Instead of kicking off the new year with resolutions, Prudential is launching something tangible: The Wellness Effect, a new online platform it announced with a full-page ad in the Wall Street Journal. It’s aimed at a key customer: corporate benefits administrators, and, ultimately, employees.
Like other financial services brands such as SunTrust Banks, Prudential is tapping into the fact that Americans feel more financially insecure than ever. In its Journal ad, for instance, Prudential cites data specifying that “nearly 6 out of 10 workers are stressed about their financial situation.”
As Vishal Jain, Financial Wellness Officer for Prudential Workplace Solutions Group, tweeted: “Let’s resolve to build new paths to prosperity for America’s workers in 2018. See Prudential’s Open Letter to Employers on Financial Wellness.”
— Vishal Jain (@VishalJain) January 2, 2018
And as Lata Reddy, Prudential’s SVP of Diversity, Inclusion & Impact, and the Chair/President of the Prudential Foundation, tweeted, “This New Year, Prudential is challenging employers to reconnect Work and Wealth. Let us all resolve to find solutions that help more Americans achieve economic stability and mobility.”
This New Year, @Prudential is challenging employers to reconnect #WorkandWealth. Let us all resolve to find solutions that help more Americans achieve economic stability and mobility.pic.twitter.com/enKc7WTS6f
— Lata Reddy (@latareddy) January 2, 2018
The invocation of financial insecurity right now is interesting partly because America’s economy is growing at a faster pace than in several years; unemployment is at record lows; consumer confidence is at a strong place; wages and household income are growing more than a year ago—and the Trump tax cut will give US households even more reasons to feel confident about their financial future.
Prudential points to economic data showing that there’s a “wealth gap” in the U.S.; that too many Americans are still living paycheck to paycheck; that “structural shifts are transforming work faster than the nation’s policies and safety nets can keep pace”; and that companies can and should do more to discuss and promote ways for their workers to achieve and embrace financial security.
“It’s the perfect time to focus on America’s workforce” with such an ad and related digital campaign, the insurance and financial-services giant said. “We’re concerned that the growing wealth gap in the US means that the fundamental idea we’ve all grown up believing—that every generation will do better than the last—is no longer a given.
A related social marketing campaign makes a point about how little time people devote to retirement planning compared with more trivial activities:
Prudential believes the company can “make a difference” by “ensuring and protecting that idea” starting with the workforce, by spreading the company’s tools for helping workers manage daily finances, achieve financial goals and protect against financial risks.”
And beyond all of this, Prudential is partnering with organizations including the Aspen Institute, “a non-partisan forum for values-based public policy leadership,” to advance solutions that help increase economic opportunity for workers.
Below, Prudential’s recent video series on real talk about retirement: