Voya Financial expands financial resiliency efforts with new mental health initiative
July 31 2023 - 4:56PM
Business Wire
New programming underscores connection between
mental health and a lifetime of financial resilience
Voya Financial, Inc. (NYSE: VOYA), announced today that Voya
Foundation has launched a new initiative focused on strengthening
mental health as a key component of overall financial wellness.
This new programming aligns with Voya’s strategy of integrating
health and wealth solutions to provide individuals with the
resources and guidance needed to attain a sound financial
future.
“Voya Foundation has long been committed to providing
individuals with the education and resources to make better
decisions regarding their health and financial wellbeing,” said
Angela Harrell, chief diversity and corporate impact officer.
“Demonstrating the connection between finances and mental wellness,
recent research from Voya found that nearly 6 out of 10 Americans
agree that financial stability has a direct impact on their mental
health*. Working to improve the relationship between mental health
and financial decision-making is key to helping young adults
weather periods of instability, as well as thrive both academically
and professionally.”
Further demonstrating the connection between finances and mental
health, a survey of nearly 5,500 respondents conducted by the Money
and Mental Health Policy Institute reported that 86% of those
experiencing mental health issues said their financial situation
worsened their mental health while 72% of respondents said their
mental health issues made their financial situation worse.
Centered on a three-pronged approach that equips young adults
with the tools to manage career, family and health stressors that
may impact their financial wellness journey, Voya Foundation will
focus on:
1. Scholarships for aspiring mental health
practitioners
Demonstrating Voya’s long-established support
of education, this program will provide scholarships for aspiring
mental health practitioners, researchers, and/or healthcare
administrators. The scholarships are intended to expand access to
mental health and education for everyone and increase the diversity
of the mental health workforce, ushering in new perspectives and
experiences to enhance the field.
2. Mental health research
To help combat the stigma surrounding mental
illness and inform the development of financial resources for young
adults, Voya will collaborate with various experts and
thought-leaders to explore how mental health issues impact
financial resilience and a sound financial future, and how greater
financial literacy can help prevent mental stressors.
Voya also aims to use this research to
identify and help close access barriers for mental health services
for young adults. This research will explore the ways in which the
financial services industry can support mental health throughout
the financial planning process.
3. Mental health programming for young
adults
Voya will focus on early intervention,
funding academic and professional resources to help young adults
successfully navigate the ups and downs of their journey to
financial resilience.
“Voya is proud to play a role in advancing the understanding of
the relationship between mental health and financial wellness,”
continued Harrell. “We look forward to expanding Voya Foundation’s
support of mental health resources for young adults and helping to
clear the path for the next generation to financial confidence and
more fulfilling lives.”
*Based on the results of a Voya Financial Consumer Insights
& Research survey conducted June 12-13, 2023 among 1,004 adults
aged 18+ in the U.S.
About Voya Foundation
Through its collaborations with leading local and national
nonprofits, Voya Foundation promotes financial resilience among
young people, providing them with the STEM skills necessary to
compete in the 21st-century workforce and the financial literacy
skills necessary to manage their incomes throughout their lifetime.
To further advance this strategy, Voya Foundation is focused on
strengthening mental health as a key component of overall financial
wellness. For more information, visit www.VoyaFoundation.com.
About Voya Financial
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth
and investment company with 7,200 employees who are focused on
achieving Voya’s aspirational vision: Clearing your path to
financial confidence and a more fulfilling life. Through products,
solutions and technologies, Voya helps its 14.7 million individual,
workplace and institutional clients become well planned, well
invested and well protected. Benefitfocus, a newly joined Voya
company, extends the reach of Voya’s workplace benefits and savings
offerings by providing benefits administration capabilities to 16.5
million individual subscription employees across employer and
health plan clients. Certified as a “Great Place to Work” by the
Great Place to Work® Institute, Voya is purpose-driven and equally
committed to conducting business in a way that is socially,
environmentally, economically and ethically responsible. Voya has
earned recognition as: one of the World’s Most Ethical Companies®
by the Ethisphere Institute; a member of the Bloomberg
Gender-Equality Index; and a “Best Place to Work for Disability
Inclusion” on the Disability Equality Index. For more information,
visit voya.com. Follow Voya Financial on Facebook, LinkedIn and
Twitter @Voya.
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Media: Latoya Dobyns (212) 309-8297
Latoya.Dobyns@voya.com
Edward Mayer (212) 309-8941 Edward.Mayer@voya.com
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