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. Click here to learn more about the blueprint.
"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
A recent 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.
Check out some of the key survey findings below.
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. Click here if you’d like more information about Freedom 2 Save.
“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
“My $60,000 in student loans made it difficult to save for key milestones. That changed with Freedom 2 Save. I increased my monthly student loan payments, and now I’m on track to pay off my student debt sooner than expected, which is good because I want to help my parents save for their retirement.”
Jorge Nieto
“With the pause on federal student loans coming to an end, it’s going to be an adjustment to start making those monthly payments. At least I know I will be accumulating money in my 401(k) while I focus on paying off my student debt thanks to Freedom 2 Save.”
Matan Admi
“Freedom 2 Save has lifted a weight off my shoulders. I’ve paid off nearly $5,000 of my student loans while also saving for retirement. I can now envision a time in the not-so-distant future when I’ll be free of this student debt.”
Cynthia Chan
“I went back to school when I was 52 and graduated with a degree in database management and $32,000 in student loans. Now, after four years in Freedom 2 Save, I just made my last student loan payment. I'm finally out of the vicious student debt cycle, and a lot of that is because of Freedom 2 Save.”
Norm Armstrong
“Freedom 2 Save is particularly important for people who get advanced degrees like a Ph.D., because you’re starting your professional career later than most. You may be in your early 30s until you even start thinking about saving for your future. And that’s a scary position to be in.”
Nick Ankenbruck
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