Candidly, the leading AI-driven student debt and savings optimization platform, announced today the launch of its Emergency Savings solution. This new offering will be available to users as a workplace benefit through employers, record keepers, and financial institutions, alongside Candidly’s full-suite of student debt and SECURE 2.0 retirement savings enablement solutions.
Candidly’s Emergency Savings solution comes at a time when nearly 50% of Americans report that they do not have $500 saved to cover an emergency expense, and a record number of people are seeking 401(k) hardship withdrawals to absorb unexpected expenses. Candidly’s Emergency Savings solution addresses this critical issue head-on, providing a comprehensive suite of capabilities designed to help workers proactively build a robust safety net for unexpected financial challenges.
Candidly’s Emergency Savings solution enables workers to activate convenient automation features, such as setting up payroll deduction, auto-enroll, and effortlessly rounding up spare change from everyday transactions to passively contribute to their emergency fund. The modular solution builds upon Candidly’s successful history of leveraging modern behavioral economics and behavioral psychology to engage users through micro actions and transactions that transform financial outcomes.
“Our number one job to be done is to find, create, and direct savings from the liabilities side of the personal balance sheet, to the asset side, enabling hard working Americans to become first-time and ongoing savers,” said Laurel Taylor, Founder and CEO of Candidly.
Candidly directs savings into deposit accounts already available to the worker through their employer or existing providers within their curated benefits stack. This is consistent with Candidly’s business model to direct new-found savings to partner-preferred destinations, as a source of growth and net new assets under management. If an employer isn’t already offering a savings account within its benefits stack, employees can open a dedicated account through a leading FDIC insured online banking platform known for its seamless and easy user experience. In addition to automated payroll deduction, Candidly enables employers to offer employees employer-sponsored contributions, and matching contributions, helping workers build financial resilience and reduce the physical, emotional, and mental symptoms of stress associated with financial insecurity.
Today, Candidly is poised to serve an estimated one in four workers in the United States. Candidly partners with employers, retirement record keepers, and financial services companies to seamlessly embed its engagement-rich digital experiences within the partners’ own digital experience, addressing a critical gap in workplace financial wellness solutions. The addition of emergency savings to its suite of student debt-focused solutions enables Candidly to serve nearly 100% of the workforce.
Candidly is an AI-driven student debt and savings optimization platform that addresses the full lifecycle of education expenses and empowers people to make simultaneous progress on paying down student debt and building wealth. Candidly partners with leading employers, and financial services companies serving the workplace like 401(k) and 403(b) record keepers, retirement plan advisors, and more, creating a holistic and inclusive workplace benefit and embedded finance solution.
Candidly is backed by leading venture capital and strategic investors including Altos Ventures, Breton Capital, Cercano Management, Impact Engine, Rethink Impact, Salesforce Ventures, UBS, and Unum. For more information, visit www.getcandidly.com.