Sometimes, making retirement accessible for all demographics is as simple as putting it in terms they can understand.
Insurance company Principal Financial Group has added a Spanish-language option to its mobile retirement app, in an effort to increase access and ease for their Hispanic customers. Many in this group have faced a retirement savings gap made even worse by the pandemic.
“It’s absolutely critical for workers to have access to quality retirement plans and resources,” says Joleen Workman, vice president of customer care at Principal. “We were hearing more from clients that they needed a mobile retirement app in Spanish to reach more of their workers.”
Principal found that 48% of Hispanic workers with full-time jobs don’t have access to retirement plans, compared to 24% for other full-time workers. And of those who do, more than two-thirds of Hispanic households aren’t saving through a 401(k), and only 8% report having an IRA or similar plan, a report conducted by Morningstar found.
The app’s bilingual capability ensures employers can reach more Hispanic workers, providing the appropriate language in Spanish or English based on a user’s phone language setting. Users can then check retirement account balances, make contribution decisions, monitor their retirement progress and get immediate assistance from bilingual customer support.
The Spanish-language app is available to all Principal customers and adds to the company’s pre-existing efforts to reach the Hispanic community. Principal Hola Futuro is a free educational and financial wellness resource, and the insurance company also offers a digital bilingual enrollment platform, Principal Real Start en Español.
The expansion is a continuation of Principal’s effort to build customer experiences that go beyond just language, Workman says.
“It’s one of our goals to help close that gap through relevant and powerful retirement offerings — as the Hispanic workforce grows and evolves throughout the country, we believe retirement plans and resources will continue to evolve to meet their needs,” Workman says. “But we have work to do to get there.”