ING U.S. Launches New Online Personal Financial Planning and Budgeting Solution
Research underscores growing need for self-service retirement readiness resources; Promotes goals of National Retirement Planning Week 2014
WINDSOR, Conn., March 31, 2014 /PRNewswire/ — ING U.S., Inc. (NYSE: VOYA), which will rebrand as Voya Financial, Inc. in 2014, announced today that its Retirement Solutions business has launched a new web-based tool that enables users to organize, integrate and manage all of their financial information on one comprehensive and intuitive digital platform. The personal financial planning and budgeting dashboard is the latest in the ING U.S. suite of retirement readiness services to help Americans gain control of their financial lives and guide them on their journey to greater retirement security. A video describing the dashboard and its features is available at http://www.ingdelivers.com/organize.
“Proper budgeting and planning is the first step to taking control of your financial future and ultimately, preparing for the biggest financial event in life — your retirement security,” noted ING U.S. Retirement Solutions Chief Marketing Officer, Patrick Kennedy. “For many people, keeping track of their numerous financial accounts, decisions and budgeting activities is a complicated undertaking. Our research shows that consumers want a consolidated view of their personal finances through easy-to-use tools and services that can seamlessly pull this information together. A growing number of people are also looking to their employers as a resource when it comes to managing the financial aspects of their lives.”
According to recent findings(1) from the ING Retirement Research Institute, almost three-quarters (72%) of pre-retirees confirmed that their employer offered some type of holistic financial planning guidance. Of the more than one-half (54%) who took advantage of this guidance, nine-in-ten (90%) found it helpful. Among all those nearing retirement, just about half (49%) wanted advice on specific key aspects of retirement planning, including developing a retirement income strategy, planning for healthcare expenses and creating a monthly income from savings.
Providing Millions Access to Holistic Financial Information, Education and Guidance
The new personal financial dashboard supports the growing trend and need for financial advice, guidance and holistic planning services at the workplace. As part of the company’s expanding platform of retirement readiness solutions, the dashboard has been rolled out to more than 16,000 plan sponsor clients of ING U.S. — reaching over 1.5 million individual participants. It is being offered at no cost as a value-added enhancement on their retirement plan website through ING U.S. Availability will expand throughout 2014 to the rest of ING U.S.’s estimated 47,000 plan sponsor clients and 5 million participants.
The dashboard enables individuals to populate their financial information and connect various accounts — such as checking, savings, credit cards, mortgage, insurance and retirement. It also allows them to set goals, monitor progress, create budgets, track spending, learn more about possible solutions and receive assistance or advice. For those using the account consolidation feature, information is updated automatically so they always have a current and comprehensive view of their financial picture.
Individuals also have the ability to improve their level of financial education and awareness through workshops on a number of topics, including understanding retirement goals; saving and paying for children’s college tuition; and protecting their family’s financial well-being. After completing the retirement workshop, the user will receive a personalized and actionable financial plan with concrete steps to help them work towards their goals.
“As Americans assume greater responsibility for their retirement security, they need the right resources to better understand, organize and plan their finances — so they can be ready,” noted Kennedy. “The feedback we’ve received from users confirms that this dashboard appeals not only to those nearing retirement, but also to younger generations who use and expect digital solutions as a part of their daily lives.”
ING U.S. is introducing the personal financial dashboard in conjunction with National Retirement Planning Week, which takes place April 7-11. This annual initiative was designed to increase awareness around the need for comprehensive retirement planning. As a leading retirement company and avid supporter of National Retirement Planning Week, ING U.S. is committed to advancing the state of retirement readiness in the United States and to making a secure financial future possible — one person, one family, one institution at a time.
(1) Findings are from an online survey commissioned by the ING Retirement Research Institute in July 2013. Respondents were comprised of a randomly-selected nationwide sample of 2,500 adults over the age of 50 who were within 5 years of retirement or in retirement. Data was weighted to make the results representative of the overall U.S. population.
About ING U.S.
ING U.S. (NYSE: VOYA), which will rebrand as Voya Financial in 2014, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company’s vision is to be America’s Retirement Company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit http://ing.us. Follow ING U.S. on Twitter @ING_USA and Facebook.
SOURCE ING U.S.