February 13, 2018
Finhabits Partners with Neighborhood Trust to Empower NY Workers Through Wider Access to Retirement Savings Accounts
The new partnership will allow credit union members with no access to a 401(k) plan at work to open an Individual Retirement Account (IRA) through Finhabits' mobile-first platform at a low monthly cost, making investing an easy habit.
Today, many working families struggle to prepare for their retirement. As detailed in a recent report by Finhabits, the problem is particularly acute among workers in small business. "The smaller the firm, the less likely they are to offer any type of sponsored retirement plan... On average, only 10% of U.S. small-sized businesses, that is fewer than 100 employees, offer a retirement plan to employees." (Finhabits, 2017).
Finhabits aims to promote the power of smart financial habits to people who have no knowledge or resources to a 401(k) plan," said Carlos Garcia, the CEO and founder of Finhabits. "Our partnership with Neighborhood Trust is the latest accomplishment for Finhabits after a year marked by significant user growth, especially among minority workers."
Finhabits' full-stack technology solution was developed in-house by a team of financial experts, engineers, and designers in New York City. In 2018, Finhabits continues its mission to make retirement savings and investing more inclusive in our country.
About Neighborhood Trust
This is not an offer or solicitation to buy or sell securities. Brokerage services are provided by Apex Clearing Corporation, member of FINRA/SIPC. Non-deposit investments are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by the financial institution.
All trademarks are the property of their respective owners.