From increased health savings account contributions to improved long-term savings by those at-risk to retire past their goal date, the results are clear: myFiTage changes employee behavior and boosts their financial independence. Unlike other financial well-being programs, myFiTage introduces the concept of a FiT Age — financial independence target age—that’s both tangible and motivational. The results tell the story.
Problem: The employer wanted to provide their population with a tool that enhanced their financial acumen and ability to retire with confidence.
Solution: The leadership team championed a company-wide educational effort as well as a training program on the varied benefits of myFiTage. Of the 40% of employees who’ve used the web portal, two-thirds saved their personal financial data or financial independence estimates.
Results: In the first five months, myFiTage users lowered their FiT Age — the age at which they’ll be financially independent — by six months on average.
Problem: The employer had tried a few approaches to improve financial well-being with limited results, especially with low and middle income workers.
Solution: The employer launched an education campaign and offered employees a $50 reward for using myFiTage. Of the 38% of union workers and 51% of nonunion employees who’ve used myFiTage, one-half and one-third, respectively, have saved their personal financial data to improve their financial fitness estimates.
Results: Among myFiTage users who hadn’t been getting the full company match of their 401(k) contributions, 23% have increased their saving level to get the full match.
In just 10 months, users have reduced their FiT Age by a full year on average.
Problem: Robust financial well-being tools were available, but employees were not taking advantage of them and were not making optimal decisions regarding their retirement planning.
Solution: By embedding the FiT Age concept in both the technology and the customized communication campaigns and leveraging single-sign on technology with the other financial wellness platforms offered, the employer secured greater usage of the tools — while increasing retirement savings and improving the financial behavior of their employees. Willis Towers Watson also trained independent financial counselors on the myFiTage portal so they could use FiT Age vernacular in order to help employees with on-the-spot retirement planning and modeling.
- After five-years, nearly one third of the workforce is using the myFiTage tool on a frequent basis.
- Among those with FiT Ages over 70 — considered to be financially at risk — FiT Ages improved by two years on average over a five-year period.
- myFiT age users actively manage their 401(k); in a given month 1 in 6 will make a change.
- The number of independent counseling sessions increased significantly
Problem: Many employees didn’t understand how improving their health could affect their financial picture.
Solution: To emphasize the health-wealth connection, the employer integrated myFiTage with an annual, health-focused Know Your Numbers campaign and included an incentive valued at $50.
- Two thirds of the workforce has utilized myFiTage. Of these, one-half have increased their health savings account contributions significantly.
- Among myFiTage users who hadn’t been getting the full company match of their 401(k) contributions, 22% have increased their saving level to get the full match.
- myFiTage users have reduced their FiT Age by 1.6 years on average.
- 84% of user survey respondents say they value the long-term financial perspective myFiTage gives them; 73% would recommend it to another employee.
Again and again, employers that have tried other programs see employees change their behavior with myFiTage. The web application engages users and delivers value immediately with a personalized suggestion to each employee at just the right time. And by focusing on the user’s FiT Age — the age of financial independence — the myFiTage approach is leading to true
For more information, contact your local Willis Towers Watson consultant or visit us at willistowerswatson.com.