Website enhancements part of broader approach to improving participant outcomes and advancing financial security
Voya Financial, Inc. (NYSE: VOYA), announced today the launch of its new Financial Wellness Experience, the latest addition to the company’s suite of financial wellness offerings that includes access to guidance and personal financial planning services. The experience is another example of Voya’s focus on purposeful innovation, with the goal of developing meaningful tools and resources that support individuals on their journey to and through retirement.
“At Voya, our approach to financial wellness is centered around workplace solutions that can help individuals find the right balance between living for today while preparing for their future,” said Charlie Nelson, CEO of Retirement and Employee Benefits for Voya Financial. “We believe that improving financial wellness is good for both the employee and employer. Offering support in this area can lead to a healthier, less-stressed and more-productive workforce that appreciates its employer and the benefits available to them.”
Developed from insight and consumer feedback through user testing, the experience provides participants with a resource center for educational articles, life-stage tips, and planning tools and calculators so they can learn and take action. After completing a brief financial assessment, participants will receive a personalized summary of where they stand along with a customized dashboard that includes meaningful steps for improvement. This personalized approach is important given that the financial wellness needs of individuals may differ across generations and socioeconomic demographics. Voya’s initial findings show that of those who complete their assessment, more than eight out 10 users go on to further explore the dashboard to learn more about enhancing their financial picture.1
Financial pillars for success
According to industry research,2 a significant amount (40%) of Americans say they do not have the funds to cover a $400 unexpected expense — adding to one’s financial stress and concern. Findings from Voya’s Financial Wellness experience reinforce this point, with nearly half (49%) who completed the online assessment acknowledging that they do not have three months of living expenses to cover an emergency.
In recognizing that many workers do not have a complete understanding of their financial picture; Voya has identified six pillars that it believes are essential to successful financial outcomes and serve as the core of the experience. These include:
- 1) protection
- 2) spending and saving
- 3) emergency funds
- 4) retirement
- 5) debt; and
- 6) other savings goals
Based on one’s assessment, individuals can see how they measure up within each pillar based on a color-coded scoring display, highlighting where they are on track and where they might be in need of improvement.
“Saving for retirement is one of the most important financial goals, but it’s never done in a vacuum — and we know that more immediate life events and competing priorities can often impact one’s ability to save,” noted Christine Lange, senior vice president, Retirement Digital Solutions for Voya Financial. “As part of our commitment to making a secure financial future possible for all Americans, we believe in a holistic wellness approach — ranging from self-directed digital planning tools to meeting with financial professionals who can offer advice and guidance.”
The new Financial Wellness Experience integrates into Voya’s industry-leading myOrangeMoney® online, interactive educational experience while embracing a holistic approach to financial security. 3 It also further supplements Voya’s curriculum of financial wellness seminars, educational campaigns and phone-based support. In addition, the experience includes personal financial planning services and special services for those leaving their employer.
To improve one’s financial well-being, Voya also believes it’s important to drive change in behaviors and action through a multi-channeled approach, with engaging experiences and solutions. Voya’s financial wellness offerings will continue to evolve based on participant engagement and feedback, pillar scores relative to retirement outcomes and the need for plan sponsors to address the broader financial needs of their employees. The company also continues to invest in its suite of digital retirement planning services. These capabilities build on new resources that were introduced in the early half of 2018, including special needs planning tools and personalized account videos.
1. Voya Financial Wellness Experience data (March 2018 – May 2018).
2. Board of Governors of the Federal Reserve System, “Report on the Economic Well-Being of U.S. Households in 2017” (May 2018).
3. Dalbar Inc., “Communications Excellence” (2018).