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Use of FinTech in Financial Wellness Programs

Sponsored by MFS Investment Management

There is a growing dialogue around the use of technology-based financial education (i.e., FinTech) and financial wellness programs. We know that some recordkeepers provide technology based programs, but were curious what the take-up rate of these programs are and if plan sponsors are providing this technology solely through their recordkeepers and/or advisors or if any are using some of the newer independent third-party providers of these programs.

About half of plan sponsors state they provide some type of technology-based education/financial wellness program to participants and of those that do, most do so through their recordkeeper.


Comments from those who provide a program through their recordkeeper:

  • These groups are well-suited to providing good tips and education for participants.
  • Excellent tool for our dynamic workforce. We have participants throughout NA, so they can attend from anywhere.
  • If you can get people to use consistently, it is beneficial.  Hard to get people to take action.  Have mindset that if I can help just one person, I'm doing good!
  • It is up to the enrollees to use this platform
  • It provides a one stop visual of your retirement outlook
  • It's great as it's available to everyone and accessible at the time needed.
  • Probably underutilized by participants
  • The tool is great, but i think it's too complicated for regular people so there's hardly any use and/or they're not using it to its full potential.
  • They have come out to have one in person session on their managed accounts. We supplement with
  • This has been a challenge for us - breaking through the cultural wall of not trusting.
  • We think it's helpful.  Employees can optionally take advantage of these resources when convenient or of interest to them.


Comments from those who do not offer a program:

  • Nothing at this time, but looking to add in the future
  • We are considering adding some resources in 2024.
  • We are going to be putting in place one that is offered by our investment advisor.
  • We have access to FinTech Educational programs through our recordkeeper, but are trying to determine the best way to use them.  Our MEP-like plan doesn't receive sufficient data from administrators to automate the software.
  • We have general education and planning through our recordkeeper but no outside technology within the definition of FinTech.