Employee Financial Confidence Program

Momentum onUp: Giving employees financial confidence

Map of Charlotte
 

In the past six months, 76 percent of Americans have experienced financial stress.1 And this stress is not being left at home, but impacting all aspects of their daily lives—taking a toll on overall health, engagement and productivity. This has led to concern from caring employers who want the best for their workforce (physically, mentally and financially).

As companies take notice of these concerns, and ultimately, see how they impact employees from performing their best work, they have started implementing programs to help their employees manage this stress and ultimately achieve financial confidence. Through the Momentum onUp program, employees are learning to solidify their budgets, grow emergency funds and increase their net worth. As a result, participating employers are seeing a more confident workforce.

Employees spend an average of 28 hours a month worrying about their finances while at work, which results in lost productivity of about $5,000 per employee, per year.2

Momentum onUp

It all started when a group of SunTrust executives and employees set a goal to help the entire SunTrust staff become financially confident. The result was Momentum onUp for teammates (SunTrust employees), which provided them with the time, tools and financial incentives to learn financial well-being.

The internal response to the program was incredible, and SunTrust knew there was value in sharing the program, given its purpose and commitment to lighting the way to financial well-being—both to companies and to their employees.

Most SunTrust program participants have increased their retirement savings contributions by 35 percent, on average.

“We didn’t start with the intention of rolling this out to other companies,” says SunTrust CEO Bill Rogers. “But the results were so overwhelming that we felt we couldn’t not share this with our communities and our clients.”

What sets the program apart?

Momentum onUp is more than a series of classes, activities and challenges covering the basics of financial behavior. Rather, it’s a personalized approach to finances, based on whatever values and goals are most important to the individual—whether that’s spending more time with family, enjoying an early retirement, giving more to charity or anything else—and this model has proven to be both successful and inspiring.

SunTrust has dedicated teammates on hand to partner with new companies in getting started with the program. The program is also provided to companies at-cost, which means SunTrust does not profit from it—beyond taking pride in its purpose-driven approach and the goal of making the world more financially confident.

Almost every single participant—a full 99.5 percent—said they would recommend Momentum onUp to others.3

How it’s working in your area

Les Gleaves, executive partner of Carolina-based True Homes, says the company chose Momentum onUp because of its proven expertise and its professional platform.

“Their support team has also been terrific,” Gleaves says. “To help associates get started with the program, True Homes offered them $250 (less tax) for their emergency fund if they viewed the modules and committed to continue the best practices they learned there. The response has been both exciting and gratifying.”

68% of those who report being financially confident also report feeling satisfied with their life, versus 18% who are not financially confident.4

There’s nothing new about financial stress. And what’s more—it has nothing to do with income. Through Momentum onUp, we want to give people the financial tools to move forward and be more satisfied with their financial and personal lives. This means less distraction and stress, more organization and productivity. The bottom line: Financial confidence is more than attainable, it’s within reach.

—John Reid, SunTrust Market Leader, Charlotte Region

Join the journey to financial confidence

Visit suntrust.com/momentumonUp or contact your SunTrust Relationship Manager to learn more.

1 “SunTrust National Financial Confidence Poll,” 2017

2 “PWC Financial Wellness Survey,” 2015

3 “Momentum onUp: Leading Your Employees to Financial Confidence,” 2017

4 “SunTrust Consumer Voice of the Market Study,” 2015

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

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