New Schwab Data: Virtual 401(k) Education Is on the Rise, Reaching More Workers More Efficiently Than Ever
Schwab Retirement Plan Services reports a 33% increase in virtual education session attendance in 2021, driven by the pandemic's shift to digital learning. The number of onsite meetings dropped significantly, with 93% of sessions held virtually. A key finding was that 42% of workers preferred on-demand sessions, contributing to a 69% reduction in cancellations compared to 2019. The virtual format proved effective, with 93% of participants feeling better prepared for financial decisions. Going forward, Schwab will maintain a hybrid approach, blending virtual and in-person sessions.
- 33% increase in virtual education attendance year-over-year.
- 93% of participants felt better prepared to take financial steps after attending sessions.
- 96% of attendees found the content easy to understand and engaging.
- None.
“The pandemic accelerated the migration to virtual education, but the trend has been building for several years as both workers and employers have discovered the advantages of digital delivery,” said
Of the workers who attended Schwab’s education sessions in 2021,
New opportunities for engagement
Even as many employers began encouraging workers to return to the office in 2021, they saw the value in keeping education virtual rather than in-person. Nearly
“Virtual meetings require fewer logistics, giving employers more time to thoughtfully plan content for workers,” Voris said. “A successful virtual session can’t just use the same slides and voiceover from an in-person presentation. We construct virtual content differently, with shorter sessions that encourage interactivity through polling, links, and personalized suggestions. Smart, consumable content encourages workers, who are already on their devices, to take action.”
Post-session surveys confirm the effectiveness of Schwab’s approach. Ninety-three percent of respondents said they were better prepared to take their next financial step after attending virtual education meetings, and
While virtual education is here to stay, in-person meetings can still play an important role in participant education. “We believe that offering both virtual and in-person sessions is the best way to meet workers’ educational needs, driven by context and content,” said Voris. “Virtual meetings have created new ways to engage employees, especially those who may be reluctant to raise their hand in an onsite group meeting.” Schwab does expect to see some increase in onsite education this year as workers return to the office. “In-person meetings can help to build trust, especially when we’re covering more complicated topics such as provider and plan design changes or introducing plan features that are more complex,” Voris added.
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