From doctors visits to business meetings, the COVID-19 pandemic has shifted so many of our everyday interactions from in person to online.

One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant uptick in the number of retirement plan participants meeting virtually with plan consultants since the start of the pandemic.

From doctors visits to business meetings, the COVID-19 pandemic has shifted so many of our everyday interactions from in person to online.

One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant uptick in the number of retirement plan participants meeting virtually with plan consultants since the start of the pandemic.

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In 2020, Transamerica reported a 25% year-over-year increase in employee education meetings, thanks to fully-remote engagement.

“Traditionally, Transamerica’s retirement education program had a mixture of in-person and virtual meetings,” Phil Eckman, chief operating officer of workplace solutions at Transamerica, said in a statement. “With the pandemic, it was necessary to move swiftly to an entirely virtual model. What we found is that virtual education removes most logistical considerations, making it more convenient and flexible for sponsors and employees.”

Eckman said plan sponsors have lauded the convenience of scheduling virtual meetings. “Their employees also expressed appreciation for the convenience to speak with a retirement planning consultant virtually on their schedule,” he added.

Transamerica also found that employees who met with a retirement plan consultant contributed an average of 32% more to their plans compared to those who did not meet with a representative. Meanwhile, 88% of employees who met with a retirement plan consultant said their meetings were “very beneficial” and 91% were pleased with the ease of scheduling and accessibility they had to virtual meetings with professionals.

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