What is Onward?

Onward is a not-for-profit employer-sponsored benefit program that promotes saving, responsible borrowing, and financial education. Unlike most 401Ks or savings plans, Onward allows employees to save for more immediate goals. If an emergency occurs, instead of seeing savings washed away or borrowing from an employer, a relative, or a payday lender, employees can choose a low interest loan through Onward. In addition, employees get access to financial advice, helpful resources, and discounts.

The Problem

  • Only 6 in 10 (59 percent) households had enough liquid savings to pay for a $2,000 unexpected expense.
    (The Pew Charitable Trusts “How Do Families Cope with Financial Shocks?” October 2015)

  • 108 million Americans who lack access to traditional credit cards and even modern online lending
    (CFSI “2014 Underserved Market Size: Financial Health Opportunity in Dollars and Cents” December 2015)

  • $138 Billion spent on fees and interest in 2014 alone
    (CFSI “2014 Underserved Market Size: Financial Health Opportunity in Dollars and Cents” December 2015)

  • Main sources of financial shocks: medical bills, car breakdowns, unexpected expenses

Benefits of Onward for Employers

Improve employee recruitment

Increase retention

Reduce absenteeism

Eliminate payday advance requests

Interested in offering Onward to your Employees, sign up here!