Retirement Plan Digital Experience Suffers as More Americans Struggle Financially

While economists are still divided on whether the United States is in a recession, retirement investors have a clearer sentiment: their financial health is deteriorating, they are concerned about their investments and, when they turn to their plan’s websites and apps for help they are not finding what they need. According to the J.D. Power 2022 U.S. Retirement Plan Digital Experience Study,^SM released today, overall satisfaction is down 12 points (on a 1,000-point scale) this year as 53% of retirement plan investors are now classified as financially unhealthy, and 63% say they have challenges managing their accounts digitally.

“Retirement investors are under a great deal of financial stress right now and they are looking to their plan’s websites and apps for information and guidance,” said Mike Foy, senior director and head of wealth intelligence at J.D. Power. “Unfortunately, many are not finding what they need and end up having to call customer service for help. This is a moment-of-truth opportunity for plan providers. When they get the digital experience right, they see a very significant lift in the likelihood to grow and retain participant assets long after they have left their current employer.”

Read the full press release for key findings and brand rankings >