NEWARK, N.J., Feb. 27, 2017 - Achieving personal savings goals has never been more important than developing a balanced plan for managing financial wellness. In conjunction with 2017’s America Saves Week campaign held Feb. 27 through March 4, Prudential Retirement is encouraging American workers to save more money while balancing multiple financial priorities. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
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Prudential Retirement is once again a leading participant in America Saves Week. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their savings status.
“Many Americans are living with some degree of financial stress, whether its related to long-term financial goals like saving for retirement or such financial priorities as managing current and unexpected expenses,” said Christine Marcks, president of Prudential Retirement.
According to a 2016 Consumer Financial Wellness study from Prudential, 47 percent of Americans are concerned with being ready for retirement, 44 percent are concerned with having enough for daily living expenses and 39 percent are concerned with covering unexpected expenses.
“Balance is key. Short term issues tend to get all the attention, but putting even a modest amount toward funding your future can put the power of time on your side and help boost your financial confidence when the time comes to consider a new chapter,” Marcks added. “A good way for individuals to strike a balance between managing multiple financial priorities is to take small but significant steps toward each one.”
For example, if an individual is trying to strike a balance between paying down a student loan and saving for the future, he or she could make the required student loan payments while finding ways to reduce variable monthly expenses that could go to fund retirement savings—with the goal of increasing contributions yearly.
While America Saves Week is the perfect time for individuals to assess their savings goals and find balance, it also presents an opportunity for employers to think more strategically about how they can help their employees achieve financial security. According to a recent Prudential survey of finance executives, 82 percent agreed their companies would benefit from having a financially secure workforce and 78 percent say employers should assist employees in achieving financial wellness during working years.
“Employers increasingly understand the link between financial stress and worker productivity,” said Jamie Kalamarides, head of Full Service Solutions at Prudential Retirement. “As a result, they now offer several tools and solutions across the benefits spectrum to address their employees’ needs, such as default target date funds, secure retirement income options and even assistance with other pressing financial challenges including student loan debt.”
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation recordkeeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.2 million participants and annuitants. Prudential Retirement has $386.2 billion in retirement account values as of Dec. 31, 2016. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or its affiliates. For more information, visit retire.prudential.com
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., 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.