After Enhancing Retirement Readiness Resources, Firms Turn Their Attention to Holistic Financial Wellness

by on Apr 12, 2018

After bolstering their retirement readiness resources, firms have now moved to improve their general financial wellness educational offerings. In recent weeks, Voya Financial and John Hancock introduced new financial wellness tools and refined existing resource organization, making their general financial education suites more robust and easier to browse.

John Hancock rebranded the My Learning Center materials into Playlists and integrated seven new calculators. The new tools, which focus on account management, investing and budgeting sufficiently mine participant data and clearly communicate results with intuitive data visualizations. The Playlists cover significant financial wellness and retirement topics with curated selections of multimedia resources. Each Playlist offers calculators, videos and lessons that engage users with interactive components. For example, the Estate Planning module includes a video that highlights the benefits of a well-planned estate and the planning process and ends with a review quiz.

New Participant Site My Learning Center Playlist Page

Voya reorganized its educational materials into a new sitelet and created a new Financial Wellness Assessment tool. The sitelet focuses on life stages, linking to an interactive educational page with Helpful Tips, Financial Considerations and advice for saving while the assessment draws information from participants’ profiles, and its inputs address their current financial circumstances. The assessment results assign a green, yellow or red rating related to factors like participants having contingency plans, insurance and good spending habits. The tool provides clear descriptions of score criteria, and bullet points directly below the score explain the results, providing actionable suggestions instead of context-free numerical results typical of other calculators.

New Participant Site Financial Wellness Assessment – Results Screen

With more than half of American adults stressed about finances, firms help their plan participants by providing general financial education resources in addition to traditional retirement education related to their plans. The enhancements made to digital platforms point to a continued emphasis on holistic financial wellness that industry experts predict will continue in 2018.