: they pay it down, only to see it rise again due to unforeseen circumstances or difficult times,” said Michael Woodhead, chief commercial officer at FinFit. “Most don’t have any emergency savings to bail them out during those times – in fact, 75 percent of American workers live paycheck to paycheck. We’re thrilled to partner with Sunny Day Fund to help workers build short-term liquidity and longer-term savings all in one seamless experience. For such a big undertaking, we needed a partner with demonstrable success in moving people from debt into savings.”
The collaboration allows employees to set and track progress against multiple savings goals and works with employers to design customized employee incentives.
“Employers using Sunny Day Fund have seen their teams make real progress in improving their financial standing with our workplace emergency savings program,” said Sid Pailla, founder and CEO of Sunny Day Fund. “We are thrilled to partner with FinFit, an organization that fundamentally shares our values and understands the importance of building financial security for hardworking Americans. Together, we’ve created a simple and automated savings experience that drives employee savings behavior and enables them to better handle life’s curveballs.”
FinFit first launched its SafetyNet platform in January 2024, with the aim to offer financial support for those living paycheck-to-paycheck. 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.
According to FinFit, with the SafetyNet platform, employees can elect to have an amount of their choosing deposited into their Sunny Day Fund Emergency Savings Account each pay period. Payroll integration is used to set up the withholding. They can also choose to “plus-up” a loan repayment to add to their emergency savings account while they are repaying their loan, or “spill-over” the same repayment amount into savings after their loan is repaid in full.
More information on the new collaboration can be found here.