Employees participating in a gamified online program have increased contributions to their workplace savings plan or opened a new product, according to Sun Life Financial.
In the first six months since the company launched its money UP program for plan sponsors, one-third of employees who completed the first level in the program took action with regard to their savings, said Nadia Darwish, vice-president of market development for Sun Life’s Group Retirement Services, during a webinar on Wednesday.
The average increase in contributions was 74%, and the average increase in payroll deductions was 69%.
Of those who had opened a new product, the most popular choice was a tax-free savings account followed by an RRSP. And an average of 1.23 products were opened per player.
Darwish noted that millennials make up the highest proportion of players in the program and are also the most likely to take action.
One-third of them have played, compared with 26% of generation X employees, 27% of late baby boomers and 13% of early boomers.
And 44% of millennials have increased contributions or added a product, compared with 27% of gen Xers, 20% of late boomers and 9% of early boomers.
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