Voya Financial partners with SecureSave

Voya Financial partnered with workplace emergency savings program SecureSave to offer new emergency savings program to its workplace clients.

“For many, a lack of emergency savings is putting their retirement at risk. At Voya, we have also found from our own retirement plan participant data that employees without emergency savings are 13 times more likely to take a hardship withdrawal from their retirement account. Conversely, those with adequate emergency savings save 51% more for their retirement than those who do not.3 For employers, it’s important to recognize that helping support short-term needs today can also help improve employees’ long-term savings goals, and a well-designed workplace emergency savings benefit program can be a critical solution to get there.” – Tom Armstrong, vice president, Customer Analytics and Insight, and head of the Behavioral Finance Institute for Innovation at Voya Financial.

In working together with SecureSave, the program is available to Voya’s clients of all sizes looking to add an emergency savings account solution to their broader workplace benefits and savings program. Offering an after-tax savings solution funded through elective paycheck deferrals, the program offers employers several benefits to design a program that meets one’s goals and budget, including:

• Easy deployment and management, including fast employee account activation along with pre-built integration with many major payroll systems to ease the administrative tasks for human resource teams.
• Results that can help improve financial health, with SecureSave data showing a 62% adoption rate and employees maintain an 87% retention rate of their emergency funds within their account on average.
• Advanced reporting, including detailed insights on employee signup statistics, withdrawal reasons and more to support employers in their broader communication efforts to create an impactful solution for their workforce.

“We are excited about our strategic relationship with Voya providing a complete emergency savings solution that’s automated, easy to deploy and impactful. In these times, we understand the harsh realities of financial unpreparedness. We look forward to assisting Voya’s customers in supporting them with this foundational element of their financial health to help them feel and be more financially secure.” – Devin Miller, co-founder and CEO of SecureSave.

“At Voya, we also recognize that there is no ‘one-size-fits-all’ solution when it comes to supporting employees with their holistic savings needs. In addition to setting up a standalone emergency fund, more employers today are also offering holistic financial wellness solutions to support their employees, including solutions like health savings accounts to offset the burden of eligible medical costs, student loan debt support and expanded offerings for supplemental health insurance. Some of these broader wellness benefits can often go overlooked by employees but, when working together, can play a critical role when it comes to optimizing one’s health and wealth needs.” – Amy Vaillancourt, senior vice president, Workplace Product Development and Architecture at Voya Financial.