Use of Social Media by 401(k) and Defined Contribution Plan Participants

The Use of Social Media by 401(k) and Defined Contribution Plan Participants will provide retirement plan providers and advisors with answers to some critical questions as they begin to develop their social media strategies.

• Almost three quarters of defined contribution plan participants are currently using Facebook to some extent.  Does your firm have a Facebook communication strategy?
• While younger plan participants are the most likely to use Facebook, older participants are also frequent visitors to Facebook.  Do older participants seek different types of information from social media channels?
• About half of plan participants use LinkedIn.  Does your firm need a LinkedIn strategy or not?   Are participants using Twitter?
• What types of information are participants seeking through social media? While financial information may not currently be a driver, what happens when the availability of that information becomes more readily available?  Will you be ready?
• A number of participants prefer social media channels as sources of information and communication over traditional channels. How should you change your employee communication strategies to effectively use these channels?

This information, fielded in the summer of 2011 with over 1600 participants, and more is available in this report.

$2,500