To help address the savings gap for Hispanic workers, Principal Financial Group announced today the addition of a Spanish-language option to its mobile retirement app.
This enhancement, an expansion of its suite of retirement solutions for Hispanic workers, is designed to help increase retirement savings and management access to the thousands of Hispanic workers the Des Moines, Iowa-based recordkeeper serves as many face a retirement savings gap made worse by the pandemic.
“Cultural and language barriers can often limit the engagement of Hispanic workers and hinder retirement outcomes, particularly during times of economic uncertainty,” said Joleen Workman, vice president of customer care, Retirement and Income Solutions at Principal. “By adding a full-service Spanish-language retirement mobile app to our solutions for Hispanic workers we are focused on helping even more people feel secure and confident in their retirement planning.”
Principal brings the Spanish-language mobile app to participants at a time when mobile use for retirement saving and planning has increased significantly. In 2019, over 21% of participants used the retirement app via a mobile device, with that rate jumping to 37% of participants on mobile devices instead of desktops this year.
Research also shows that access to employer-sponsored retirement plans for Hispanic workers is lower as compared to other groups: 48% of Hispanic workers with full-time jobs don’t have access to plans as compared to 24% for other fulltime workers.The app’s bilingual capability can help assure employers they can reach more Hispanic workers. The app provides the appropriate language in Spanish or English based on a user’s phone language setting, allowing Spanish-speaking users to:
- Check retirement account balances
- Make contribution decisions
- Monitor their retirement progress
- Get immediate assistance from bilingual customer support
The Spanish-language app is available to all Principal will also be an immediate resource for Spanish-speaking workers who onboard with Principal® Real Start en Español, a bilingual digital enrollment platform. Since 2019, Real Start has led to an average savings deferral rate of 8% among Hispanic participants, the company says.
In addition, the company offers Principal Hola Futuro (“Hello Future”), an accessible, culturally appropriate resource providing employees with financial wellness videos, worksheets, FAQs, and access to a bicultural support team.
“To make financial security more accessible, we are creating opportunities to reach more people and businesses,” Workman said. “This mobile retirement savings platform is an important step in that work.”
SEE ALSO:
• Study Identifies Distinct Differences Among Ethnicities Regarding Retirement Risks
• Asset Accumulation Increasingly Unequal, Especially for Minorities