To Motivate and Encourage Plan Participants to Prepare for Retirement
Boston (May 14, 2019) – John Hancock’s retirement business is upgrading its expansive set of participant financial education content and tools via a new online learning management system. My Learning Center tracks and rewards interaction and serves up key content on the platform’s homepage to help retirement plan participants improve their financial literacy, assess their personal finances, and work toward retirement readiness at all life stages.
John Hancock’s My Learning Center offers a financial wellness assessment, retirement calculators, webinar recordings, podcasts, videos, articles, and other resources previously available in different areas of the participant website, all in one location. It also has expanded financial wellness resources in Spanish.
As participants interact with My Learning Center, they earn “badges” through a new gamification and rewards system. Interactions with My Learning Center prompt and advance a personalized curriculum for the participant. Progression through the curriculum is curated and the experience is paired with plan level data to create key recommended actions to drive engagement and encourage financial fitness and retirement readiness for the individual.
John Hancock’s most recent annual Financial Stress Survey1 found that poor spending habits and credit card debt each keep one third of workers from saving more for retirement. In addition, only a quarter of participants surveyed were confident in their ability to make the right financial decisions. Even fewer feel they can plan successfully for retirement without help.
Understanding The Obstacles To Saving
“To enable people to save for retirement, we first need to help them understand the obstacles that cause them not to save – and then provide them with the information they need so they feel confident about taking the actions that will help them live well today and tomorrow,” said Patrick Murphy, CEO, John Hancock, US Retirement. “Our new learning platform goes beyond investment and benefits planning to identify specific financial stressors and then builds a learning curriculum customized to the individual, designed to help boost knowledge of financial topics and encourage action through intelligent nudges.”
My Learning Center is the latest evolution of John Hancock’s commitment to financial wellness education and holistic financial services that support advisors and plan sponsors to deliver retirement planning guidance.
For more information about John Hancock retirement products and services please click here.
^ Fifth annual financial stress survey, John Hancock Retirement Plan Services, Greenwald and Associates, June 2018. A survey of more than 1,300 workers to learn more about individual stress levels, their causes and effects, and strategies for relief.
About John Hancock and Manulife
John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD$1.1 trillion (US$849 billion) as of March 31, 2019. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and college savings plans. Additional information about John Hancock may be found at johnhancock.com.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than 150 years of financial stewardship to partner with clients across our institutional, retail, and retirement businesses globally. Our specialist approach to money management includes the highly differentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—along with access to specialized, unaffiliated asset managers from around the world through our multimanager model1,2. Our personalized, data-driven approach to retirement is focused on delivering financial wellness in retirement plans of all sizes to help plan participants and members retire with dignity.
Headquartered in Toronto, we operate as Manulife Investment Management throughout the world, with the exception of the United States, where the retail and retirement businesses operate as John Hancock Investment Management and John Hancock, respectively; and in Asia and Canada, where the retirement business operates as Manulife. Manulife Investment Management had $837 billion in assets under management and administration as of March 31, 20193. Not all offerings available in all jurisdictions. For additional information, please visit our website at manulifeinvestmentmgt.com.
1. Public Markets strategies managed by Manulife Investment Management, formerly known as Manulife Asset Management and John Hancock Asset Management. Manulife Investment Management’s Private Markets platform offers long term solutions across private equity and private credit, real estate equity and debt, infrastructure equity, timberland and farmland.
2. John Hancock Investment Management’s multimanager approach oversees a global network of over 30 unaffiliated asset management firms, managing more than 100 investment strategies, in addition to our affiliated asset managers.
3. Source: MFC financials. Global Wealth and Asset Management AUMA at March 31, 2019 was $837 billion and includes $189 billion of assets managed on behalf of other segments and $134 billion of assets under administration.
About John Hancock US Retirement
As of March 31, 2019, John Hancock serviced over 59,000 plans with over 2.8 million participants and $166.5 billion in AUMA. *
* John Hancock US Retirement consists of John Hancock Life Insurance Company (U.S.A.) (not licensed in New York), John Hancock Life Insurance Company of New York (licensed in New York), Valhalla, New York and John Hancock Retirement Plan Services, LLC. Approximate unaudited figures for John Hancock Retirement Plan Services division, provided on a U.S. statutory basis.