PRA Group, Inc., a global leader in acquiring and collecting nonperforming loans, announced it will partner with Truist to offer US employees a financial wellness program to build financial confidence.
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.
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