SunTrust has launched a financial wellness program for companies.
“We are offering this program at no profit … to build financial confidence in America,” SunTrust East Tennessee Region President Jim Vaughn said.
The program, called 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 workplace program is an extension of the onUp Movement, which is for individuals, that SunTrust launched in 2016
More than two dozen companies have already signed up and are introducing the program to their employees, including McKee Foods, Home Depot, Delta Airlines and Equifax.
“More than 40 percent of Americans live paycheck to paycheck, and 75 percent report experiencing financial stress,” SunTrust CEO Bill Rogers said in a prepared statement. “Progressive companies can improve overall wellness in America by offering a financial fitness program for their employees.”
Vaughn said that many people would have trouble finding $2,000 if an emergency came up, and this program aims to help get them in a better financial position.
SunTrust piloted the program internally with its 15,000 employees nationwide.
“The results were kind of astounding,” he said.
More than 80 percent of participants reported feeling they had greater control over their finances.
The number of employees living by a budget increased from 43 to 87 percent, and those with emergency savings increased from 68 to 98 percent, according to SunTrust.
Participants also increased their investment contributions.
SunTrust leaders also found that the program has the potential to improve retention at companies using Momentum onUp, Vaughn said.
McKee Foods Corp. President and CEO Mike McKee said he sees value in the program.
“Momentum onUp gives us a valuable resource that not only helps our people understand where their financial life is today, but also lets them put a stake in the ground for their family’s future,” he said in a prepared statement.