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Young adults with student loans are stressed about money. So stressed that they say it’s impacting their mental and physical health.
A key driver of that financial stress? Student loan debt, according to a new survey by Morning Consult on behalf of Abbott of more than 500 people ages 18-39 with student loans.
In 2018 we tackled the student debt crisis head-on with our first-of-its-kind, award-winning Freedom 2 Save program that helps employees pay off their student loans while also saving for the future.
Now — with college tuition at a historic high, student loan debt exceeding $1 trillion and payments of federal student loans resuming after a more than three-year pause — we’re calling on other employers to join us in this effort with the launch of our Freedom 2 Save blueprint.
The blueprint highlights the need for and impact of Freedom 2 Save and guides employers through the process of developing and implementing a similar program of their own.
Enacting this type of program will be easier starting in January 2024, thanks to a new federal law called the SECURE 2.0 Act, a provision of which mirrors Freedom 2 Save.
“Employees with student loans often have to choose between paying their school debt and saving for retirement. That’s problematic because people who delay saving for the future will find it hard to catch up,” said Mary Moreland, executive vice president, Human Resources, Abbott.
“The good news is that employers can help relieve some of this burden with a program like Freedom 2 Save. Our blueprint will help simplify the process.”
Here's what you’ll find in the blueprint:
- Data highlighting the profound impact student loans are having on young adults
- Figures showing the significance of Freedom 2 Save on existing and prospective employees
- Real stories from employees participating in our Freedom 2 Save program
- And a guide for HR leaders on implementing a similar program at their companies, which includes:
- Questions to consider
- Stakeholders to include
- Steps to prepare for program launch
- And best practices
Learn more about the Freedom 2 Save program and blueprint.
