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NEWARK, N.J., May 16, 2017 - Prudential Financial, Inc. (NYSE: PRU) has deepened its commitment to the financial wellness of American families. 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 company also 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.
“More than 140 years ago, we were the first to provide life insurance to American working families and we remain committed to helping them not only protect their loved ones, but to achieve financial stability throughout their lives,” said Stephen Pelletier, chief operating officer of Prudential’s U.S.-based businesses. “When real, lasting financial security is within reach for everyone, its impact is felt everywhere—from families to workplaces to communities. That is the wellness effect we want to unlock for American workers.”
Building the Wellness Effect
Prudential’s multipronged approach to driving Financial Wellness now includes:
- A $5 million commitment to the Aspen Institute, a Washington, D.C.-based non-partisan educational and policy studies organization, to advance solutions that increase financial security for all American workers. The partnership will promote 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 highlights the need to increase the national discourse about greater economic access as workers bear increasing risk and responsibility for their short- and long-term financial security.
- Expanded worksite financial wellness solutions: New capabilities include diagnostic tools to help employers better understand the financial needs of their workforce. Employers who adopt 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 new capabilities build on Prudential’s existing financial wellness solutions, including in-person financial education and counseling resources. Employers can visit The Wellness Effect website to learn more.
“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. And 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.”
Reddy continued: “For too long we’ve focused on specific symptoms of economic inequality. 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.”
Employers, please visit The Wellness Effect website or contact a Prudential representative to learn more.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of March 31, 2017, 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.