Virtual Education Hits New Heights

Ted Godbout

A report from Schwab Retirement Plan Services shows that worker attendance at educational sessions about 401(k) plans and other financial topics reached new heights in 2022, with virtual live and on-demand sessions driving the most participation. 

Participant attendance was up by 5.4% year-over-year, with virtual live meetings accounting for 65% of attendance, while 28% of participants went to on-demand meetings and 7.4% attended in person.

More than 80% of the sessions that Schwab offered in 2022 took place virtually. Of the workers who attended Schwab’s education sessions last year, 65% chose to attend virtual live meetings instead of watching on-demand sessions, up from 57% in 2021. Workers started returning to onsite meetings too, as 7.4% chose this format in 2022, up from a far smaller 1% in 2021. Cancellations and reschedules were down by nearly 10% last year compared to 2021.

Participant confidence and actions following sessions show the effectiveness of the firm’s approach. More than half of participants took action following a 1:1 engagement after an event in 2022, up from 37% in 2021. One of the top actions they took was increasing their contribution to their 401(k), with 18% of participants doing so in 2022, up from 11% in 2021.

“As remote and hybrid work arrangements become permanent realities for many, it’s now easier for workers to integrate virtual education sessions into their schedules,” says Marci Stewart, Director, Communication Consulting and Participant Education for Schwab Workplace Financial Services. “At the same time, workers are also looking for more interpersonal opportunities to connect and learn, making virtual live and onsite in-person sessions good opportunities for employers to deliver that engagement.