New programming underscores connection between mental health and a lifetime of financial resilience
Voya Financial, Inc, announced that Voya Foundation has launched a new initiative focused on strengthening mental health as a key component of overall financial wellness. This new programming aligns with Voya’s strategy of integrating health and wealth solutions to provide individuals with the resources and guidance needed to attain a sound financial future.
“We look forward to expanding Voya Foundation’s support of mental health resources for young adults and helping to clear the path for the next generation to financial confidence and more fulfilling lives.”
“Voya Foundation has long been committed to providing individuals with the education and resources to make better decisions regarding their health and financial wellbeing,” said Angela Harrell, chief diversity and corporate impact officer. “Demonstrating the connection between finances and mental wellness, recent research from Voya found that nearly 6 out of 10 Americans agree that financial stability has a direct impact on their mental health*. Working to improve the relationship between mental health and financial decision-making is key to helping young adults weather periods of instability, as well as thrive both academically and professionally.”
Latest Fintech News: Machias Savings Bank Chooses Jack Henry for Modern, Open Technology
Further demonstrating the connection between finances and mental health, a survey of nearly 5,500 respondents conducted by the Money and Mental Health Policy Institute reported that 86% of those experiencing mental health issues said their financial situation worsened their mental health while 72% of respondents said their mental health issues made their financial situation worse.
Centered on a three-pronged approach that equips young adults with the tools to manage career, family and health stressors that may impact their financial wellness journey, Voya Foundation will focus on:
1. Scholarships for aspiring mental health practitioners
Demonstrating Voya’s long-established support of education, this program will provide scholarships for aspiring mental health practitioners, researchers, and/or healthcare administrators. The scholarships are intended to expand access to mental health and education for everyone and increase the diversity of the mental health workforce, ushering in new perspectives and experiences to enhance the field.
Latest Fintech News: Janover Launches AI Capabilities to Further Transform Commercial Real Estate Lending
2. Mental health research
To help combat the stigma surrounding mental illness and inform the development of financial resources for young adults, Voya will collaborate with various experts and thought-leaders to explore how mental health issues impact financial resilience and a sound financial future, and how greater financial literacy can help prevent mental stressors.
Voya also aims to use this research to identify and help close access barriers for mental health services for young adults. This research will explore the ways in which the financial services industry can support mental health throughout the financial planning process.
3. Mental health programming for young adults
Voya will focus on early intervention, funding academic and professional resources to help young adults successfully navigate the ups and downs of their journey to financial resilience.
“Voya is proud to play a role in advancing the understanding of the relationship between mental health and financial wellness,” continued Harrell. “We look forward to expanding Voya Foundation’s support of mental health resources for young adults and helping to clear the path for the next generation to financial confidence and more fulfilling lives.”
Latest Fintech News: DRUID and MoData Forge Strategic Partnership to Revolutionize Customer Engagement and Financial Solutions
[To share your insights with us, please write to sghosh@martechseries.com]
