Designed for Savings: Digital Engagement
We’re excited to announce the launch of our latest Designed for Savings supplemental report that delves into the world of digital engagement. Sponsors are increasingly moving to digital enrollment, benefitting from both better plan data and a more engaged member base. The report reinforces how access to digital tools - working in concert with plan design, advice and products choice - drives better retirement outcomes for plan members.
The most digitally engaged members, or Digital devotees:
- Have balances that are over 230% higher than those not digitally engaged.
- Are 2X as likely to take advantage of an employer match, with 79% maximizing the match.
- On average contribute more money and a higher percentage of their salaries to their plans
- Withdrew less money in the last year.
Digital Experiences Boost Retirement Preparedness
- Digital members more likely to name beneficiaries, hold target date funds and make lump sum contributions
- Campaigns like MAX Review increase engagement and balances
- Digital sponsors gain efficiencies in reporting and plan administration
Areas of focus
Members are split between categories of low, medium and high digital engagement- based on how often they log in to the Sun Life app or website. Comparing members in these categories shows the notable benefits of high digital engagement to drive higher participation, contributions and balances.
Questions?
Please contact your Group Retirement Services representative.