Otherwise known as My Money Connector, the digital feature will utilize data aggregation, linking to participants’ brokerage/retirement accounts, 529 plans, health savings accounts (HSAs), checking accounts, savings accounts, credit cards, mortgages and personal loans, and offer personal financial management modules to teach money management, John Hancock says. In applying the tool, participants can work toward a budget, monitor spending habits, determine savings goals and manage finances, says the firm.
Aside from the aforementioned offerings, the tool will provide an interactive education platform in the form of animated short films, video and game-inspired learning modules—available in English or Spanish—and webcasts. An online financial wellness assessment is also available for those participants hoping to establish financial fitness and recover financial health.
According to John Hancock, My Money Connector will be available at no additional cost to its plan sponsors and plan participants on the JHRPS open architecture platform in August, and on its group annuity platform in November.