Fifth Third Bank Delivers Dave Ramsey's CORE Financial Wellness Program to Plan Sponsors
Cincinnati – Fifth Third Bank (NASDAQ: FITB), which through its partnerships administers 29,000 retirement plans for nearly five million employee participants across the United States, today announced the availability of Dave Ramsey's CORE Financial Wellness program for its Plan Sponsor participants.
Fifth Third Bank and Dave Ramsey have a long-standing relationship that began in 2010 with the Bank's sponsorship of Ramsey's financial education curriculum for high school students. To date, that sponsorship has educated more than 500,000 students and is a core component of the Company's commitment to financial empowerment. More information is available at www.53.com/financial-empowerment.
The Bank and Ramsey now have collaborated to offer Ramsey's CORE Financial Wellness program to the Bank's retirement plan companies, or plan sponsors. CORE Financial Wellness is Ramsey's program for the business community that aids employers who want to help their employees relieve financial stress and win with money. The new collaboration originated from the Bank's discussions with its retirement plan sponsors and participants which revealed a great need for more foundational financial education.
Sheri Kehren, vice president and program manager of financial workplace wellness at Fifth Third Bank said, "In talking to our plan sponsor participants, we learned that the traditional retirement planning tools we offered didn't go far enough. The employees, the majority of whom are living paycheck-to-paycheck and struggling with an average of $16,000 in debt, told us they needed to go back to basics. Offering Dave Ramsey's CORE Financial Wellness enables us to demonstrate our commitment to providing our plan participants with behavior-based education that will make a significant positive impact on their financial lives."
Ramsey's CORE Financial Wellness program is video-based education that requires eight classes for certification: Super Saving; Relating with Money; Cash Flow Planning; Dumping Debt; Understanding Insurance; Investing 101; Retirement Planning; and Real Estate and Mortgages. Additionally, the program offers four optional topics: Long-term Career Planning; Credit Bureaus and Collections; The Impact of Marketing; and The Power of Negotiating.
"Thanks to Fifth Third, hundreds of thousands of high school students have completed our Foundations in Personal Finance program. Now, we're expanding that relationship to offer our CORE Financial Wellness to their business customers," said Dave Ramsey, New York Times best-selling author and nationally syndicated radio talk show host. "For most adults, a significant change in financial behavior is the key to retiring comfortably and with dignity. This sense of hope represents a win for employees and the companies they work for. CORE walks participants through a proven plan that teaches them how to change bad habits, get control of their money, and start investing for the future."
Fifth Third Bank's commitment to financial empowerment spans multiple generations, with programming designed to help people at every stage of life make smart financial decisions. Signature programming includes Young Bankers Club as well as sponsorship of the American Bankers Association's Teach Children to Save program and Dave Ramsey's Foundations in Personal Finance high school curriculum. Fifth Third Bank also offers multiple programs for adult financial empowerment, including the NextJob reemployment program for mortgage borrowers, and its Fifth Third Financial Empowerment Mobiles. These two 40-foot eBuses are equipped with Internet accessible computer workstations and travel into underserved communities to provide access to quality financial services. For more information, visit www.53.com/financial-empowerment.
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $130 billion in assets and operates 17 affiliates with 1,311 full-service Banking Centers, including 102 Bank Mart® locations most open seven days a week inside select grocery stores and 2,605 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 25% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2013, had $302 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Fifth Third Bank was established in 1858. Member FDIC. Equal Housing Lender.