“The American dream is based on the idea that if we work hard, we will be financially secure. But in our changing world, this dream is slipping out of reach,” said Lata Reddy, Prudential’s head of Corporate Social Responsibility and president of The Prudential Foundation. “American workers need safe, stable, quality jobs that pay enough to live on and provide essential benefits. Amid constant change, they also need access to financial tools and resources that help them save to weather financial emergencies and invest for the future.”
That idea is the thrust behind Prudential’s deepened commitment to the financial wellness of American families. In early 2017, the company announced a three-year $5 million partnership with the Aspen Institute to advance solutions that increase financial security for all American workers, and armed employers with new tools and resources to help them to understand and improve the financial health of their workforce.
The Aspen partnership promotes broader reforms in both the labor and financial markets to help working people move from financial fragility toward resilience, stability, mobility and prosperity. The investment also highlights the need to increase the national discourse about greater economic access as worker’s bare increasing risk and responsibility for their short- and long-term financial security.
Prudential also understands that employers have a unique role to play to support workers in developing financial wellness programs. When workers worry less about money and have access to individual guidance and solutions from a trusted partner, they’re less stressed and less distracted on the job. Employers adopting these solutions will be able to offer their employees a personalized interactive experience that includes videos, tools, webinars and articles that empower them to manage their financial challenges.
The company recently published The Wellness Effect, an important roadmap for companies looking to give workers tools to manage day-to-day finances, achieve important financial goals and protect against financial risks. Achieving financial wellness for American workers has never been more important, with nearly two-thirds of American workers living paycheck to paycheck and more than half with less than $10,000 saved for retirement, according to the American Payroll Association.
“For too long we’ve focused on specific symptoms of economic inequality,” Reddy continued. “Prudential is looking to help broaden the national conversation to reconnect work and wealth with our commitment to the Aspen Institute, along with our new tools and resources for employers. We are committed to leveraging all of our resources toward promoting equal opportunity and advancing society by removing barriers to social and financial mobility for families across the globe.”