New Prudential program aims to ease pandemic-related financial stress in the workplace
July 28 2020 - 09:00AM
Business Wire
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.
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Jessica Gillespie, Senior Vice President
and Head of Distribution, Prudential Group Insurance. (Photo:
Business Wire)
“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.”
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.
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.
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MEDIA CONTACT: Anjelica Sena 973-802-6930
anjelica.sena@prudential.com
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