Voya Financial teams up with SecureSave to offer new emergency savings program to its Workplace clients
Solution builds on supporting short- and long-term savings needs as Voya data finds nearly half of Americans say retirement savings are their only significant emergency fund
Voya’s collaboration with SecureSave comes at a time when, according to industry research, more than 1 in 5 Americans have no emergency savings,1 leading individuals to borrow funds or utilize a credit card when unexpected expenses occur. As a result, when such a hardship occurs, many individuals turn to their retirement savings — with nearly half (47%) of Americans “strongly agreeing” or “agreeing” that their retirement plan savings are the only significant emergency savings that they have,2 according to recent research from Voya.
“For many, a lack of emergency savings is putting their retirement at risk. At Voya, we have also found from our own retirement plan participant data that employees without emergency savings are 13 times more likely to take a hardship withdrawal from their retirement account,”3 said
In working together with SecureSave, the program is available to Voya’s clients of all sizes looking to add an emergency savings account solution to their broader workplace benefits and savings program. Offering an after-tax savings solution funded through elective paycheck deferrals, the program offers employers several unique benefits to design a program that meets one’s goals and budget, including:
- Easy deployment and management, including fast employee account activation along with pre-built integration with many major payroll systems to ease the administrative tasks for human resource teams.
- Results that can help improve financial health, with SecureSave data showing a 62% adoption rate and employees maintain an 87% retention rate of their emergency funds within their account on average.4
- Advanced reporting, including detailed insights on employee signup statistics, withdrawal reasons and more to support employers in their broader communication efforts to create an impactful solution for their workforce.
“We are excited about our strategic relationship with Voya providing a complete emergency savings solution that’s automated, easy to deploy and impactful,” said
Voya’s collaboration with SecureSave further supports the company’s broader efforts to address the holistic financial wellness needs of Americans. In addition to providing education and guidance on emergency savings, Voya offers both in-plan and out-of-plan solutions to meet the unique needs of its customers.
“At Voya, we also recognize that there is no ‘one-size-fits-all’ solution when it comes to supporting employees with their holistic savings needs,” said
The new solution builds upon Voya’s broader suite of innovative resources that support the holistic financial wellness needs of workers. This includes the recently introduced employee homepage dashboard, providing Voya’s
As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
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Bankrate’s 2024 annual emergency savings report (
Feb. 2024 ). -
Voya Financial Consumer Insights & Research survey conducted
Jan. 22-23, 2024 , among 1,000 adults aged 18+ in theU.S. -
Voya Financial internal data (Oct. 2020 ). - SecureSave Annual Statistics, 2023.
About
About SecureSave
SecureSave is a leading provider of workplace Emergency Savings Accounts (ESA) built specifically to drive high employee participation while delivering measurable improvements to employee financial wellbeing. SecureSave ESA programs have a 62% participation rate due to our easy-to-use mobile and web app, payroll savings automation, employee encouragement, and employer “matching” and incentive programs. SecureSave helps employees avoid unexpected financial emergencies, which results in higher productivity, employee retention, retirement readiness and less on-the-job stress. SecureSave works with leading employers and financial services providers to power workplace emergency savings programs that are easy to administer and deliver category leading results. Learn more at www.securesave.com.
VOYA-RET
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(203) 528-5284
Olivia.Valente@voya.com
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