Research Article
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Abstract
Despite decades of retirement plan enrollment meetings, many employees fail to fully engage in their employer-sponsored retirement plans. Under the framework of the Transtheoretical Model (TTM) of Behavior Change, this study examines the effectiveness of a financial psychology intervention designed to increase engagement in employer-sponsored retirement plans across three employee groups: 107 employees of a regional bank, 43 employees of a custom manufacturing company, and 48 employees of a construction company. Following the intervention, significant changes in plan participation, contribution rates, and one-on-one follow-up meetings with financial advisors were observed. Thirty-eight percent of previously unengaged employees became plan participants, 68% requested and held meetings with financial advisors, and contribution rates increased by 39%, resulting in a total $199,445 increase in first-year annualized contributions and employer matching funds across the three groups.
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Mar 2022 | 31 | 0 | 0 | 31 |
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Jan 2022 | 43 | 0 | 0 | 43 |
Dec 2021 | 22 | 0 | 0 | 22 |
Nov 2021 | 69 | 0 | 0 | 69 |
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Feb 2021 | 32 | 0 | 0 | 32 |
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Dec 2020 | 43 | 0 | 0 | 43 |
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Sep 2020 | 24 | 0 | 0 | 24 |
Aug 2020 | 20 | 0 | 0 | 20 |
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Dec 2019 | 225 | 0 | 3 | 228 |
Nov 2019 | 326 | 0 | 0 | 326 |