Schwab Retirement Plan Services Launches My Financial Guide to Help Workers Take Control of Their Financial Lives

Schwab Retirement Plan Services announced today the launch of an interactive, online dashboard designed to help retirement plan participants save and invest. My Financial Guide walks participants through a financial health assessment using straightforward questions most workers can answer without having to look at their financial records. The guide helps create a custom plan with clear steps to work toward their specific goals.

“My Financial Guide was developed through extensive research and user testing to give workers the power to take control of their financial situations on their own terms,” said Nathan Voris, Director, Schwab Retirement Plan Services. “We know workers want help with their finances, but many are confused by industry jargon and find it difficult to start the planning process. This interactive experience was designed to help meet their expressed needs and complement other educational resources and tools we provide to employers who want to offer competitive benefits and help employees save and invest for the future.”

Workers take control of their finances

Schwab Retirement Plans Services’ annual survey of 401(k) participants found that workers want more help saving and planning for retirement¹. Six in ten participants (61%) think their financial situation warrants professional advice this year, an increase from 50% in 2020. My Financial Guide responds to these needs with modules on critical topics that retirement plan participants frequently want help addressing, including:

• Emergency Savings - educates participants on why preparing for the unforeseen is an integral step toward achieving financial goals
• Debt - teaches participants how to manage debt and build repayment strategies
• Insurance - details how participants can protect themselves and their finances from the unexpected
• Estate Planning - explores ways to help guide how a participant’s assets are handled when the time comes

Each topic can be accessed independently so that employees can work on the financial areas they care about most, at their own pace. Modules cut through financial jargon to help provide education as well as simple next steps. For example, the insurance checklist contains definitions of basic terms in addition to considerations for major insurance types and step-by-step guides to explore coverage options to help determine if they meet financial goals.