Voya Financial expands financial resiliency efforts with new mental health initiative

By: Voya Financial, Inc. via Business Wire

July 31, 2023 at 17:56 PM EDT

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.

VOYA-IR VOYA-CR