Voya offers financial planning solution for clients’ furloughed employees
Voya Financial has teamed up with financial wellness platform Savvi Financial to provide a COVID-19 planning tool designed to help employees who have been laid off, furloughed or working reduced hours as a result of the pandemic.
Through its retirement and employee benefits businesses, Voya will offer Savvi Financial’s COVID Relief Planning Assistant to its own staff and its workplace clients as an online resource to help employees navigate the financial challenges brought about by the coronavirus pandemic. Indeed, over 45 million Americans have filed for unemployment as a result of COVID-19, according to the Department of Labor.1
“What we were trying to solve was, how do we help people who have so much choice overload, figure out choices to solve their particular goals,” says Andrew Frend, senior vice president of strategy and product for Voya’s employee benefits business. “What this tool does is it takes the depersonalized delivery of benefits and really helps the individual determine how best to get the most out of their benefits.”
Major companies including General Motors, Under Armour, Best Buy, and Tesla have either laid off or furloughed a number of their employees. About 81% of Americans believe that significant layoffs are still likely and 38% report some type of impact to their household’s employment as a result of COVID-19, according to recent data from Voya.2 Households are struggling to figure out their revised budgets and identify potential resources to access additional funds.
If an individual has lost their income or had their income reduced, Voya’s COVID planning tool provides educational resources or an action plan that adjusts their household financial plan by organizing assets, debt, expenses and existing income to create a strategy to help get through the next three to six months.
“When you factor in that the CARES Act enables different options to allow people to do things to weather the storm, we've deployed this tool that people can describe what their particular circumstance is and the tool gives recommendations on what choices they can make,” Frend says.
Employees will be provided with a link to the online tool by their employer or retirement plan sponsor. They will then be guided through a series of six questions, which will ask them how they’re feeling about their overall financial situation and collect key financial household information. The program asks if their healthcare coverage has changed during the crisis and will collect other necessary financial and employer information. If the employee qualifies for COVID-19 relief planning assistance, they can opt to receive a personalized, short-term financial action plan.
“This is an emotionally and financially challenging time with millions of Americans out of work, a roller-coaster stock market and an array of new government programs — people need help to make sense of their options,” says Gina Mourtzinou, CEO of Savvi Financial.
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Voya Benefits Co., LLC (“VBC”) is making available to you the financial planning software offered by SAVVI Financial, LLC (“SAVVI”), an investment advisor registered with Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. The advice provided within the SAVVI platform is SAVVI's alone, and is not endorsed by VBC. SAVVI does not guarantee investment results. No information in these materials should be construed as investment advice or as an offer to buy or sell any particular security or insurance product.
While SAVVI is not a member of the Voya® family of companies, please note that Voya Financial, Inc., and a number of other Voya affiliates (collectively, “Voya”) have investment and business relationships with SAVVI, which relationships are a conflict of interest for Voya, and create an incentive for various Voya entities to promote SAVVI's products and services. These relationships include compensation by SAVVI to certain Voya entities for offering to current or prospective Voya clients to make SAVVI's platform available to such clients' employees.
Neither SAVVI nor Voya offers tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.
1As of June 13, 2020, Source: US Department of Labor.
2Based on the results of a Voya Financial survey conducted through Ipsos on the Ipsos eNation omnibus-online platform among 1,007 adults aged 18+ in the U.S. Research was conducted on May 29-June 1, 2020.