Walmart Offers New Financial Wellness Services for Associates Nationwide
December 13 2017 - 3:00PM
Business Wire
Retailer joins financial technology startups
Even and PayActiv to launch industry-first tools for personal money
management, financial planning and on-demand access to earned
wages
Walmart today announced a suite of new financial wellness
services for more than 1.4 million associates nationwide. The new
offering was created in collaboration with Silicon Valley-based
financial technology startups Even and PayActiv. Associates will
access the tools through the Even app, available for both iOS and
Android devices.
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Walmart today announced a suite of new
financial wellness services for more than 1.4 million associates
nationwide. (Photo: Business Wire)
The joint solution allows Walmart associates to automatically
plan ahead for bills and savings goals, eliminating the work of
figuring out how much money is okay to spend. When unexpected
expenses occur, associates can access earned wages ahead of
scheduled paychecks using an “Instapay” feature, providing greater
flexibility and helping them avoid overdrafts, high-fee funding or
credit options.
“Money management is something people across every income level
struggle with, in large part because they don’t have access to good
tools,” said Jon Schlossberg, CEO of Even. “In real life, if you
want to get ahead, you’ve got to make a financial plan, and also
have a way to fix the plan when it breaks. Even offers tools for
both, together in one app. Working with Walmart and PayActiv gives
us the opportunity to put these powerful, easy-to-use financial
management tools in the hands of millions of hardworking
Americans."
Walmart will cover the entire cost of Even’s automated financial
management tool for both hourly and salaried associates, and will
ensure associates can use Instapay up to eight times per year for
free. Should associates need to use Instapay more frequently,
Walmart will subsidize the additional Even subscription required to
do so. The financial management and Instapay features will be
available to all Walmart, Sam’s Club and Walmart eCommerce
associates.
“Traditional approaches to workforce well-being often focus
solely on physical health, but we know from listening to
our associates that financial well-being is just as important,”
said Jacqui Canney, Walmart’s chief people officer. “We’re
investing to give our people financial tools that help provide more
stability in their lives, which we believe will empower them to be
all they can be when they are at work serving our customers.”
The Even app securely connects to an associate’s checking
account, prepaid account or Walmart Associate Paycard, and links to
Walmart's payroll systems. It automatically subtracts anticipated
expenses from a user’s anticipated cash inflows, allowing
associates to see exactly how much money they’re okay to spend.
“Every American worker faces unexpected and stressful
between-paychecks expenses,” said Safwan Shah, founder and CEO of
PayActiv. “With on-demand access to earned wages, Walmart
associates will be able to save more, avoid the financial traps
that reduce their take-home pay, and get a level of stability that
few service sector employers provide.”
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world
save money and live better - anytime and anywhere - in retail
stores, online, and through their mobile devices. The
company’s legal name will become Walmart Inc., effective on Feb. 1,
2018, to reflect its growing status as an omni-channel retailer.
Each week, over 260 million customers and members visit our more
than 11,600 stores under nearly 60 banners in 28 countries and
eCommerce websites. With fiscal year 2017 revenue of $485.9
billion, Walmart employs approximately 2.3 million associates
worldwide. Walmart continues to be a leader in sustainability,
corporate philanthropy and employment opportunity. Additional
information about Walmart can be found by visiting
http://corporate.walmart.com, on Facebook at
http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
About Even
Even is the first financial health platform to combine automatic
financial planning with the ability to predict and safely solve
cash flow problems. Even’s proprietary neural network technology
understands and adapts to a user’s financial life, allowing the app
to eliminate 90% of the work required to use traditional budgeting
tools. The company was founded by former Instagram and Google
engineers, and is headquartered in Oakland, California. Additional
information at www.even.com.
About PayActiv
PayActiv is an award-winning holistic financial wellness
platform for employees to get on-demand access to earned but unpaid
wages. Businesses that partner with PayActiv see significant cost
reductions through increased engagement and retention. Employees
love PayActiv because it eliminates the between-paycheck financing
fees of payday loans, bank overdrafts and title loans. PayActiv
also offers a suite of services that include better banking
products, savings and budgeting tools, bill payment and financial
health measurement. PayActiv is backed by SoftBank Capital and won
best in class awards in both FinTech and HRTech categories in 2016.
Visit www.payactiv.com to learn more.
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Wal-Mart Stores, Inc.Blake Jackson,
1-800-331-0085news.walmart.com/reporter
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