Voya Provides Greater Financial Wellness Support to Individuals with New Budgeting Tool

Rhea-AI Summary

Voya Financial, Inc. (NYSE: VOYA) has launched a new online budgeting calculator aimed at enhancing financial wellness. The tool uses the '50/30/20' rule to help users allocate their after-tax income—50% for needs, 30% for wants, and 20% for savings. It allows personalization and offers practical tips to create balanced budgets, accommodating both English and Spanish users. This calculator is part of Voya's broader mission to support financial wellness and retirement readiness among Americans.

Positive

• Launch of a new interactive budgeting calculator aimed at enhancing financial wellness.
• The calculator employs the '50/30/20' budgeting approach, offering a structured way to manage finances.
• Available in both English and Spanish, broadening accessibility.
• Enhances Voya's digital financial tools, supporting user engagement and education.

Negative

• None.

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), announced today the launch of a new online, interactive budgeting calculator. As one of the latest enhancements to the company’s suite of digital retirement and financial wellness experiences, the new budgeting capability provides an engaging experience aimed at helping individuals create a monthly budget for spending and saving — including emergency funds.

Voya’s new budgeting calculator is built on the “50/30/20” approach as an opportunity to help ease individuals into the budgeting process. Specifically, this approach provides a simple rule of thumb suggesting that individuals put up to 50% of one’s after-tax income toward their needs (such as housing, utilities, healthcare, childcare, etc.), 30% toward “wants” (such as entertainment, dining, hobbies and splurges) and 20% toward saving — which includes: retirement, rainy-day needs like an emergency fund, and other savings goals such as vacation and travel.

“At Voya, we understand that creating a budget is an important foundational step when it comes to achieving overall financial wellness,” said Amy Vaillancourt, SVP, Workplace Solutions and Experience at Voya Financial. “We also understand that being financially well can mean different things to different individuals. But our goal is to help everyone achieve a state of mental well-being where individuals feel they have control over their current finances, are prepared for the unexpected and have confidence in their financial future, which is why creating a budget can be so valuable.”

According to Voya research, consumers appreciate that retirement plan provider websites consolidate many resources into one easily accessible location as the combination of capabilities and information provides convenient opportunities for them to take action, such as making changes to one’s retirement account or learning more about future income projections.¹ With this insight as a backdrop, the new tool provides easy-to-use functionality, which allows individuals to create a balanced budget based on their unique needs and priorities. This includes providing informative actions that can help them to achieve their savings goals. Once an individual provides the necessary information, including income, within the tool, they are provided with a “50/30/20” budget, and are encouraged to personalize their results by providing information about their individual “needs,” “wants,” and “savings.” The results are available for download for easy sharing with family members or a financial professional. In addition to providing an opportunity to fine-tune and adjust as one’s needs change, the tool also provides an opportunity for broader education on practical tips to help balance one’s budget and stretch their income.

Available in both English and Spanish, all individuals are encouraged to utilize the new budgeting calculator through Voya.com, with customer access also available through Voya’s participant website.

Voya’s budgeting tool builds on the company’s resources that support the financial wellness needs of all Americans. This includes a new Spanish-language experience, the Voya Learn digital educational platform; Voya’s financial wellness experience; and the innovative myOrangeMoney^® retirement income calculator, which is helping millions of Americans change the way they manage and engage with their retirement plan.

As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company^® and its mission to make a secure financial future possible — one person, one family, one institution at a time.

1. Voya “Digital Engagement Focus Groups” study where participants were recruited through Voya’s Online Consumer Community. Research consisted of two in-depth focus groups held in the Greater New York City area with n=14 consumers ages 21-65 years old (December 2019).

The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.8 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $7.5 billion in revenue in 2019. The company had $657 billion in total assets under management and administration as of Sept. 30, 2020. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company^®. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as a 2020 World’s Most Admired Company by Fortune magazine; one of the 2020 World’s Most Ethical Companies^® by the Ethisphere Institute; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.

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