The pandemic has propelled millions of U.S. workers into financial hardship as they contend with furloughs, job loss, medical costs and other financial pressures. To help workers navigate financial uncertainty, manage day-to-day financial obligations, and save for the future, Alight Solutions, a leading cloud-based provider of integrated digital human capital and business solutions, has launched Alight Financial Path*. The solution combines AI, data and analytics to provide employees with a consumer-centered platform that makes it easier to save, spend and invest their hard-earned money.
Alight Financial Path simplifies employees’ complex financial decisions, both today and into the future. The integrated platform is available to clients using UPoint®, Alight’s industry-leading HR and benefits portal, and aligns benefits information and guidance to employees at their point of need, whether it’s building an investment portfolio, paying down debt or saving for specific life stages.
“Alight Financial Path considers employees’ full financial picture and helps them connect the dots between all aspects of their wallet, including health, wealth and wellbeing,” said Colin Brennan, chief product strategy & services officer at Alight. “Our intelligent, technology-driven solution can dramatically change the way our clients’ people make decisions about personal finances from everyday budgeting to managing life events.”
Alight’s data shows that when employers can help remove financial stress, employees can thrive both at work and in their personal lives. Employees who have access to financial wellbeing programs are more likely to save for healthcare needs, have life and disability insurance, and contribute to their 401(k) plan. By integrating the full financial picture of employees’ lives, employers can create more engaging employee experiences and build and sustain a productive workforce.
“While employers continue to expand their focus on financial wellbeing, employees expect next-level tools and resources that will help them navigate their financial situation, whatever that may be,” said Alison Borland, executive vice president of wealth solutions & strategy at Alight. “Employers have a unique opportunity to drive smarter employee decisions, and also realize a better return on investment of their benefits programs.”
The highly personalized technology platform includes four key components of a holistic financial wellbeing program:
- Financial education: Provides support from trusted financial advisors and stage-specific content covering topics such as debt reduction, medical expenses and emergency savings, among others.
- Financial planning: Assesses financial health to determine strengths and needs, then allows employees to build personal plans with real-time tracking of progress.
- Navigation: Integrates all financial-related benefits so employees can access and maximize the options available to them.
- Engagement & support: Delivers actionable information during both routine and pivotal moments in employees’ lives, with supplemental support available through Kashable’s low-cost loans and SoFi’s higher education benefits.
Alight Financial Path provides employers with data-driven insights and analytics based on employee engagement and utilization, with specific actions highlighted to improve outcomes from their benefits programs.
Alight Financial Path is the latest addition to Alight’s suite of technology-led, BPaaS solutions that integrate health, wealth and wellbeing and help employers provide streamlined experiences for their employees.
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