PLANSPONSOR - August/September 2019 - 2

Insights
Back to School
I
t's that time of year again-back to school. Whether you're getting your children ready,
as I am, or preparing to start a new school year yourself, there's always a combination of
excitement and nervousness.
In some ways, not much has changed in the whole routine from when I was attending-
I do some of the same shopping and laying out schedules and routines. In other areas, the
tasks have evolved-e.g., I love that both my daughters' schools let me amass all their school
supplies through one-click online shopping. As fun as my kids might think it is to spend
hours in Target or Staples looking for their list of items, I'll take online shopping any day.
But that's not the only difference I've found in starting a new year of learning since
I was a child; I don't recall ever hearing about learning styles back then. Now, there's a
clear understanding that people absorb, process and comprehend information in different
ways-no one approach to education will work for all. Some may be visual, others auditory,
still others readers/writers, and a further group kinesthetic-or tactile. I now listen, on
back-to-school nights, to the teachers regularly explain how they're tailoring various classroom
experiences, so every type of learner has the opportunity to succeed.
I'm not sure we've gotten to that point in educating about retirement plans or in the
latest initiatives discussing financial wellness. As much as I love the beauty of automatic
plan design-automatic enrollment and automated deferral increases flowing into a single
investment solution-it can make it easy to overlook the need to connect with groups of
people who are behind in saving and planning for retirement.
How do you deliver education about your retirement plan? Do you offer a range of
media to participants when discussing the plan or when arranging ongoing education and
participant reach out? The default communication is a notice in print, and while some
documents are required, plan sponsors often default toward accommodating those who
prefer to learn by reading.
How can you engage with the rest of your participants? For auditory learners, can you
offer webinars, or even podcasts, about financial topics? Although many people are quick to
negate the value of in-person meetings, for tactile learners, the in-person experience where
they may be walked through an exercise might make all the difference in how they save.
We've written in PLANSPONSOR many times about the value of creating messaging that
resonates with various participant subgroups-Millennials, Baby Boomers, " sandwiched "
participants who take care of both their children and parents, former students trying to pay
off loans, etc. Less time has been spent formulating how to reach segments of participants
who learn in less typical ways; that might be your strategy's missing component.
When I interned at PLANSPONSOR, 17 years ago, my first article here was about the
SunAmerica Advisory Opinion, which opened the door for providers to integrate third-party
advice. Experts predicted a seismic shift in access and an incredible take-up and usage rate.
While those rates may have lagged expectations, they could be on par with the relative number
of participants who, from reading an email, embrace a new offering. It's a good reminder that,
though many survey respondents are anxious to access advice, not all want it via the same
format-or will benefit, if the delivery method fails to engage their learning type.
As you plan for your participants to go " back to school " and for delivering education
about your retirement plan or financial wellness, it's worth considering how you work
to connect with your diverse group of participants. The good news? Your providers and
advisers are happy to plan with you a way to engage each segment-and they likely have
content at the ready. -Alison Cooke Mintzer
2 PLANSPONSOR.com August - September 2019
Now, there's
a clear
understanding
that people
absorb,
process and
comprehend
information
in different
ways-no one
approach to
education will
work for all.

http://www.plansponsordigital.com/plansponsor/august-september_2019/TrackLink.action?pageName=2&exitLink=http%3A%2F%2FPLANSPONSOR.com

PLANSPONSOR - August/September 2019

Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2019