Administration

Recordkeepers Amping Up Financial Wellness Resources

Forty percent of the recordkeepers within Corporate Insight’s Retirement Plan Monitor (RPM) coverage group are either completely overhauling or making significant enhancements to existing content.

By Rebecca Moore editors@plansponsor.com | March 13, 2017
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The majority of the recordkeepers within Corporate Insight’s Retirement Plan Monitor (RPM) coverage group recognize the importance of providing holistic financial wellness education: 80% provide enough content to warrant coverage in its report, which identifies 38 financial wellness topics.

Focusing on financial wellness education is one of the past year’s most prominent trends in the digital retirement space, with 75% of RPM firms adding new financial wellness content to their participant websites and 40% either completely overhauling or making significant enhancements to existing content.

Firms employ a variety of techniques to create more engaging educational content. The use of narratives in content can help make the information more relatable to participants as opposed to simply providing dry information on the topic at hand, Corporate Insight says. Approximately 56% of firms covered in the report frame at least some of their financial wellness educational content as narratives. Coverage group firms also provide resources that encourage interactivity, such as worksheets, quizzes, lessons, tutorials and games. Three-quarters of firms provide at least one interactive financial-wellness-themed quiz on the participant site, 56% provide worksheets or checklists, and half feature curriculum-based lessons or tutorials.

Ten of the 16 firms covered in the report (63%) provide participant site educational materials that cover at least half of the 38 topics identified. Every firm offers content that focuses on general investing tips or strategies and Social Security. Three-fourths of the firms provide materials on asset classes, estate planning, managing debt, college savings/debt and savings strategies/priorities. At least half of firms cover 16 additional financial wellness-related topics, including creating a budget (69%), health care costs (63%), life insurance (63%), taxes (56%) and emotional investing (50%). Fewer than half of the group provides content on the following noteworthy topics: long-term care insurance (44%), identity theft (44%), women and finances/investing (38%) and caring for aging relatives (31%).

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