T. Rowe Price announced the integration of an online cash flow management tool, DoubleNet Pay, into the company’s full-service defined contribution (DC) plan participant program.
The firm says the tool allows individuals to take control of their competing financial priorities by automating their spending and saving for short- and long-term goals.
Participants who enroll in the service can manage their income by establishing deductions from their bank account to apply toward emergency savings, bill payments, and debt management. Each month the identified dollar amounts will be automatically deducted from an individual’s paycheck so they can clearly see and understand their disposable income. The tool will be available on T. Rowe Price’s Workplace Retirement website.
“We’ve heard from many employers that day-to-day financial management and budgeting is a concern of their employees. When individuals are reviewing their retirement savings, they are also naturally thinking about the here and now in terms of spending and saving,” says Diana Awed, head of product and marketing for T. Rowe Price Retirement Plan Services. “We’ve seen the impact automatic services can have on financial behavior, particularly with retirement savings, and believe the addition of DoubleNet Pay to our financial wellness program will encourage employees to get on the right path with their finances, including paying down debt, starting an emergency fund, and saving for retirement.”