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Financial Wellness Engagement Becomes a Family Event

Financial Wellness Engagement Becomes a Family Event

Financial Wellness engagement can be the key to a successful retirement plan. Financial Wellness engagement can occur in many different ways.  At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held at the location of Baruch College of The City University of New York University, Founder and CEO Fred Barstein spoke with Jane, Payroll Administrator.  Jane’s firm employs between 350 and 380 employees.  At Jane’s firm, they have determined a method for engaging the entire family in the Financial Wellness engagement decisions. What the video to learn how financial wellness engagement can work with all family members.

Full Transcript HereFred Barstein:
Fred Barstein with 401k TV. I’m here at Baruch College in Manhattan. I’m joined by Jane. Welcome, Jane.

Jane:
Thank you.

Fred Barstein:
Okay if we ask you a few questions?

Jane:
Yes.

Fred Barstein:
Thank you. Before we do, introduce yourself to our audience.

Jane:
My name is Jane. I’m a payroll administrator at a construction company here in New York City.

Fred Barstein:
How many employees do you have?

Jane:
We have about, anywhere between 350 and 380 employees.

Fred Barstein:
Right, depending on the-

Jane:
Interns.

Fred Barstein:
Yeah. So you talked about, it was at a previous company that you … Your company made retirement fun. What did they do?

Jane:
So it was at a not-for-profit, and we had one day where it was like a family day. So we had a 1k walk/run, and we invited everyone and their families to come join in. And the impact of that day was just to have everyone increase their retirement deferral by 1%, and what big of an impact that can do for their retirement. And the great thing about that was that, because we included their kids, kids were asking “Mom, dad, are you participating in your 401k? Are you doing this? Are you ready for your retirement?” And I think that level of accountability really helps hone in how important it is to be prepared for your retirement.

Fred Barstein:
Right. Plus, kids are now starting to think about, “When I work …”

Jane:
Yeah. So it was financial literacy for the entire family, which was good.

Fred Barstein:
And did it have an effect? Did people increase?

Jane:
Yeah.

Fred Barstein:
Yeah? So-

Jane:
Yeah. Some people did more. Yeah, some people did more.

Fred Barstein:
Even more than the one. Just one is a minimum. Final question, a couple of things you learned today that you might want to take back?

Jane:
Yes. Learning about auto-escalation, that’s something that I hadn’t known about. I do it on an individual level, but on a company-wide level, I think that would be great.

Fred Barstein:
Very good. Well, thanks for participating.

Jane:
Thanks for having me.

Fred Barstein:
And thanks for coming to TPSU today. And thank you for watching 401k TV. Please stay tuned.

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