Purchasing Power Adds Financial Wellness Platform
Financial Tools and Resources Help Employees Take Control of Their Financial Well-Being
ATLANTA, Aug. 19, 2015 /PRNewswire/ -- Purchasing Power is now providing a financial wellness platform through its employee purchase program offered as a voluntary benefit. The platform is a holistic approach to financial wellness, comprised of a core financial education program; free credit reports; alternative credit reporting; and rewards for saving money and reducing debt.
The financial wellness platform, the first of its kind in the employee purchase program space, allows employees to access a wealth of tools and resources focusing on budgeting; saving; paying down debt; setting goals and practicing healthy financial habits. The services are available at no cost to employers and are free to their employees with the exception of a fee to use alternative credit reporting.
"Purchasing Power was founded to provide a way for employees to make purchases that enhance the quality of their lives without having to deal with the pitfalls of traditional credit. But employees today need more assistance to improve their financial wellness. They need tools and resources to help them take control of their total financial future and reduce their financial vulnerability, and our financial wellness platform does just that," says Richard Carrano, President and CEO.
The platform is an online service provided to workers whose employers or organizations offer Purchasing Power's employee purchase program as a voluntary benefit. It is centered on three concepts:
- Learn – personalized assessment and financial education resources;
- Access – free traditional credit reports; alternative credit reports to get approved for financial products; and
- Build – free one-on-one coaching; incentives for engagement; and rewards for savings and paying down debt.
Purchasing Power is partnering with four innovative companies – LifeCents™, SaveUp, eCredableSM and Quizzle® – to provide the financial wellness platform. LifeCents™ is a web-based, core financial education program that helps consumers improve their financial understanding, outlook and behaviors through financial assessments and goal-setting; educational resources specific to financial goals or areas of interest; and incentives for completing goals and tasks. SaveUp promotes saving and debt reduction through incentives. eCredableSM provides an alternative credit reporting and rating system that allows consumers to access financing products, such as auto loans and mortgages. It's most effective for consumers with poor, limited or no credit history. Quizzle® brings awareness to the world of credit and gives consumers the knowledge they need to manage it themselves, providing free credit reports, credit education and encouraging credit monitoring.
"Employees' financial challenges need to be top of mind for employers. Purchasing Power's financial wellness platform allows companies to help employees improve their financial health. And unlike many financial wellness programs today, employers don't have to pay a fee for this benefit," Carrano added.
About Purchasing Power, LLC
Purchasing Power is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employees' financial wellness. Purchasing Power is available to 7.6 million people through large companies – including Fortune 100s – and government agencies. The company was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for eight years on the Inc. 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.
Media Contact:
Juliann Kaiser, 770.643.0615
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SOURCE Purchasing Power, LLC
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