While these are all great accomplishments for any company, we know that if we are not actively contributing to our community and seeking solutions to problems our employees face, we are not living up to part of the mission that PRIER has set out for itself – to help our associates become all they are meant to be inside and outside of work.
Recently we were faced with some very troubling statistics that simply could not be ignored:
- Americans spent $141 billion on fees and interest in 2015
- 57% of American households report struggling financially
- 41% of American households can’t come up with $2,000
Right now PRIER has the unique opportunity to participate in a pilot program that was founded on the idea that every worker can become financially independent and free of the vicious debt cycle created by payday loan companies.
In partnership with PRIER Products, Onward Financial, a not-for-profit benefit program, is launching a pilot this week to assist low to moderate income workers in building their savings, access responsible borrowing options, and receive relevant financial education utilizing a mobile application. Onward also assists employees with goal setting and credit building, giving them better control of their financial outcomes. Our aim is to deliver a program that remains top of mind over storefront payday lenders when employees experience life’s emergencies, while giving them the tools they need to become more financially secure.
Within the first week, 20% of our employees have joined the Onward Pilot and are saving an average of $30 per person per paycheck. We are hoping to draw even more participation as we move through 2017.
We have no doubt that this change in overall financial wellness for our employees as well as many others following this pilot, will ultimately disrupt an industry that unapologetically profits from their customers’ misfortunes. It has become a passion that we now share with Onward, and we invite you to follow along through the pilot with us! Check back in March for a progress report and additional insight into the program from Onward Financial founder, Ronnie Washington.