ATLANTA–Financial wellness programs and banks are not commonly associated with each other, but that’s not the case at SunTrust Banks here—with a twist.
The bank is rolling out a not-for-profit financial wellness program initially created for its own employees to company workplaces, much like credit unions do to select employee groups (SEGs).
SunTrust said it is offering the program, called “Momentum onUP,” as part of its larger onUp movement to build financial confidence in America.
More than two-dozen companies have already signed up and are introducing the program to their employees, including Home Depot, Delta Airlines, Equifax, McKee Foods, Waffle House, Haverty's and 1-800 Contacts, the company said in a release.
"More than 40% of Americans live paycheck to paycheck, and 75% report experiencing financial stress," said Bill Rogers, chairman and CEO of SunTrust. "Progressive companies can improve overall wellness in America by offering a financial fitness program for their employees."
Momentum onUp includes on-site sessions and online resources to help employees establish financial goals, start an emergency savings fund, navigate their expenses and spending habits, and take steps toward financial wellness, the bank said.
Of those surveyed following the program:
- Employees living by a budget increased from 43% to 87%, and those with an emergency savings improved from 68% to 98%
- Employees increased their investment contributions for retirement by 35%
- More than 99% would recommend the program to others
SunTrust purchased the intellectual property of the company it initially hired to work with its own employees, and has also hired the company's founder, Brian Ford, to build the Momentum onUp curriculum.
The program inspires, educates and equips employees for healthy financial management. There are neither advertisements nor sales in the curriculum; rather, SunTrust provides the program as a way to fulfill its purpose of Lighting the Way to Financial Well-Being,” SunTrust said. “The workplace program is an extension of the onUp movement that SunTrust launched in 2016.”
The Momentum onUp program was first piloted by 15,000 SunTrust teammates, where more than 80% of those completing the program report feeling in greater control of their finances, the bank said. SunTrust matched up to $1,000 for its teammates to help build their emergency savings as part of the program. The bank said it also gives all teammates an extra day off each year to focus on their personal finances, as well as a day to volunteer in an activity that builds financial confidence in their communities.