Purchasing Power® Introduces Enhanced Set of Financial Wellness Services
Access to Financial Health Resources and Financial Counseling Designed to Provide Immediate Support to Under-Resourced Portion of Employees
ATLANTA, Sept. 21, 2022 /PRNewswire/ -- Today, Purchasing Power, a voluntary benefits company, announced an enhanced set of financial wellness services designed to provide its clients' employees with even greater financial support. These services complement the core Purchasing Power employee purchasing program by enabling access to highly actionable, timely financial wellness benefits made possible by strategic partnerships including:
- Access to Financial Health Resources. Made available from Chicago-based social impact fintech company SpringFour. This service enables consumers to find vetted, local nonprofit resources that can help them address some of their immediate financial challenges including childcare services, utility costs, and food savings. It is provided at no cost to Purchasing Power clients and clients' employees.
- Live Financial Counseling and Coaching. Powered by Working Credit NFP, a national nonprofit also based in Chicago. The program is designed to help consumers receive personalized advice to improve and build their credit. Counselors work with employees one-on-one by Zoom to help them learn how the credit system works and create a personalized Credit Action Plan to help them not only build and maintain a strong credit score but support them in meeting their holistic financial goals. Purchasing Power will offer Financial Coaching to employees of select clients.
"The reality is that U.S. workers continue to face uncertain financial times due to a varying degree of macro-economic trends," said Trey Loughran, CEO, Purchasing Power. "In many cases, this uncertainty affects a portion of the employee population that is often overlooked and struggling the most financially."
"Employers are facing their own set of challenges and need competitive, holistic approaches to financial wellness," Loughran continued, adding that employees are asking more from employers when it comes to financial wellness.
"In a recent study, we found that over seven in 10 full-time employees (72%) believe that employers have a responsibility to help employees improve their financial well-being," said Loughran. "Through our partnership with SpringFour and Working Credit, we're aiming to close this gap by ensuring employers can provide immediate access to the financial tools employees need and want."
Using SpringFour, employees registered with Purchasing Power can be directly connected to organizations in over 25 categories, including food savings, rental resources, and heat/utilities support, to help address their specific financial needs. These no-cost referrals help provide access to financial aid, reduce expenses and provide a path toward greater financial health and security.
"We're thrilled to partner with Purchasing Power and to help many more individuals across the country find their financial footing. With access to SpringFour, more employers will be able to connect their employees with financial health resources that make a real difference in their everyday lives," said Rochelle Gorey, SpringFour Co-Founder and CEO. "Prioritizing employees' financial health is a win-win, creating happier, more satisfied employees and strengthening businesses – and we're excited to be part of this important, timely work."
With the addition of Working Credit NFP, employees will have access to credit building workshops and 12 months of unlimited one-on-one credit building counseling. They will have the opportunity to create a customized credit action plan including financial goal setting, progress checkpoints, budgeting support and credit building tips.
"In today's economy, credit is foundational to financial health. From financing a cell phone, accessing rental housing, to purchasing a car – credit is key," said Morgan A. Spears, Chief Community Engagement Officer for Working Credit NFP. "In fact, equitable access to the credit system has been a missing piece in many financial wellness programs. Working Credit NFP is committed to partnering with individuals and communities to interrupt structural racism by providing equitable credit education and one-on-one credit building counseling."
"We are excited to partner with Purchasing Power to advance this mission. It is through such partnerships that we take concrete steps towards an inclusive and more equitable credit system so that people can truly thrive financially," she added.
"Through a comprehensive, balanced approach to financial wellness that is relevant to employees' immediate needs, employers can mitigate employee turnover, expand employee equity, and enhance employee engagement," Loughran concluded. "And employees get immediate access to the resources they need to reduce their stress and enhance their approach to financial health."
For more information on Purchasing Power's Financial Wellness services, visit: https://corp.purchasingpower.com/our-mission/financial-wellness.
Purchasing Power, LLC, is an Atlanta-based voluntary benefit company celebrating more than 20 years as the leading employee purchase program for consumer products and services through payroll deduction. Helping employees achieve financial flexibility, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit www.corp.purchasingpower.com.
SpringFour is the leading Certified B, social impact fintech company that gives financial institutions, nonprofits, and employers the tools they need to effectively empower consumers' financial health. SpringFour's innovative, award-winning suite of financial health products for organizations provides best-in-class, vetted, and customized financial resources to millions of customers. Trusted by top brands including Capital One, BMO Harris Financial Group, M&T Bank, Oportun, Avant, Self, Mission Lane, and more, SpringFour's consumer self-service and contact center tools enable customers to meet their financial needs, reduce household expenses, avoid payment delinquencies, and increase payment performance. More than 95% of financial institutions report that their customers experienced increased affinity for their brands after receiving a referral from SpringFour, and many SpringFour clients cite SpringFour as an integral partner in reaching their ESG goals. To learn how SpringFour can benefit your organization, visit springfour.com.
Working Credit NFP is a national nonprofit based in Chicago with a mission to partner with individuals and communities to interrupt structural racism by providing credit-building education, counseling, and access to the products necessary to thrive financially. We engage with values-oriented institutions to offer evidence-based credit-building education, financial counseling and coaching, and unbiased referrals to no- or low-cost credit-building financial products. For more information, visit www.workingcredit.org.
Purchasing Power is a registered trademark of Purchasing Power, LLC.
©2022 Purchasing Power, LLC. All rights reserved.
Media Contact:
Matthew Kaiserman
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Joe Swaney
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SOURCE Purchasing Power, LLC
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