Principal expands retirement plan access to Hispanic workers
Principal Financial Group announced an expansion of its suite of retirement solutions for Hispanic workers by adding a Spanish-language option to its mobile retirement app. This enhancement is designed to help increase retirement savings and management access to the thousands of Hispanic workers Principal serves.
Principal brings the Spanish-language mobile app to participants at a time when mobile use for retirement saving and planning has increased significantly. In 2019, over 21% of participants used the retirement app via a mobile device, with that rate jumping to 37% of participants on mobile devices instead of desktops this year. The app provides the appropriate language in Spanish or English based on a user’s phone language setting, allowing Spanish-speaking users to check retirement account balances, make contribution decisions, monitor their retirement progress, and get assistance from bilingual customer support.
“Cultural and language barriers can often limit the engagement of Hispanic workers and hinder retirement outcomes, particularly during times of economic uncertainty. By adding a full-service Spanish-language retirement mobile app to our solutions for Hispanic workers we are focused on helping even more people feel secure and confident in their retirement planning.” – Joleen Workman, VP of customer care, Retirement and Income Solutions at Principal.