Lincoln Financial Group is expanding its financial wellness program with the launch of a new marketplace intended to connect individuals with partner companies who offer third-party solutions and resources.
The marketplace partnerships will begin in 2023 starting with student det management platform Candidly, whose services include tracking public service loan forgiveness (PSLF) applications, managing and tracking loans through its student loan dashboard, and college planning strategies like finding scholarships, navigating financial aid processes, and applying for funds.
“Lincoln is committed to helping drive positive outcomes and make benefits more beneficial for employers, employees and their families,” said James Reid, executive vice president, president, Workplace Solutions, Lincoln Financial Group. “The resources and solutions that will be available through our new financial wellness marketplace, beginning with our newest partnership with Candidly, will offer employers a significant opportunity to improve employees’ financial health through every life stage, while also strengthening their business by helping them attract, retain and engage top talent.”
The marketplace is an extension of Lincoln Financial’s tool, WellnessPATH, designed to improve financial health and management skills. After completing a quiz, employees are given personalized financial wellness scores that is divided into four categories: spending, protection, debt, and saving.
More Americans adding financial wellness strategies to 2023 goals
The news of Lincoln Financial’s marketplace expansion comes at a time when Americans are increasingly setting financial and wellness targets for 2023. According to new data from the Lincoln Financial Group Consumer Sentiment Tracker, 88% of Americans want to improve their overall financial wellness in 2023 and 71% say they are likely to set financial goals in the new year.
Collected with over 100 responses from U.S. adults, the study also found that consumers are seeking stability to prepare for current inflation and market volatility. Fifty-six percent of respondents ranked protection from risk—like today’s uncertain market environment—as most important to them. When it comes to thinking about their finances, people said they have the greatest interest in protecting their family (39%) followed by their income (26%).
“Our research reinforced the importance of financial solutions that can help consumers navigate through market cycles and protect their loved ones,” said David Berkowitz, president, Lincoln Financial Network, Lincoln Financial’s wealth management business.“People are not only concerned about having enough to pay their bills, but also saving for retirement and preparing for the unexpected. It’s important to have a well-rounded financial plan that can address those risks, protect assets and create positive outcomes for today’s families.”
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