Prudential combats national debt crisis through new financial wellness offering
February 13 2020 - 10:12AM
Business Wire
Recognizing the negative impact of household debt on long-term
financial security and retirement readiness, Prudential1 (NYSE:PRU)
is partnering with national nonprofit GreenPath Financial Wellness
to introduce debt management advice and tools to its growing suite
of workplace financial wellness solutions.
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the full release here:
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Vishal Jain, Head of Financial Wellness
Strategy and Development, Prudential Financial (Photo: Business
Wire)
As household debt continues to reach new heights, rising to
$14.15 trillion in the fourth quarter of 2019 from $13.54 trillion
in the third quarter of 2018, Prudential is continually looking to
offer solutions such as emergency savings and student loan
assistance tools to workplace clients to help employees and
association members manage their finances.
“It’s difficult to save for emergencies and invest in retirement
when you feel crippled by debt. Debt also contributes to financial
stress and negatively impacts workforce productivity,” said Vishal
Jain, head of financial wellness strategy and development at
Prudential Financial. “Helping individuals minimize the impact of
debt is an important expansion of our financial wellness efforts,
and we are excited to work with an organization like GreenPath
which shares our passion for solving financial challenges.”
GreenPath offers a free session with a certified financial
counselor to establish goals and explore debt repayment options.
For a fee, employees or members who participate can also choose to
enroll in a formal debt management plan designed to pay off
outstanding balances in five years or less.
Nine organizations, including Prudential, have committed to the
service, which continues to draw interest. It will be available to
all institutional employers in the second half of 2020.
“Navigating debt and finances can be confusing and stressful. We
are thrilled to partner with a like-minded leader in workplace
financial wellness to reach more people with our proven tools to
reduce debt and financial stress,” said Kristen Holt, president and
CEO of GreenPath.
Prudential offers a broad suite of workplace financial wellness
offerings, including solutions designed to help individuals plan
for unexpected expenses and better manage debt. Its in-plan
emergency savings tool uses after-tax contributions to build
savings for unexpected expenses, creating a convenient way to save
for both retirement and short-term needs. Its student loan
assistance platform, an online resource offered by Vault2, allows
employees to explore student loan consolidation and repayment
options and provides a channel for employers to make repayment
contributions.
To learn more about Prudential’s workplace financial wellness
offerings, please visit
www.prudential.com/employers/financial-wellness.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE:PRU), a financial wellness
leader and premier active global investment manager with more than
$1.5 trillion in assets under management as of December 31, 2019,
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 GreenPath Financial Wellness
GreenPath Financial Wellness is a national nonprofit
organization that provides financial counseling, education and
products to empower people to lead financially healthy lives.
Working directly with individuals and through partnerships since
1961, GreenPath has assisted millions of people with debt and
credit management, homeownership education and foreclosure
prevention. Headquartered in Michigan, GreenPath, along with its
affiliates, has more than 50 locations across the United States.
GreenPath is a member of the National Foundation for Credit
Counseling (NFCC) and is accredited by the Council on Accreditation
(COA). To learn more about GreenPath, visit www.greenpath.org or
call 866-648-8122. To hear real stories from real people about
their financial wellness journey and what is possible through this
partnership, listen to this podcast
https://www.greenpath.com/realstories/.
1030983-00001-00
_____________________________ 1 Access to GreenPath debt
management services and Vault student loan assistance services is
provided through Prudential Workplace Solutions Group Services, LLC
(“PWSGS”). PWSGS is a subsidiary of Prudential Financial, Inc.
PWSGS is not a licensed insurance company, does not provide
insurance products or services, and does not provide investment or
other advice. 2 The student loan assistance services are provided
by Student Loan Benefits, Inc., doing business as Vault. Vault is a
third-party provider that is independent from Prudential and its
subsidiaries. Student loan assistance services are provided through
a voluntary, individually selected program that is not a group
insurance product and is not part of any employee benefit plan.
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version on businesswire.com: https://www.businesswire.com/news/home/20200213005574/en/
MEDIA: Anjelica Sena 973-802-6930
anjelica.sena@prudential.com
Chandra Lewis 248-207-0631 Chandra@theallenlewisagency.com
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