ORLANDO, Fla., Feb. 24, 2014 /PRNewswire-iReach/ -- edu(k)ate, the first gamified financial wellness application for retirement plan advisors and employers announced today its release of a new Target Date Funds Course from Wall Street Survivor. Anyone can play the course for FREE at www.edukate.com.
edu(k)ate was launched to address Congressional and Department of Labor concerns of a lack of financial literacy and unsustainable savings rates in qualified retirement plans nationwide and especially amongst the younger workforce. By implementing game inspired techniques edu(k)ate has seen a dramatic increase in the willingness of employees to complete financial learning.
The industry since the creation of the Pension Protection Act in 2006 has focused on providing "investment advice" to retirement plan participants. However, studies have shown the lack of successful retirement outcomes is largely impacted by employee contributions and not the return of investments.
Furthermore, even with the advent of automatic enrollment plans, 401(k) participation is nowhere near 100%. It should be a top priority to provide basic financial education to all employees to give them the information they need to "Start." Traditional retirement plan education is generally reserved for the participating employees only. Our focus needs to be on how we can help those who aren't saving "Start" and those who are saving, to save more. We know the culprits: high debt, low wages, medical expenses, family needs, high energy and housing cost.
"Financial literacy in the 21st century should be an inalienable right and without it you are at a disadvantage," says Chris Whitlow, CEO and founder of edu(k)ate. "Thousands of Retirement Plan Consultants & Financial Advisors are in the position to tackle this problem and innovative technology like edu(k)ate can help them."
edu(k)ate has seen success in engagement and is off to a great start. The industry average for online participant engagement is currently 7% across major retirement record keepers. Without meaningful motivation employees don't show interest in engaging even though the majority of them have smart-phones and use online banking. However, when employers offer contest, awards and incentives which often is less expensive than one live-financial-seminar we have seen engagement reach over 50%. Our strongest demographic is with 18 to 45 yr. old men and women.
1. Employers and/or their consultants signup through edukate.com
2. Employers decide on an incentive (gift cards, lunch parties, vacations days, etc.)
3. Employees create an account and start to learn, monitoring the leader board all the way!
4. When the contest ends, employees are awarded, camaraderie is achieved and the employer gets a report of the analytics documenting their efforts. The data is also used to make better decisions around benefits spending and reduce fiduciary risk.
edu(k)ate's platform is record keeper agnostic and education can be added from any source. We provide the points system, badges and contest tools. Our software can distribute and document communication along with the education. The library is open to all employees year round allowing them to tackle problems even when there isn't an incentive. Distributing education should be easy, especially to large employee populations across multiple geographic locations. For Retirement Plan Consultants who have many clients edu(k)ate streamlines the process and makes it possible to connect with thousands of employees.
Courses are available for free at edukate.com. For more information for employers and consultants please email firstname.lastname@example.org to request a demo or visit edukate.com/consultant.
About edu(k)ate, Inc.
Founded in 2013, Orlando-based edu(k)ate is an online service that makes it easy for retirement plan consultants and employers to distribute and promote financial literacy to employees. Regardless of the financial institution providing the retirement plan or the geography of employees, edu(k)ate increases financial proficiency by motivating users with sponsored contests, incentives and awards. By putting financial wellness tools in the hands of qualified financial professionals, we can reduce financial stress, drive down the costs of employee benefits and reduce fiduciary risk.
About Wall Street Survivor
Wall Street Survivor is on a mission to demystify investing through interactive and comprehensive education. Jargon-free courses, paired with the web's best stock simulator, allows people to learn and practice trading stocks in a risk-free way. Jumping head first into the stock market can be scary. Wall Street Survivor turns that fear into fun, while preparing investors for a successful financial future.
Media Contact: Christopher Whitlow, Edukate, Inc., 407-474-1976, CWhitlow@edukate.com
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