Most retirement plan participants say their financial health in deteriorating, and when they turn to their plan’s apps and websites for help, they are not finding what they need, according to a recent survey by research firm J.D. Power. The firm polled more than 7,000 retirement investors and found that the percentage classified as “financially healthy” plunged from 60% in last year’s survey to 47% this year, with 28% of investors now falling into the “financially vulnerable” category.
The industry average for customer satisfaction with their plan’s digital experience dropped 12 points to 663 on a 1,000-point scale. Only 37% of respondents said they can manage their accounts digitally without contacting customer service. The survey also found that strong digital performance is correlated with retirement investor asset acquisition and retention. Among top digital performers of the plans studied, 50% of investors say they “definitely will” keep their assets with their current provider in the event of a job change versus 17% of investors with low-performing firms.