Voya Financial, announced that it is collaborating with SAVVI Financial, a leading technology-enabled financial wellness platform, to offer a COVID Relief Planning Assistant designed to help those who have been laid off, furloughed or working reduced hours as a result of the pandemic. Through its Retirement and Employee Benefits businesses, Voya will offer SAVVI Financial’s COVID Relief Planning Assistant to its workplace clients as an online resource for their plan participants and employees.
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“With new Voya research indicating that 81% of Americans believe that significant layoffs are likely and 38% report some type of impact to their household’s employment as a result of COVID-19 (e.g. job loss, furlough, reduction in hours or salary),1 households are struggling to figure out revised budgets, estimate cuts in spending and identify potential resources to access additional funds. The decisions are further complicated because there are specific benefits offered in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as well as tax consequences and long-term retirement goals to consider,” explained Charlie Nelson, CEO, Retirement and Employee Benefits, Voya Financial.
“Prior to the pandemic, working Americans had increasingly turned to their employers for help with their health and financial wellness needs,” said Rob Grubka, president, Voya Employee Benefits. “Therefore, we consider it our responsibility at Voya to offer a resource to our workplace clients to help them support their plan participants and employees during these difficult times. This COVID Relief Planning Assistant is a valuable tool to help those financially impacted create a personalized, short-term plan to help manage through their immediate financial needs — without compromising their future financial goals.”
