Vacation Savings Account Program Introduces Prepaid Card
Many Americans are taking advantage of health and retirement savings accounts, and two companies have joined forces to help consumers save for vacations in a similar fashion. Capital Prepaid Services and 401Play have introduced the BlazePays Visa Prepaid Card will help employers provide their employees with a vacation savings account (VSA) program.
Employees will be able to set aside a post-tax portion of their paycheck for their VSA, which they will be able to access at any time to pay for goods and services wherever Visa is accepted.
The BlazePays 401Play VSA is available to all employers. To take part, businesses pay an annual fee based on their number of employees. Each worker will receive a personal BlazePays prepaid card, which they can use like a debit card. The 401Play program also provides perks for users, such as discounted airfare, cruises and rental cars.
One goal of the VSA program is to help Americans take advantage of their vacation time. According to research, more than half (59%) of employees did not use all of their vacation time last year. Many cite affordability as a reason for skipping a trip, as many employees are not planning and saving for vacations.
“When employees don’t take time off they become burned out, which can lead to health problems and poor quality of work and negative productivity,” said Greg Nickolson, president of 401Play. “Americans aren’t good at saving money. And if employees don’t save for a vacation they are less likely to use their paid time off. With the BlazePays 401Play Vacation Saving Account, employers can encourage their employees to save for their vacation, using a simple and cost-effective tool.”