PRA Group Expands Employee Benefits to Include Financial Wellness Program

Rhea-AI Summary

PRA Group, Inc. (PRAA), a leader in acquiring nonperforming loans, announced a partnership with Truist to launch a financial wellness program for U.S. employees, aiming to enhance financial literacy and confidence. The program, which will be fully funded by PRA Group for employees and their families, offers online modules and coaching covering topics such as home budgeting, retirement investing, and credit building. The initiative responds to a decline in financial literacy in the U.S., as reported by the 2018 National Financial Capability Study, which noted that 72% of Americans experience financial stress.

Positive

• Launch of financial wellness program funded 100% by PRA Group for employees and families.
• Program includes online coaching and modules to enhance financial literacy.
• Addresses financial stress among employees, potentially leading to improved employee satisfaction and productivity.

Negative

• None.

NORFOLK, Va., June 6, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced it will partner with Truist to offer U.S. employees a financial wellness program to build financial confidence.

The program includes self-directed online modules as well as personal financial management and coaching.

The 2018 National Financial Capability Study found that financial literacy had decreased by 8% over a nine-year period, and that 72% of Americans felt financial stress. PRA Group will help address these challenges among employees with the Truist Momentum initiative.

"As debt-buyers, we work with people every day who are struggling with their financial situations. Financial literacy education is important to us because it can help people avoid some of the challenges we witness daily," said Kevin Stevenson, president and CEO of PRA Group. "Our employees drive our success and make us who we are. We are thrilled to give back with a program that will have a lasting impact and help our teammates reach their long-term financial goals."

The financial wellness program includes self-directed online modules as well as personal financial management and coaching through an online learning center, accessible from any device. PRA Group will cover 100 percent of the costs associated with Truist's services for employees and their immediate family members.

The program will give employees access to support as they:

• Plan to buy a home and budget for home ownership,
• Invest for retirement,
• Increase their savings and prepare for emergencies,
• Build their credit scores,
• Budget for charitable giving and
• Save for a vacation, to name a few.

Truist reports that after completing the program, 72% of participants feel prepared for an unexpected expense and 54% feel more enjoyment due to the relief of managing money well.

"Knowing first-hand how hard it can be to create a firm financial foundation, we are thrilled to be making this investment in our employees' futures and to be building financial confidence among the people who make it possible for us to help others," said Katie Jones, chief human resources officer for PRA Group.

PRA Group offers a variety of benefits programs, professional development courses and opportunities to engage with leadership and the community. To learn more about building a career with PRA Group, visit pragroup.com/careers.

About PRA Group

As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 961-3525
Elizabeth.Kersey@PRAGroup.com

Investor Contact:
Lauren Partin
Senior Vice President, Finance and Investor Relations
(757) 431-7913
IR@PRAGroup.com 

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SOURCE PRA Group

FAQ

What is the financial wellness program launched by PRA Group (PRAA)?

PRA Group's financial wellness program, in partnership with Truist, provides U.S. employees with online coaching and self-directed modules to improve financial literacy.

How much does the financial wellness program cost for PRA Group (PRAA) employees?

PRA Group covers 100% of the costs associated with the financial wellness program for employees and their families.

What issues does the financial wellness program from PRA Group (PRAA) aim to address?

The program aims to address financial stress and improve financial literacy, amid findings that 72% of Americans feel financial stress.

What benefits does PRA Group (PRAA) offer through its new financial wellness program?

The program includes support for budgeting, retirement planning, credit score improvement, and emergency savings.