New Perk: A Day Off to Take Care of Your Financial Health
Mr. Moore’s employer, SunTrust Banks, provided these benefits as part of a financial wellness program, something
that Bill Rogers, the bank’s chief executive, decided to introduce about two-and-a-half years ago after he came to a startling realization: Even his own workers — who he had assumed were more knowledgeable about money and in better financial shape than most people — were making poor financial choices, like borrowing against their 401(k) plans.
“A lot of well-intentioned companies focus on the 401(k),” Mr. Ford said, “but I don’t think people are losing sleep
and getting divorced over the asset allocation in their 401(k).”
The first pillar asks employees to start an emergency fund, called a “financial confidence account,” for unexpected expenses.
“It’s hard to think about your 401(k) match if you are worrying about your utility bill.”
After introducing a financial wellness program to its 24,000 workers, SunTrust acquired the wellness company it initially hired for the job.
In a news release Tuesday announcing its plans, SunTrust, which is based in Atlanta,
called financial wellness “the next benefit frontier for leading employers.”
Roughly 30 other organizations already offer the SunTrust program, including Home Depot, Delta Air Lines
and the company that makes Little Debbie’s snack cakes.
Not all companies choose to contribute to the account,
but SunTrust will match up to $1,000 once employees automate their own savings plan of $40 a month and meet certain goals like setting up a budget