Employees who use Desjardins Financial Security retirement planning simulator contribute 50% more
LÉVIS, QC, Nov. 27, 2012, 2012 (Canada NewsWire via COMTEX) --
Desjardins Financial Security study shows how simulator can change employee behaviour
Three years after launching
their retirement simulator, On Target Retirement(TM), Desjardins Financial Security (DFS) conducted a study to analyze participant behaviour among users
and non-users. Results go beyond expectations: in some cases
participants contributed 50% more for their retirement than non-users.
DFS' study focused on 60 groups with at least 10 participants and an On
Target Retirement participation rate of at least 10%. After analyzing
17,500 participants, they found that on average, participants using On
Target are enticed to start saving early.
In 53 of the 60 groups analyzed, contributions were higher with
participants who were using On Target. The tool takes an abstract
concept and visually demonstrates the impact of saving. Employees can
see how their monthly contributions will add up over time. They can
also try different scenarios like changing their retirement age or
seeing how much they can potentially save by increasing their
contributions. Most importantly, the tool integrates the data into
their statement, which means they are continually reminded of their
progress and encouraged to stay on track.
Effects on Gen Y
The survey results also showed that the On Target Retirement tool had an
even more surprising result with the younger demographic. In companies
where On Target Retirement was actively promoted, there was a more
rapid change in behaviour, particularly among those between the ages of
30 to 39. The study showed that the Gen Y participants experienced a
significant change of behaviour. Their average contributions were 36%
higher (2012 over 2011) versus 13% for non-users.
New media spin offs
Engaging employees in their own retirement planning is an industry-wide
challenge. "We're currently exploring the potential of new media to
engage employees of all ages. To test the waters, we created a fun
augmented reality game inspired by the On Target Retirement tool," says
Eric Filion, vice-president of Development, Marketing and Investment
Strategies for DFS' Group Retirement Savings division. "Although the
game, 'Get on Target' was initially designed for promotional purposes,
we have already explored this same technology with existing employees
and have seen its potential to engage employees in a whole new way."
For a demonstration on how augmented reality works, go to desjardinsAR.com and follow the instructions to download the app and play the game.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of Desjardins Group, the
leading cooperative financial group in Canada, specializes in providing
life and health insurance and retirement savings products to
individuals and groups. Every day, over five million Canadians rely on
Desjardins Financial Security to ensure their financial security.
Desjardins Financial Security employs over 3,600 people and administers
$34.9 billion in assets from offices in several cities across the
country, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa,
Montréal, Québec, Lévis, Halifax and St. John's. For more information,
visit the website at www.desjardinsfinancialsecurity.com.
SOURCE: DESJARDINS GROUP
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/27/c3632.html
SOURCE: DESJARDINS GROUP
SOURCE: DESJARDINS FINANCIAL SECURITY
(for journalists only) Sarah Twomey Media Relations Advisor Desjardins Group
416-926-2700 or 1-877-906-5551, ext. 2015 firstname.lastname@example.org email@example.com
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