6 Key Participant Trends During COVID
By: Andrew Cate, Account & Project Manager
As we go through these tough times together, we want you to know that Enza is here for you in any way possible. One of the ways we can achieve this is through providing you with up to date information regarding trends in the marketplace, and what we are seeing from plan participants. Our team attended a webinar regarding current events, legislation, and participant trends from a partner recordkeeper. This data is based off of 9.4 million participants of one of the leading recordkeepers in the retirement space.
Below are 6 key participant trends during COVID:
- 99.3% of participants have stayed the course since February in regards to their investment allocations.
- Normally 1% of calls are related to trading. This has spiked to 2-3% of total call volume, but this is rather low overall.
- The largest online engagement increase has been seen with participants who have over $250,000, which went up to 34% engagement.
- Financial wellness tools online have seen an increase in use of 22%.
- Withdrawals have been very small since the outbreak. They have seen nothing other than normal amounts being withdrawn at this time.
- Minimal rise in 401(k) loans and hardships has been seen.
Enza is committed to being a dedicated resource for you and your business during these difficult times. If there is anything we can do to be of assistance, please don’t hesitate to reach out.
Andrew Cate, Account & Project Manager