BALTIMORE, Dec. 12, 2017 /PRNewswire/ -- T. Rowe Price, an industry leader in retirement plan and investment services, today announced the integration of an online cash flow management tool, DoubleNet Pay, into T. Rowe Price's full-service defined contribution plan participant program. The tool allows individuals to take control of their competing financial priorities by automating their spending and saving for short- and long-term goals.
Participants who enroll in the service can manage their income by establishing deductions from their bank account to apply toward emergency savings, bill payments, and debt management. Each month the identified dollar amounts will be automatically deducted from an individual's paycheck so they can clearly see and understand their disposable income. The tool will be available on T. Rowe Price's Workplace Retirement website.
"We've heard from many employers that day-to-day financial management and budgeting is a concern of their employees. When individuals are reviewing their retirement savings, they are also naturally thinking about the here and now in terms of spending and saving," said Diana Awed, head of product and marketing for T. Rowe Price Retirement Plan Services. "We've seen the impact automatic services can have on financial behavior, particularly with retirement savings, and believe the addition of DoubleNet Pay to our financial wellness program will encourage employees to get on the right path with their finances, including paying down debt, starting an emergency fund, and saving for retirement."
"DoubleNet Pay was created to help people easily pay their bills on time and to start a savings fund before spending their money on discretionary items," said Brian Cosgray, DoubleNet Pay's founder and chief executive. "The tool is significant because individuals are able to enroll in the service annually for less than the cost of a bounced check or the late fee on a credit card. We hope making financial best practices automatic each pay period will boost positive financial behavior."
T. Rowe Price's Retire With Confidence® Program for participants includes both proactive and on-demand communications for participants at every life stage on topics like planning, saving, and investing—delivered through multiple channels, including video, online, and webinars. The program helps individuals understand actions to take with their finances that can lead to more positive outcomes. With the added capability of DoubleNet Pay, participants will be able to automate the management of their cash flow, budgeting for unexpected expenses and saving toward longer-term goals, including retirement.
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $991.0 billion in assets under management as of November 30, 2017. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, or Facebook.
ABOUT DOUBLENET PAY
DoubleNet Pay is named for and founded on the principle that bills should be paid and savings funded before discretionary spending. By making this good habit automatic, employees can see their actual disposable income — their DoubleNet Pay — for each pay period. In this way, DoubleNet Pay helps reduce or eliminate financial emergencies caused by unexpected bills and "too much month left at the end of the money."
SOURCE T. Rowe Price