Success has many parents and failure is an orphan. In addition, everyone loves 401(k) plans when the market is doing well.
Thanks to a weakening market, many retirement plan participants are turning to their plan’s websites and apps for help, but they aren’t as happy as they used to be.
Per a new JD Power survey, satisfaction on participants’ websites or apps is down 12 points (on a 1,000-point scale) this year, as 53% of retirement plan investors are now classified as financially unhealthy and 63% say they have challenges managing their accounts digitally.
During the past year, the percentage of retirement investors classified as financially healthy has plunged to 47% from 60. The satisfaction with retirement plan digital experience has fallen 12 points.