The website, smartPATH 2.0, is presented as a virtual
neighborhood that can be customized to reflect the details of each
participating employer’s specific group retirement and savings plan. Touch
points throughout the site educate employees about their plan while encouraging and facilitating enrollment.
site is accessible from multiple platforms such as desktop computers, tablets
and mobile devices.
“Many employees are still not on track to achieve adequate
retirement income because they fail to participate or fully engage in their
employer-sponsored retirement program, even when there is a matching employer
contribution,” says Jeff Aarssen, vice president of group retirement services sales and marketing for Great-West Life, based in Winnipeg.
Aarssen says behavioral finance theory has found these
decisions are strongly influenced by emotion, psychology and mental shortcuts, with
unengaged employees wanting employers to present educational information in
more interesting and motivating ways.
“SmartPATH 2.0 was designed using behavioral finance and
motivational theory,” he adds. “This approach acknowledges the role emotions
play in financial decisionmaking. It provides information in a manner that
appeals to a broad range of ages and learning styles, so we can help people make
better financial decisions.”
A video about smartPATH can be found here.
Great-West Life is a provider of capital
accumulation plans in Canada. In the United States, Great-West Life's sister company does business
as Great-West Financial, a group retirement plan recordkeeper.