Neighborhood Trust Financial Partners And FlexWage Solutions Announce Partnership to Develop WageGoal, a Trusted FinTech Product for Working Americans
WageGoal provides budgeting, cash flow management and access to earned wages so employees enjoy more power with their existing pay
New York, NY – September 29, 2016 – Neighborhood Trust and FlexWage Solutions today announced an official partnership demonstrating the exciting potential of a mission driven non-profit and a for-profit tech company joining forces. The partnership shows a commitment to social impact, while proving market value. WageGoal, a mobile product currently in design and testing, will help employers provide employees access to their earned wages on demand, with financial guidance, to help them use the same pay with more power.
“We believe WageGoal is the most innovative financial wellness product since companies started providing 401(k) benefits. We provide people with access to the money they’ve earned when they need it,” Founder and CEO of FlexWage Solutions Frank Dombroski said. “We also want employers to know that an option exists for them to provide a low cost solution for the short-term cash flow crisis that their employees battle each month. Neighborhood Trust’s reputation precedes itself, and we are proud to work with an established, trusted nonprofit in service to the community while providing the market with a tested product that will increase employee productivity, satisfaction and retention.”
Neighborhood Trust and FlexWage are currently seeking 10 employers interested in testing a better solution to the cash flow crises for their workforce. Companies with at least 250 employees that are primarily hourly or moderate income workers, and that are interested in providing financial wellness support, can visit www.wagegoal.com to learn more about this innovative approach to giving employees more control over their pay. For a limited time, the partners are offering this service at no cost to the employer.
Employers today suffer from a financially distressed workforce that is reliant on high-cost, short-term debts. In a recent MetLife study, 78 percent of employers reported that employees are less productive while worried about personal financial problems. More than 25 percent of employees in the study admitted that they took off unplanned time because of financial issues.
Neighborhood Trust and FlexWage believe the time is right to encourage employers to invest in their workers’ financial security. Their shared goal is to create a more productive and financially healthy workforce and to prove that worker financial empowerment is both socially responsible and smart for business. The partnership will demonstrate the immense potential that every employer has to make workers’ pay goes further and improve their bottom line.
Workers today frequently experience short-term cash shortages, resulting in expensive payday loans, overdraft fees, or even loan requests to the employer. WageGoal helps employees avoid these debt traps by giving them access to their earnings ahead of payday and visibility of their cash flow, allowing them to reduce debt and increase savings. Accessing earnings is provided through FlexWage’s secure, patented platform which provides employees with low-cost access to their earned wages when they need it.
Justine Zinkin, CEO of Neighborhood Trust said, “We see the immense promise of our partnership to deliver a proven approach to enhancing worker job quality and to converting hard-earned wages into financial security. Our workplace-based financial wellness customers are constantly hearing from their employees that they have major cash flow crises that put undue stress on them and their work. We are thrilled to work with the leading FinTech innovator on providing hard working people with a solution we believe employers can trust and want to address.”
For more information on the partnership and WageGoal, please visit www.wagegoal.com.
About Neighborhood Trust Financial Partners
Neighborhood Trust’s mission is to empower low-income individuals to become productive participants in the U.S. financial system and achieve their financial goals. For more than 13 years, Neighborhood Trust has integrated financial counseling, products, and supports into settings and programs that low-income people trust. We don’t just counsel or educate – we help clients roll up their sleeves and take action. In 2013, Mayor Bloomberg and the Center for Economic Opportunity named Neighborhood Trust one of New York City’s most innovative and data-driven nonprofits in the fight against poverty. For more information, visit us at www.neighborhoodtrust.org .
About FlexWage Solutions
FlexWage Solutions LLC provides a disruptive financial empowerment solution to employers and employees through its patented WageBank. WageBank offers the industry’s only sustainable solution that provides employees responsible access to earned wages prior to their scheduled payday. FlexWage helps improve quality of life and employee productivity while minimizing expense and emotional impact by eliminating the need for bank overdraft and predatory lending. FlexWage is an Integrated Partner with ADP Marketplace, providing effortless WageBank implementation for ADP clients. For more information on FlexWage Solutions, please visit www.wagebank.com, find us at Facebook.com/flexwage, or follow us on Twitter @flexwage.