The pandemic forced just about every meeting, interview or event to go virtual, but research from Schwab Retirement Plan Services shows that many participants prefer that format and may demand more virtual opportunities even after conference room meetings get the green light again.
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In fact, retirement plan participants’ appetite for virtual education predates the pandemic, according to Nathan Voris, Senior Managing Director of Business Strategy at Schwab Workplace Financial Services.
“In 2019, we had three times higher attendance in virtual sessions than in-person on-site sessions, with the added flexibility for attendees to join the sessions either live online or later through an on-demand recording,” Voris said in a statement. “And of course, those trends accelerated sharply in 2020 when the pandemic drove nearly all participant education into a virtual environment.”
Schwab found workers were more likely to choose an on-demand session, and less likely to skip an online session, in 2020 than in 2019. Workers choosing on-demand material more than tripled over 2019. Meanwhile, cancellations and rescheduling fell 57% among Schwab’s plan sponsor clients.
Employees’ preferences, and the ease of delivering a virtual session compared to the scheduling and setup of an in-person event, means this format will likely persist after the pandemic.
“Even when more people begin returning to their workplaces, we believe many will continue to prefer accessing financial education at their desks, at home or on their mobile devices, whether for a scheduled live event or an on-demand session,” Voris said.
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Schwab also found workers are interested in broader financial topics than just their plan specifics. Attendance for holistic financial planning sessions increased 54% in 2020, Schwab found, compared to a 37% increase for plan-related education.
“It’s clear that the outlook for retirement education includes more focus on overall financial fitness and more options to let workers choose when and how they receive that education,” Voris said.
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Danielle Andrus works as an editor for The Financial Planning Association® (FPA®). Over the past 15 years, she has worked in various capacities, including writing and editing. Andrus has worked for several notable publications and outlets and spent more than seven years as the executive managing editor at ALM Media, publisher of Investment Advisor magazine and ThinkAdvisor.com. Before that, she was online editor for Summit Professional Networks, where she oversaw newsletter development for four magazines, including Benefits Selling, Senior Market Advisor, Boomer Market Advisor, and Bank Advisor.
