Employees choosing virtual 401(k) education sessions at record levels
Virtual meetings made up 80% of the sessions that Schwab offered in 2022 and, post session, more than 90% of participants agreed they felt prepared to take the next step in their financial journey,
According to new data from Schwab Retirement Plan Services, attendance at educational classes for 401(k) plans and other financial topics hit record levels in 2022, with virtual live and on-demand sessions driving the most participation.
Participant attendance was up by 5.4% year-over-year, with virtual live meetings making up 65% of attendance.
“As remote and hybrid work arrangements become permanent realities for many, it’s now easier for workers to integrate virtual education sessions into their schedules,” said Marci Stewart, Director, Communication Consulting and Participant Education for Schwab Workplace Financial Services.
“At the same time, workers are also looking for more interpersonal opportunities to connect and learn, making virtual live and onsite in-person sessions good opportunities for employers to deliver that engagement.”
Virtual meetings made up 80% of the sessions that Schwab offered in 2022.
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Participant confidence post-session reveals the effectiveness of the virtual meetings. More than 90% of participants agreed that they felt prepared to take the next step in their financial journey as a result of attending the virtual event.
To meet the growing demand for educational content, Schwab is more than doubling the number of events through its popular Participant Webcast Series this year compared to 2022.
“We are excited to provide participants with more opportunities to choose impactful, relevant financial education in their preferred format when and where they want it,” said Stewart.
Sessions that covered more general planning and preparedness topics drew high attendance in 2022. In addition, Schwab introduced events featuring women and investing, becoming the most-attended webcast topic last year. Other group-specific topics included investing in the Black community and financial essentials for the LGBTQ+ community. Schwab also launched a Spanish webcast hub last year that fully translates events and hosts in Spanish to celebrate National Hispanic Heritage month.
“Employee resource groups foster an inclusive environment and reach diverse communities,” said Stewart. “They also provide the opportunity for employees to learn from people they identify with, which participants tell us is important to the success of their educational journey. Providing relatable financial lessons is one of the most meaningful ways we can support our clients and drive more meaningful engagement.”