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Press Release Principal Expands Culturally Relevant Program to Improve Retirement Savings Among Hispanic Workers |
Issued by Principal Financial Group Oct. 23, 2019 |
Enhanced capabilities encourage participants to take action and save DES MOINES, Iowa, October 23, 2019 -- Building on the success of its Hispanic-focused retirement savings program, Principal Financial Group® announces a new culturally relevant participant onboarding experience and enhanced digital capabilities. For employers with large Hispanic workforces, this specialized approach helps participants gain understanding and confidence as they begin saving in a retirement plan. “Having financial confidence transcends language barriers. But we believe the process to becoming financially confident relies on resources that take culture and language preferences into account to provide relevant and meaningful education,” said Jerry Patterson, senior vice president, retirement and income solutions at Principal®. “With a new onboarding platform and digital enhancements, people can feel more comfortable about starting to save and receive ongoing encouragement through clear action steps.” Principal® Real Start, a new digital and mobile participant onboarding platform introduced earlier this year, has been a game-changer in terms of driving positive retirement savings outcomes. This experience has now been transcreated into Spanish to help Hispanic workers starting to save. Instead of a simple English-Spanish translation, Principal uses “transcreation” to incorporate culturally relevant meaning and tone. With nearly 20% of U.S. residents identifying as Hispanic / Latino, there’s a deeper need to gain an understanding of the cultural concepts of this population /1/. “After years of working and reworking our digital and mobile onboarding experiences, we feel like we have taken a huge leap with Real Start. We have made the process so intuitive, easy, personalized, and interactive, that we are seeing participants save and take advantage of other features available in their plan at rates we have never seen before. Adapting Real Start to meet the unique cultural and language needs of the fastest growing segment of the US population enables us to drive positive retirement outcomes even further,” added Patterson. Hispanic workers take positive savings action Filling the retirement savings education gap In order to create a more holistic Spanish-language participant experience, Principal created a new website tailored to the unique needs of these individuals – Principal® Hola Futuro. It’s full of retirement saving education – from how to access a retirement account with Principal to managing daily finances to basic investing tips. “By continually evolving the Hispanic customer experience and offering culturally relevant education and resources when and where participants need it, we can start to improve overall retirement readiness,” says Patterson. About Principal® Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392. /1/ Univision Hispanic Financial Journey Study, June 2017 BL:hh |
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