New solutions, such as employers' adoption of auto-enrollment2, have helped Millennials begin saving earlier, and that, in turn, has helped to put their retirement savings on course.
These findings come from John
"With Millennials, our challenge is not getting them to join the plan – auto-solutions have done that – but it is to engage them in their broader financial lives," said
As a plan provider, Murphy added that John Hancock "understands people have different needs as they plan for retirement. Our passion is to help identify and implement solutions to help them achieve their goals and, as a result, reduce or eliminate their financial stress."
One of those solutions is Morningstar's HelloWallet financial wellness program4, which John Hancock RPS began offering on its Total Retirement Solution platform in late 2015. HelloWallet helps people to create budgets, analyze their spending and savings trends, and track progress toward their financial goals.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in
John Hancock Retirement Plan Services
1The retirement readiness data is from John Hancock's proprietary data warehouse, which holds information from its mid/large-market platform of more than 1.5 million participants and 1,599 plans as of
2Source: Millennials (With Jobs)
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Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (
Both John Hancock Life Insurance Company (
JH Enterprise® is a registered trademark by John Hancock Life Insurance Company (
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SOURCE John Hancock Retirement Plan Services