By Matt Blois
Ramsey Solutions hopes to extend the reach of one of its financial education programs by integrating it into a nationwide payroll system.
The company is working with the payroll management company ADP to offer the SmartDollar software through ADP’s payroll software.
SmartDollar is an online financial education program that encourages participants to stick to a budget, build their savings and pay off debt.
Human resource departments that use ADP will be able to buy the SmartDollar program through an online marketplace operated by ADP. It’s similar to Apple’s App store, but the applications are designed to be integrated into the ADP payroll system.
ADP already offers several applications to help employees manage their personal finances. One application allows businesses to help pay off their employees’ loans, another helps employees manage their retirement accounts.
SmartDollar is the only educational course on the online marketplace designed to teach employees about financial wellness.
The software costs between $160 and $5, 200 per month through ADP, depending on the number of employees at a business. In an email, a spokesperson for Ramsey Solutions wrote that ADP clients get the software at a steep discount.
According to Ramsey Solutions, the software is needed because 70 percent of employees live paycheck-to-paycheck and nearly half could not afford a $400 emergency.