What is Purchasing Power introducing?
Purchasing Power is introducing an expanded set of “ancillary” financial wellness services that addresses the fundamental needs of employees who are often underserved by other financial benefits in today’s workplace.
What does the expanded set of ancillary financial wellness services include?
The suite of services focuses on a consumer’s financial journey, that could include:
- Connecting employees to the Financial Health Resources they need
- One-on-one support to build or rebuild employees’ credit
Why is Purchasing Power enhancing its focus on financial wellness?
While macro-economic trends may ebb and flow, the reality is that there consistently remains an overlooked sliver of Financial Health that needs to be recognized: the ability to purchase the things you need, when you need them. This represents a human challenge and can affect anyone, at any point, because life doesn’t fit neatly into a salary band.
But it’s not simply about being able to purchase goods and services. It’s also about ensuring you have access to the right resources when life happens, and also ensuring that you have the right long-term path toward financial empowerment.
Who is Purchasing Power partnering with for these services?
Purchasing Power is partnering with SpringFour and Working Credit to ensure that employees have the access to financial tools – wherever they are on their financial journey.
- SpringFour:Founded in 2005, SpringFour is a national organization based in Chicago with a mission to connect consumers to the financial health resources they need. SpringFour’s approach addresses the root cause of financial challenges to get people back on track with their payments.
- Working Credit:Founded in 2014, Working Credit NFP is a national nonprofit based in Chicago with a mission to partner with individuals and communities to interrupt structural racism by providing credit building education, counseling, and access to the products necessary to thrive financially.
What is required of the employer to enable employee access to these services?
Nothing is required of the employer. Employers are not required to go through any implementation steps to enable employee access to these services. Services will be integrated into PPC platform without employer effort.
What services can employees who are registered with Purchasing Power use with SpringFour?
Employees who are registered for Purchasing Power, and click on SpringFour on the My Account page may choose from a suite of local non-profit, unbiased and vetted resources. These financial tools are offered to provide assistance to employees wherever they are on their financial journey.
What services are offered by Working Credit?
Working Credit primarily focuses on credit education, which includes:
- Financial Counseling and Coaching. One-on-one confidential support with budgeting, credit building action planning, savings and goal setting.
- Monthly educational content (i.e. newsletters, social media campaigns) on issues of importance like student loan repayment, credit and divorce, refinancing car loans, and budgeting and savings through a credit building lens, sustainable homeownership, etc.
- Facilitated Access to No- or Low-Cost Credit Building Financial Products. Working Credit does not offer products directly, nor do we get kickbacks from any lender. We provide unbiased and relevant information about options.
- Workshops on how the credit system works, what scams to watch out for, and how to establish, improve and sustain a good credit score.
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