Mobile App Enhances Financial Literacy

The mobile application (app) created by ICMA-RC is a virtual education center for users, providing information including news, videos and financial calculators.

With access to retirement planning resources anytime and anywhere, the app brings valuable tools to public sector employees. For example, the “Small Change, Big Savings” calculator explains to users that in 20 years, giving up a $2 soft drink each day can lead to additional savings of nearly $25,000 to put towards retirement, with a 5% investment return.

ICMA-RC’s app was a featured product during April’s Financial Literacy Month. In addition to “Small Change, Big Savings,” the campaign also highlighted two other calculators available on the app. The “Retirement Security Builder” assists users in developing a personalized retirement savings strategy while calculating the after-tax effect of various contributions on net pay. “Savings Boost” demonstrates how employees can improve future savings by increasing contributions.

“At ICMA-RC, financial literacy means providing the most effective retirement planning tools that are interactive and easy to understand,” says Alex Hannah, vice president, marketing communications and education.

The nonprofit independent financial services corporation maintains its RealizeRetirement website, which provides additional education through its collection of retirement planning resources. The website is included on the app.

“Our mobile app and website offer innovative tools to help participants reach their retirement goals,” Hannah adds.

Based in Washington, D.C., ICMA-RC provides retirement plans and related services to more than 1 million public sector participant accounts and more than 9,000 retirement plans. The company’s mobile app is available for download here, along with access to videos and financial calculators.