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Where Do you Go for Financial Advice?
For most plan sponsors, it is challenging to find useful content and the time in which to educate employees about it. The key to overcoming those barriers is leveraging the expertise and resources of their retirement provider and their financial adviser, Augelli said. Education should not be approached as a one-size-fits-all solution. Plan sponsors and advisers should keep in mind that people learn in different ways, and what may be effective for one person could be ineffective for someone else. The effectiveness of education also depends on the generation of the audience being addressed, Augelli added. Research from the Enterprise Council on Small Business (ECSB) finds that younger people in Generation X and Generation Y prefer online or mobile access to interactive educational tools. Older employees, on the other hand, prefer to receive information more directly from mail, email or in-person meetings. “At the end of the day, the effectiveness comes down to the key to any successful presentation—know your audience,” Augelli said. In recognition of National Retirement Savings Week, October 21 to 27, ADP created a video that draws attention to the important issue of retirement saving. The video, which provides tips about how employers and employees can improve their retirement plans and personal retirement readiness, can be found here. This year, the company has a campaign called Route 401k that provides communication centered around a retirement action plan to help employees get on track for accumulating adequate savings. The campaign includes information for each age group and their corresponding retirement goals.
For most plan sponsors, it is challenging to find useful content and the time in which to educate employees about it. The key to overcoming those barriers is leveraging the expertise and resources of their retirement provider and their financial adviser, Augelli said.
Education should not be approached as a one-size-fits-all solution. Plan sponsors and advisers should keep in mind that people learn in different ways, and what may be effective for one person could be ineffective for someone else.
The effectiveness of education also depends on the generation of the audience being addressed, Augelli added. Research from the Enterprise Council on Small Business (ECSB) finds that younger people in Generation X and Generation Y prefer online or mobile access to interactive educational tools. Older employees, on the other hand, prefer to receive information more directly from mail, email or in-person meetings.
“At the end of the day, the effectiveness comes down to the key to any successful presentation—know your audience,” Augelli said.
In recognition of National Retirement Savings Week, October 21 to 27, ADP created a video that draws attention to the important issue of retirement saving. The video, which provides tips about how employers and employees can improve their retirement plans and personal retirement readiness, can be found here.
This year, the company has a campaign called Route 401k that provides communication centered around a retirement action plan to help employees get on track for accumulating adequate savings. The campaign includes information for each age group and their corresponding retirement goals.
Corie Russelleditors@plansponsor.com