The dashboard enables individuals to populate their financial information and connect various accounts and holdings—such as checking, savings, credit cards, mortgage, insurance and retirement accounts. The digital planning tool allows users to set goals, monitor progress, create budgets, track spending and learn more about possible solutions to common financial issues.
The tool offers pathways for users to receive professional assistance or advice, and for those using the account consolidation feature, information is updated automatically so they always have a current and comprehensive view of their financial picture.
Individuals also have the ability to improve their level of financial education and awareness through workshops on a number of topics, including: understanding retirement goals; saving and paying for children’s college tuition; and protecting their family’s financial well-being. After completing the retirement workshop, the user will receive a personalized and actionable financial plan with concrete steps to help them work towards identified goals.
“Proper budgeting and planning is the first step to taking control of your financial future and ultimately, preparing for the biggest financial event in life, your retirement security,” says Patrick Kennedy, ING U.S. Retirement Solutions chief marketing officer. “For many people, keeping track of their numerous financial accounts, decisions and budgeting activities is a complicated undertaking. Our research shows that consumers want a consolidated view of their personal finances through easy-to-use tools and services that can seamlessly pull this information together.”
Kennedy adds that a growing number of people are looking to their employers as a resource when it comes to managing financial aspects of their lives. According to recent research from the ING Retirement Research Institute, almost three-quarters (72%) of pre-retirees confirmed that their employer offered some type of holistic financial planning guidance. Of the more than one-half (54%) who took advantage of this guidance, nine in 10 found it helpful. Among those nearing retirement, just about half (49%) wanted advice on specific key aspects of retirement planning, including developing a retirement income strategy, planning for healthcare expenses and creating a monthly income from savings.
ING U.S. says it has timed the launch of the new financial planning and budgeting dashboard to coincide with National Retirement Planning Week, a retirement planning awareness event which takes place April 7 to April 11. A video describing the dashboard and its features is available at http://www.ingdelivers.com/organize.
ING U.S., Inc. will rebrand as Voya Financial, Inc. in 2014.