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When it comes to retirement planning, knowing about what your retirement needs are, what you need to do to enroll, and what kind of contribution to set, are all very important. Companies put millions of dollars each year into programs that are based around increasing the knowledge of their employees about their retirement, with the goal of improving the rates of plan enrollment & engagement. But is knowledge really the most important part of planning for retirement?
In order to really improve engagement, it isn’t knowledge that is lacking, but understanding and confidence. When the plan participants understand what they learned about retirement, they can have confidence in their actions and decisions when managing their plan.
For example, if you tell someone that they should set their level of contribution based on their individual retirement needs, they then know that they should set it at that level, but they don’t understand the reasoning behind their actions. If you then go on to explain all of the different factors that contribution level affects, what it means for them in the short & long term, and what their other options are, they can start to establish and understanding of what they are making a decision about.
At PlanPerfect Retirement, we aim to make the retirement process simple, while establishing that understanding that people need to make confident decisions with their plans. We are proud to offer SmartPlan, an online application that is designed to be a comprehensive education & enrollment tool, so we can accomplish that goal.
In early 2015, vWise Inc., the developer of SmartPlan, commissioned an independent study surrounding SmartPlan in order to measure the platform’s ability to increase plan enrollment and deferrals. The Retirement Readiness Confidence (RRC) was created to measure how confident the plan participants felt in their ability to successfully plan for retirement based on a 0 to 25 scale
Without using SmartPlan, those who were active participants in managing their retirement scored a 19.91 on the RRC scale, and those who were not actively participating scored much lower at a 17.23. Naturally, those who had more experience and actively managed their plan had a bit more knowledge and confidence, since they were exposed to it more often.
The non-participants were then asked to use SmartPlan, and afterwards they scored at 20.64 on the RCC scale; a significant improvement and at an approximately even level with those who actively manage their plan.
In summary, after one SmartPlan Session, users who were eligible for a retirement plan and had never before participated in their retirement plan were able to achieve the same level of confidence in their management and interaction with their plan as those who participate and invest in their plans on a regular basis.
Whether you’re an organization looking to improve plan enrollment & participation, or you’re just looking for something that can help you make the best decisions for your future, PlanPerfect & SmartPlan are the perfect fit for you. Just contact us to learn more about us, SmartPlan, and how you can plan for a better retirement.
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