Press release
Principal® Expands Retirement Plan Access to Hispanic Workers by Taking Savings Mobile
Retirement industry leader adds Spanish-language option to retirement app, enhancing suite of resources customized to address savings gap for Hispanic
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nRetirement industry leader adds Spanish-language option to retirement app, enhancing suite of resources customized to address savings gap for Hispanic workers\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® announced today 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 as many face a retirement savings gap made worse by the pandemic.1\n\n“Cultural and language barriers can often limit the engagement of Hispanic workers and hinder retirement outcomes, particularly during times of economic uncertainty,” said Joleen Workman, vice president of customer care, Retirement and Income Solutions at Principal. “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.”\n\nPrincipal 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. 2\n\nResearch also shows that access to employer-sponsored retirement plans for Hispanic workers is lower as compared to other groups: 48% of Hispanic workers with fulltime jobs don’t have access to plans as compared to 24% for other fulltime workers.3 The Principal® app’s bilingual capability can help assure employers they can reach more Hispanic workers. The app provides the appropriate language in Spanish or English based on a user’s phone language setting, allowing Spanish-speaking users to:\n\n\nCheck retirement account balances\n\n\nMake contribution decisions\n\n\nMonitor their retirement progress\n\n\nGet immediate assistance from bilingual customer support\n\n\nThe Spanish-language app is available to all Principal customers and adds to the company’s Principal®Hola Futuro, a free educational and financial wellness resource for the Hispanic community. It will also be an immediate resource for Spanish-speaking workers who onboard with Principal® Real St...