401(k) Specialist Issue 1 - 2021 - 12
401(k) NEWS YOU CAN USE
Good and Bad News About Women and
Retirement Saving
GOOD NEWS-four out of five older women report having a plan for
retirement income.
Bad news-there is a " staggering gap " between women with an
idea about retirement income options and the ones who have a
formal, written retirement plan in place.
New research also reveals nine in 10 women with partners or
spouses equally share or lead financial decision-making for their
households, with female retirees and pre-retirees (ages 50-75) more
open to financial advice than men.
These findings are part of the Retirement Income Literacy Survey
from The American College of Financial Services.
" Advisors need to understand that women may come to the table with
different approaches to retirement planning, with many thinking about
finances holistically and maybe more conservatively than men, " Hilary
Fiorella, Executive Director of the Center for Women in Financial Services at
The American College of Financial Services, said in a statement.
" Whether that conservatism is based on fear or misinformation
is an ideal place to start a conversation with an advisor. "
ONLINE
EXTRA
An Effective Strategy to Drive Financial
Wellness Engagement
THE RETIREMENT ADVISOR Council finds that rewards and points
systems are particularly effective in driving employee engagement
with employer-based financial wellness programs.
In " Advisors Take Steps to Measure Employee Engagement in
Financial Wellness Programs, " it states that rewards programs have
been quite successful on the healthcare front, where employees earn
points for having regular medical checkups or going to the gym. They
make just as much business sense in helping employees achieve and
maintain financial wellness.
Indeed, the advisors surveyed say that, on average, 19% of their
clients with a financial wellness program use a rewards or points
program to stimulate participant engagement.
The report notes that employees usually access services one of
three ways:
* Self-service portal (Web, app, automated phone, automated assistant)
* Group meeting (education)
* One-on-one coaching (counseling, planning, or even advice)
" Multimodal programs allow employees to select the point of entry
that best fits their needs, " it explains. " The selection of metrics to
include on the dashboard will vary depending on the points of entry
available in the program. "
10
ISSUE 1 2021 | 401kSpecialist.com
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401(k) Specialist Issue 1 - 2021
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2021
Table of Contents
401(k) Specialist Issue 1 - 2021 - Cover1
401(k) Specialist Issue 1 - 2021 - Table of Contents
401(k) Specialist Issue 1 - 2021 - 1
401(k) Specialist Issue 1 - 2021 - 2
401(k) Specialist Issue 1 - 2021 - 3
401(k) Specialist Issue 1 - 2021 - 4
401(k) Specialist Issue 1 - 2021 - 5
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401(k) Specialist Issue 1 - 2021 - 11
401(k) Specialist Issue 1 - 2021 - 12
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401(k) Specialist Issue 1 - 2021 - 45
401(k) Specialist Issue 1 - 2021 - 46
401(k) Specialist Issue 1 - 2021 - Cover3
401(k) Specialist Issue 1 - 2021 - Cover4
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