Voya Adds Emergency Savings Solution to Financial Wellness Support Offerings
The platform is said to provide out-of-plan emergency savings support alongside the retirement plan and other workplace savings accounts.
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Voya Financial Inc. is partnering with Millennium Trust Co. LLC to offer emergency savings fund solutions for workplace clients’ employees.
“While the need for emergency savings has been growing over the years, the COVID-19 crisis has placed a spotlight on the immediate actions that many individuals are seeking to take today, as more than half (53%) of Americans say they are more likely to save for possible emergencies in 2021 compared to 2020,” says Charlie Nelson, CEO, retirement and employee benefits at Voya Financial, in a release by the company. “As the need for broader savings solutions is becoming more inextricably linked to positive retirement outcomes, providing emergency savings options both in and outside of retirement plans are just a few examples of what we can be doing to support employers to address the broader health and wealth needs of their employees.”