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Guest Post: How to Inspire Financial Literacy and Motivate Employees to use Workplace Retirement Plans

Guest Post: How to Inspire Financial Literacy and Motivate Employees to use Workplace Retirement Plans

Nadia Darwish

09/18/2014

By Nadia Darwish, Vice-President, Market Development, Sun Life Financial
@SunLifeCA 

I’m sure you’ve seen the headlines. You may even be guilty yourself. We know that people are just aren’t saving enough.

A resent survey found that 75% of employees have put aside less than a quarter of what they will need in retirement, while among those who who are close to retirement (50 and older), 47% are still less than a quarter of the way there.1

And yet, other research revealed that even though 74% of those surveyed with a workplace savings plan fully acknowledge that they are forgoing “free money” if they don’t contribute to the maximum company match, only 17% said they maximized their contributions.2

What’s the problem? Why aren’t people doing more to save, especially when their employers offer workplace retirement plans, many of which offer matching contributions and other benefits to help them prepare for retirement?

The answers to those questions are complex. Many employees are busy at work and juggling competing demands, which means learning about their workplace retirement plan falls to the bottom of their priority list. This is especially true of younger workers who find it challenging to prioritize when retirement is so far away. Other employees may feel overwhelmed by what they perceive as complex decisions so they keep deferring that decision to later.

The challenge of financial illiteracy and retirement insecurity in the workplace is serious. But at Sun Life Financial, we found a solution that addresses this challenge by transforming what may seem to be daunting and complicated topics into a fun learning experience.

Tune into Inspiring Financial Literacy in the Workplace: Sun Life Financial case study, a new webinar coming up on September 24, 2014, at 11 am PDT/2pm EDT, and you’ll hear how at Sun Life, we’re using gamification to improve financial literacy and retirement plan participation among employees of companies with our workplace retirement savings plans. More specifically, you’ll learn how money UP, our gamified online education program, is helping employees better understand financial planning concepts and the benefits of saving at work.

I’ll be joined by Rajat Paharia, Founder and CPO of Bunchball, and during the 45-minute webinar, and we’ll discuss:

  • the challenge of engaging employees in workplace retirement plans
  • how money UP was designed to motivate employees to take action and save for retirement
  • how intrinsic motivators, such as social interaction, progress and autonomy, can be used to engage the broad range of employees, especially Millennials
  • real-world business results from the money UP platform
  • tips on launching a gamification program in your organization

Do you want to improve financial literacy among your employees? Would you like to motivate them to take advantage of workplace retirement plans?

If so, please join me for the free webinar Inspiring Financial Literacy in the Workplace: Sun Life Financial case study. You can register here.

1 2014 National Payroll Week Research Survey, Canadian Payroll Association, September 2014
2 2013 CAP Member Survey, Benefits Canada

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