Fears about a coming recession may have abated a bit, as Moody's predicts a 33% chance of any economic slump, down from 50% earlier in the year. Nevertheless, inflation has taken its toll on retirement readiness, with just under half of respondents to HSA Bank's Health and Wealth Index reporting that their ability to save for retirement has been compromised by the financial instability of recent years. Although employers have a significant role to play in helping employees manage these rough waters, many Americans are taking matters into their own hands by using mobile apps to keep close and consistent watch on their accounts. According to a recent study from J.D. Power, customer satisfaction with the digital experience is up, but that doesn't mean there isn't still work to be done.
"Consistently, we're finding that improved digital experiences are critical to strong financial performance," says Craig Martin, managing director and global head of wealth and lending intelligence at J.D. Power. "Participants who have a great digital experience vote with their dollars, with roughly double the amount of participants rolling in assets from other plans and more than triple the amount saying they will keep their money with their current provider if their job situation were to change."
Courtesy of J.D. Power.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
