A Financial Psychology Intervention for Increasing Employee Participation in and Contribution to Retirement Plans: Results of Three Trials

Autor/inn/en	Horwitz, Edward J.; Klontz, Bradley T.; Zabek, Faith
Titel	A Financial Psychology Intervention for Increasing Employee Participation in and Contribution to Retirement Plans: Results of Three Trials
Quelle	In: Journal of Financial Counseling and Planning, 30 (2019) 2, S.262-276 (15 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Zusatzinformation	ORCID (Horwitz, Edward J.)
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	1052-3073
Schlagwörter	Intervention; Employees; Retirement Benefits; Participation; Program Effectiveness; Behavior Change; Money Management + Suchen Sie Ihr Suchwort? Employee; Arbeitnehmer; Beschäftigter; Retirement pay; Ruhegehalt; Teilnahme
Abstract	Despite decades of retirement plan enrollment meetings, many employees fail to fully engage in their employer-sponsored retirement plans. Under the framework of the Transtheoretical Model (TTM) of Behavior Change, this study examines the effectiveness of a financial psychology intervention designed to increase engagement in employer-sponsored retirement plans across three employee groups: 107 employees of a regional bank, 43 employees of a custom manufacturing company, and 48 employees of a construction company. Following the intervention, significant changes in plan participation, contribution rates, and one-on-one follow-up meetings with financial advisors were observed. Thirty-eight percent of previously unengaged employees became plan participants, 68% requested and held meetings with financial advisors, and contribution rates increased by 39%, resulting in a total $199,445 increase in first-year annualized contributions and employer matching funds across the three groups. (As Provided).
Anmerkungen	Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: https://connect.springerpub.com/content/sgrjfcp
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2022/1/01