Freedom 2 Save

Download Abbott’s Freedom 2 Save blueprint

We invest in our colleagues because we value them. And now, potentially more than any other recent time, employees need support. Ninety-one percent of young adults with student loans are so stressed about money that they feel it’s impacting their physical and mental wellness. A key driver of that stress? Student loan debt.

Our first-of-its-kind Freedom 2 Save program is helping tackle the student debt crisis by enabling our colleagues to pay down their student loans while we put money into their 401(k)s. Now we have a blueprint that makes it easier for companies to implement a program of their own.

“Together, we can help employees tackle student debt and save for their future. And this will mean improved finances and wellness for many Americans today and in the long term,” 

— Mary Moreland, Executive Vice President, Human Resources at Abbott

Student loan impact

A Morning Consult survey on behalf of Abbott shows the profound and far-reaching impact student loan debt is having on young adults with student loans and reinforces the need for workplace programs that help tackle the student debt crisis.

Some of the key survey findings:

46% say student loan debt has impacted how much they contribute to their retirement plan.

Most young adults with student loans have at least some concern over federal loan payments resuming: 

  • Very concerned: 42%  

  • Somewhat concerned: 44% 

  • Not very concerned: 9%  

  • Not concerned at all: 5% 

     

94% are interested in a workplace benefit in which they receive a 401(k) contribution for paying their student loans. 

 

 

 

 

 

54% said this workplace benefit would significantly impact their decision if choosing between multiple job offers.

 

 

 

 

 

Source: Morning Consult® on behalf of Abbott. Impact of Student Loans on U.S. Adults Ages 18-39. Survey performed September 8-13, 2023. Accessed September 18, 2023.

Helping our people

Freedom 2 Save has made a positive impact on our workforce. Prospective employees who are job hunting see the program as an alluring workplace benefit, and current employees say it makes them feel that we care about them as people, not just workers. 

Freedom 2 Save participants by degree type

  • Bachelor’s degree: 64.90%

  • Master’s degree: 25.23%  

  • Associate degree: 3.16% 

  • Doctorate degree: 2.03%  

  • Ph.D.: 1.81% 

  • Professional degree: 1.55%  

  • Certificate: 0.91% 

  • Continuing education units: 0.22%  

  • Individual course: 0.13% 

Source: Morning Consult® on behalf of Abbott. Impact of Student Loans on U.S. Adults Ages 18-39. Survey performed September 8-13, 2023. Accessed September 18, 2023.

“Freedom 2 Save has given me more freedom to spend and save my money how I’d like. I’m paying off my student debt so much faster than I expected that I’m actually considering going to graduate school.” 

— Kristine Ajpek, Abbott employee

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