Emergency Savings Solution
Evolve your workplace offering with Voya’s flexible, convenient, out-of-plan emergency savings solution
Many Americans share a common financial vulnerability — a single unplanned expense can disrupt their financial stability because they have little or no emergency savings. In fact, 63% of U.S. consumers live paycheck to paycheck.1
This lack of emergency savings puts retirement at risk. Employees without adequate emergency savings are:
- 30% more likely to decrease contribution rates
- 13x more likely to take a hardship withdrawal
- 3x more likely to take a loan from their retirement plan2
Voya’s workplace solution allows employees to make contributions to a dedicated emergency savings fund to help prepare them for unexpected events and ultimately retirement. Our Emergency Savings Solution is easy to implement and flexible to manage, incorporating best practices for helping employees build emergency savings.
A flexible, streamlined program for employers to add to their benefit offering
- Automated savings — Employees can make contributions through payroll deduction or ACH transfers and employers have the ability to make contributions through an employer match or ad hoc contributions.
- Easily manage and monitor program — Employers can implement and manage program through an easy-to-use administrative portal and have access to a dedicated team for program implementation and ongoing support.
- Drive employee participation — Readily available and easy to implement campaigns help enroll employees and keep them engaged.
- Effortlessly access account — Employees can open and manage their emergency savings fund via smartphone, computer or tablet and conveniently access funds as emergency expenses arise.
1 LendingClub December 15, 2022, data for November 2022. https://ir.lendingclub.com/news/news-details/2022/One-Third-of-Consumers-Report-They-Are-Not-Currently-Saving-Any-Money/default.aspx
2 Voya internal data, October 2020
Products and services offered by the Voya Financial family of companies.
Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.