Rethinking on-site 401(k) education (2019) 

Target: 401(k) Participants 

Challenge: How might we better engage plan participants during education presentations? 

Summary: Our organization met with over 7,000 individuals annually through onsite retirement education presentations.  These presentations, though desired by the employer, rarely inspired action on the part of the participant.  

Process: 

• Individual Interviews with stakeholders 

• Co-creation activities with education specialists. 

• Insights and concept readout, positioning stakeholders for decision making

• In-market prototyping tests

• Evaluation via interviews, surveys, and usage data

• Report out to stakeholders, execution of concepts

Insight: Setting the stage was very important. Disengagement started immediately if there wasn’t already a connection to the specialist. 

Prototype: Two prototypes were successful. An introductory video, sent in advance of the meeting, got participants to act, logging into their account before the meeting. A quick personal finance prioritization exercise in the first 5 minutes helped people to engage and discuss how they are feeling about their finances.  Education specialists were trained and began using both solutions. 

Results: Within a year, over 14,000 people have watched the video in advance, and 88% of those who had watched it felt it increased their interest in attending the meeting.  80% of those who participated in the first 5-minute activity felt it helped them to bring their financial priorities top-of-mind at the start of the meeting.