New Prudential program aims to ease pandemic-related financial stress in the workplace
NEWARK, N.J., July 28, 2020 – New research shows that almost half of Americans are worried about their financial future following the COVID-19 crisis. Many workers recognize the need to manage their finances differently moving forward, and employers play a big role in providing the right education and tools to do so. To serve this need, Prudential Financial, Inc. (NYSE: PRU), has created a new workplace package designed specifically for concerned employees and time-strapped human resources teams.
“The Way Forward: Financial Life After Lockdown” packages financial wellness content, online tools, and virtual and in-person programs intended to provide the educational foundation employees need to manage day-to-day finances, safeguard against financial disruptions, and develop a plan for meeting specific financial goals. Included are brand-new seminars tailored to address key obstacles faced during the pandemic and timely education and assistance for transitioning employees. Workplace benefits are integrated to teach employees how they can optimally use them for their specific financial situation.
“COVID-19 brought the seriousness of financial fragility to the forefront. Crises with pandemic-like consequences can happen to employees at any time, whether it be losing a loved one, losing their job or experiencing stock market downturns,” said Jessica Gillespie, senior vice president and head of distribution at Prudential Group Insurance. “Our goal is to provide resources that are not only applicable in the wake of the pandemic, but also offer the long-term foundation we know employees need to be financially secure.”
Providing Employees With Options
With 51% of Americans’ financial health negatively impacted by the direct and indirect effects of the pandemic, employers see an increased value and have a heightened interest in equipping their workforce with tools to help protect and prepare them. However, human resources teams are consumed by pandemic-related business challenges. “The Way Forward” package was designed with these time and resource obstacles in mind, providing a simple, no-cost, turnkey option.
“Traditionally, financial wellness programs are more a la carte and customizable, which is the best approach in normal circumstances, but they can be time-intensive to design and implement, which poses challenges for employers to act in the current environment,” said Julie Brandon, vice president and head of financial wellness distribution at Prudential. “Prudential has identified a mix of resources and tools that we know will help employees to protect and enhance their financial wellbeing, regardless of different industry and demographic considerations, making it much easier for employers to implement.”
The new financial wellness package will be offered through Prudential Group Insurance. Thousands of employers already offer financial wellness through Prudential with high engagement results. For example, 98% of Prudential Pathways seminar participants will create a budget post-program, and Student Loan Assistance has driven improved retirement savings and job retention.
Learn more about Prudential Financial Wellness here.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of March 31, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
About Prudential Group Insurance
Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefit plans. The business also sells critical illness, accidental death and dismemberment and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave, including FMLA, ADA, and PFL.