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Employees Want More Retirement Guidance

American workers are expecting more help from their employers in regards to retirement planning, according to a new study from American Century Investments. The survey, which included responses from over 2,000 defined contribution plan participants, found that retirement is top of mind for employees but they still need more help.

80% of participants believe that they would have saved more if their employer had given them more of a “nudge.” Participants were especially interested in investing help.

Employees are also open to more aggressive saving targets; 70% support automatic enrollment at 6% and nearly 80% support automatic contribution increases. 90% of participants had at least some regret about retirement savings.

Not saving enough for retirement was mentioned more frequently than not doing better in careers or personal relationships.

Other studies support Americans’ desires for more financial guidance and growing trust in financial professionals. The Allianz LoveFamilyMoney study found that 92% of respondents who have used financial professionals said they believe that the relationship is helping them achieve their financial goals, and 74% believe that the extra guidance is worth the cost.

Even respondents who have never used a financial professional believe that professionals are helpful in achieving financial goals.

The differences in behaviors and feelings of financial well-being between those who use financial professionals and those who do not are clear: 12% of those who have never worked with a financial professional are unsure of how to fund their retirement, compared to 3% of those who have worked with a financial professional.

60% of respondents who work with an advisor feel very secure about their retirement, as compared to 32% who do not, according to Deloitte.

Working with a financial professional also encouraged more savings, investing, and long-term goal-setting.

Deloitte also found that 78% of consumers surveyed in 2014 trusted their own financial professional, compared to 68% in 2012, indicating an ongoing upward trend. The positive sentiment towards financial professionals and openness towards receiving help should be good news to plan sponsors.

However, employers still have a lot of room to expand their engagement and guidance. Only 14% of respondents believed that their employers had done everything possible to help with retirement planning, and employers underestimate the amount of employees that want at least a “slight nudge,” according to American Century Investments.

How Retiremap Won a 1st Place Eddy Award

In case you missed it, this edited video jumps right into our recent webinar, “How Retiremap won a 1st Place Eddy Award,” explaining Retiremap’s award-winning approach to retirement plan education, retirement readiness and financial wellness.

Retiremap Tool Calculates Employers’ ROI on Financial Wellness and Employee Engagement

Using key engagement and behavior change metrics from current Retiremap implementations, new tool provides employers with a custom report detailing the cost-savings + profitability impacts of implementing a financial wellness program.

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SAN FRANCISCO, April 2, 2014 -- To help companies cut through the ambiguity surrounding financial wellness savings, Retiremap has developed a tool to calculate the program’s return on investment (ROI), using behavior change data from existing Retiremap implementations. HR professionals and CFOs can learn about the tool and how they can develop their own business case for implementing a financial wellness program in a free webinar on Thursday, April 24:

https://www2.gotomeeting.com/register/378392226

“Financial wellness programs often promise the moon when it comes to savings, but how relevant are these numbers for a specific employer?” said Matt Iverson, Founder at Boulevard R.  “By combining current research and Retiremap’s established performance metrics, we can now provide retirement plan committees and CFOs with a custom savings forecast based on their retirement plan’s unique profile.”

“The problem with traditional employee financial education is that the group meeting format and the lack of customized and personalized information means that it rarely leads to desired behavioral changes. Since Blue Prairie Group started using Retiremap, we’ve been able to track a series of engagement metrics for our plan sponsor clients that ultimately tie back to improving retirement security which is the ultimate goals,” said Matt Gnabasik, Managing Director of Blue Prairie Group.

Retiremap’s ROI assessment tool looks at the benefit for the plan, participant and company by examining Retiremap’s impact on three key areas of cost-savings and improved company profitability:

  • Financial Wellness
    By providing strategies for employees’ financial goals, as well as delivering interactive tools, Retiremap helps plan advisors or provider representatives have greater impact when serving employees struggling with financial stress.
  • Retirement Readiness 
    By getting employees to save more, employers help ensure participants can retire on time and not have to delay retirement when their disability and healthcare premiums are highest.
  • Employee Engagement
    By implementing a program that demonstrates that the employer cares about employees’ well being, while also promoting the retirement plan’s value, employees become more engaged.  Greater engagement translates into improved profitability by increasing employees’ loyalty, advocacy and willingness to go the extra mile.

“By quantifying the ROI of how Retiremap pro-actively engages employees and measurably improves participant outcomes, we are connecting the art of financial wellness with the financial reality that companies have to operate within,” said Iverson. “Not only is financial wellness the right thing to do for employees, we can now help anyone interested in financial wellness shine a light on the financial return for their unique employee population and employer.”

