Defined contribution plan executives, providers, tech firms and academics are all giving “gamification” techniques a closer look in hopes of driving participant engagement and financial literacy.
“Over the past few years there has been an increase in elements of gamification within the digital retirement space,” said Olivia Jack, New York-based retirement industry analyst at market research firm Corporate Insight Inc.
Gamification elements, which include online games and challenges, peer comparisons and interactive education tools are all “cropping up” on record keepers’ participant websites and mobile apps, she said.
Much of this stems from the industry’s focus on finding ways to get more employees thinking about and preparing for their financial futures, Ms. Jack said.
Driving engagement among defined contribution plan participants “is definitely one of the most prevalent conversations across the industry for sponsors and record keepers,” she observed.
While “a lot of (the) rhetoric in the retirement industry has been around ‘setting it and forgetting it,'” gamification techniques “can encourage participants to go on their retirement websites and check if they are on track to meet their goals,” Ms. Jack said.