The world is changing quickly and so is people’s behaviour – especially where their retirement savings are concerned.
In a survey commissioned by Manulife, it was found that the Covid-19 pandemic has worsened financial stress for Canadians. 78% of respondents are worried about having enough savings for retirement.1
Also, with many businesses moving more than half of their workforce remote in the last year, Canadians are shifting their behaviours and adapting new ways to connect with their savings plans.3 Manulife is seeing the effects of this first hand. More than ever, your plan members now expect fully digital access to connect with and use their plan in whatever way they find convenient.
Three ways Manulife is helping our members reduce financial stress
1. Easy-to-use, self-serve digital tools to manage their plan
Through the member site, members can securely and easily:
- See their account balances and statements
- Check how their investments are doing
- Download tax receipts
- Access tools, calculators and a library of resources to help get the most out of their retirement plan
Manulife has also fast-tracked the launch of new digital features this past year:
- Members can easily send important documents online
- New online withdrawals allow members to submit withdrawal requests online. *Online withdrawal is available on the plan member site for select plans that allow withdrawals and have no restrictions.
2. 24/7 personalized and secure mobile access, allowing members to track and manage their savings anytime, anywhere
Here’s what members can do on the Manulife Mobile app:
- View plan details and savings totals
- See how funds are performing and rates of return
- View and edit their profile info *Not available to all plan members
- Opt in to receive paperless digital statements
- Group Benefits members can submit and view benefits claims
- The app is also now available in Dark Mode for iOS users only
3. Remote professional guidance to help members manage their finances during these unpredictable times
Members are looking to reduce their financial stress by seeking help for their finances and retirement savings plans. Almost all feel employers should be playing that role.1
In early 2020, Manulife doubled the number of webinars offered to help members better manage their finances during the market downturn.
We’ve also seen more members connect virtually with advisors to discuss their financial health this past year.
Retirement Done Right
At Manulife, we know that access to information has never been more important. Your plan members expect a secure, personalized experience and the ability to access their plan whenever and however they want.
Manulife is committed to improving upon the digital-first experience to meet the changing needs of our members.
Find out more
Contact your Manulife representative to learn more about how our digital-first solutions can help you and your employees.
Sources:
1 Manulife Financial Stress Survey Findings
2 Ipsos Canada - Understanding Emerging Consumer Behaviour Webinar
3 The Conference Board of Canada - Research on the Impacts of Covid19 from a Societal Perspective