HR professionals and CFOs can see a sample Retiremap ROI assessment and request one for their company by visiting:

RetiremapHQ.com/ROI

 

RETIREMAP- KEY STATISTICS

  • 53% of Plan for Your Future iPad workshop attendees decided to double their deferral rate (increasing by an average of 6.3% of pay)
  • 97% of employees feel more engaged with the retirement plan
  • 93% of employees feel the Retiremap program is an excellent new benefit
  • 92% of employees they have helpful tools to reduce financial stress
  • 56% of all employees are engaged in the first 30 days through Plan for Your Future iPad workshops and email campaigns

 

About Boulevard R
Retiremap (RetiremapHQ.com) is the award-winning, independent retirement plan education platform from Boulevard R, using today’s technology to engage employees and measurably improve participant outcomes.  Retiremap’s Plan For Your Future iPad workshops and online campaigns developed with leading behavioral economist Dan Ariely, help employers and plan advisors deliver a financial wellness program with a significant return on investment.  By measuring and documenting the impact of plan education efforts, Retiremap introduces accountability, while simultaneously reducing fiduciary liability.

Gen X vs. Gen Y: Understanding differences to improve employee communications

Did you know:

– 59% of Gen Y employees have the goal to buy a home
– 39% of Gen X employees have their savings in “All cash”
– 42% of Gen Y employees have student loan debt

At the P&I Defined Contribution East Coast Conference last week, we participated in a panel “Understanding Generation X in a Generation Y World.”

To expand upon that idea, using detailed aggregate data from the Retiremap platform, we put together this presentation to highlight some of the differences between Gen X and Gen Y employees and how to best engage them to improve financial wellness and retirement readiness.

[Webinar Recording] Engaging Gen X and Gen Y to Boost Retirement Readiness

If you saw the article in PlanAdvisor on the recent Retiremap webinar “Engaging Gen X and Gen Y to Boost Retirement Readiness” you can view it here:

 

Thanks and let us know if we can help you think through new ways to engage employees to improve their retirement readiness and financial wellness.

Retiremap featured in BenefitsPro

In a recent article published in the BenefitsPro, Retiremap was featured and one of our Founders, Matt Iverson, was quoted.

Behavioral techniques goosing retirement savings   BenefitsPro

You can read the article here:

http://www.benefitspro.com/2014/01/23/behavioral-techniques-goosing-retirement-savings?t=trends

Some of the statistics included in the article from the Plan For Your Future iWorkshops included:

  • 53 percent of employees increase their salary deferral rate
  • 88 percent of employees say they plan to save more for retirement after using the tool.

If you want to learn more, you can sign up for the Engaging Gen X and Gen Y to boost retirement readiness webinar on Tuesday, February 4th:

https://www2.gotomeeting.com/register/812673026

Retiremap attending the P&I West Coast DC conference

Retiremap will be attending the Pensions & Investments West Coast DC conference this coming week from Sunday, October 27 – Tuesday, October 29.

We’re excited because our first iPad® workshop plan sponsor client, Kiva, is up for a P&I Innovator Award. Britt Huber from Kiva is also speaking on the “Evolution of Technology in DC Plan,” and will be highlighting how Kiva used the Retiremap platform to engage their employees and provide a compelling financial wellness and retirement readiness program.

You can check out the agenda and speakers for the upcoming conference here:
http://conferences.pionline.com/conference/dc-west/2013/agenda

P&I Conference iPad

 

Financial Wellness Is Coming to Mountain View!

Want to improve employees’ financial wellness?

Come learn how to design an impactful financial wellness program at an interactive workshop in Mountain View, California.  You’ll get to learn first-hand how today’s technology, including iPads, can better engage employees and help them get on track to reach their financial goals.

The workshop content was developed with leading behavioral economist and NY Times bestselling author, Dan Ariely, and is based on his research on how people make decisions in the real world.

In the spirit of learning while doing, every workshop attendee will get to use an iPad to simulate the financial wellness workshop experience.

Space and iPads are limited, so please register today.

Eventbrite - Designing an Impactful Financial Wellness Program

Retirement Readiness Webinar- You’re Invited!

Want to learn how you can boost employees’ retirement readiness and help them reach their financial goals?

Then join us for an upcoming webinar on “Retirement Readiness: Designing an impactful program.”

Thu, Nov 8, 2012 2:00 PM – 2:45 PM EST

Wed, Nov 14, 2012 4:00 PM – 4:45 PM EST

In this short webinar, you will learn how to:

  • Design a measurable, holistic retirement readiness program
  • Use behavioral economics to nudge employees to save more
  • Affordably deploy today’s technology to engage employees and boost enrollment
  • Calculate the cost savings of helping employees prepare for retirement

Key findings will be presented from a collaboration with leading behavioral economist and NY Times bestselling author, Dan Ariely, as well as lessons learned from testing a new employer-branded iPad app with employees.

You will also learn about where plan education is heading in this informative webinar. Be our guest and help ensure sure employees are on track to reach their financial goal and achieve a secure retirement.