Press release
T. ROWE PRICE INTRODUCES EMERGENCY SAVINGS APP TO FINANCIAL WELLNESS OFFERING
'Waysaver' provides an automatic solution for employers to address a key barrier to employee retirement readiness – unanticipated financial demands BALTIMORE,
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"'Waysaver' provides an automatic solution for employers to address a key barrier to employee retirement readiness – unanticipated financial demands\nBALTIMORE, Oct. 18, 2022 /PRNewswire/ -- T. Rowe Price, an industry leader in retirement and investment services, today announced the launch of Waysaver™, a smart savings app that provides an easy, secure, and automatic way for employees to create an emergency savings fund at an FDIC-insured bank. T. Rowe Price designed the app and algorithm, and Galileo Financial Technologies is providing its cloud-based digital platform and program management services to power the program. Interest bearing deposit accounts are provided by The Bancorp Bank, N.A., Member FDIC.\nAccording to a recent T. Rowe Price study, 45% of people turn to credit cards for financial emergencies because they lack the emergency savings they need. Waysaver's smart algorithm is designed to help reduce the common friction points that keep people from saving, helping employees absorb financial shocks without sacrificing their retirement security.\n\"We are excited to expand our plan sponsor clients' benefits offering with an automatic, smart and integrated solution that helps protect employee retirement readiness,\" said Kevin Collins, head of Retirement Plan Services at T. Rowe Price. \"Waysaver is built upon our deep understanding of savings patterns and participant behavior, adapts as patterns change, and allows the employee to fully control and access funds as needed.\"\nClients of T. Rowe Price Retirement Plan Services can add Waysaver to their benefits offering this year through an integrated out-of-plan offering. The solution is one of several significant enhancements the firm has been making to its financial wellness offering and follows the announcement of a student loan debt solution in 2020 and Health Savings Account (HSA) integration in 2019.\nAdded Collins, \"Addressing employees' financial wellness is crucial to becoming a competitive employer, and research shows that workers are attracted to companies they believe care about their wellbeing. Waysaver is another piece to help our clients solve the employee recruitment and retention puzzle.\"\n\"We see enormous opportunities for retirement services providers to strengthen their client relationships with new financial services offerings. Galileo is thrilled ...