Participants using Principal Mobile have an average deferral rate 11% higher than the average deferral for all participants covered by plans through The Principal. Almost twice as many mobile users (15.36%) increased their savings rate, compared to the overall pool of participants (8.2%).
“Those signing up for the mobile app want to be more engaged with their retirement account, so it’s no surprise they are also higher contributors. Seeing that account balance and tracking progress on a regular basis may be just the nudge needed to keep savings a priority,” said Joleen Workman, vice president, retirement and investor services at The Principal.
The newest version of Principal Mobile can be downloaded from the App Store (for Apple products) or Google Play.Corporate Insight recently shared mobile app best practices for plan providers (see “Mobile App Best Practices for Plan Providers”).