Prudential Financial has launched two new programs designed to promote financial wellness and help Americans improve their financial health, the company announced.
Working hard is not necessarily enough these days to achieve what Prudential calls “financial wellness,” the firm says. Two-thirds of American workers live paycheck to paycheck and more than half have saved less than $10,000 for retirement, according to the American Payroll Association.
To try to change that situation, Prudential has expanded its worksite tools for employers to enable them to analyze the financial needs of their workforce and offer the employees a personalized interactive experience that includes videos, tools, webinars and articles that empower them to manage their financial challenges.
In addition, Prudential has launched a $5 million, three-year program in partnership with the Aspen Institute to promote employees’ financial security. The Aspen Institute is a Washington, D.C.-based, non-partisan educational and policy studies organization.
The investment highlights the need to increase the national discourse about greater economic access for employees as they bear increasing risk and responsibility for their short-term and long-term financial security, says Prudential.
Achieving financial wellness reverberates beyond just the employee to improve the employee’s family life and the community, Prudential says.
Lata Reddy, Prudential’s head of corporate social responsibility and president of The Prudential Foundation, says, “American workers need safe, stable, quality jobs that pay enough to live on and provide essential benefits. Amid constant change, they also need access to financial tools and resources that help them save to weather financial emergencies and invest for the future. Prudential is looking to help broaden the national conversation to reconnect work and wealth.”