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Kiva Case Study for Retiremap

Kiva Case Study for Retiremap

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Published by Retiremap
Retiremap case study with a leading technology company on how they were able to measurably improve participant outcomes and financial wellness.
Retiremap case study with a leading technology company on how they were able to measurably improve participant outcomes and financial wellness.

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Published by: Retiremap on Aug 30, 2013
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09/10/2013

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Case StudyKiva Microfunds, Inc.
San Francisco, CA kiva.org 
Results
50% of the 30employees whoattended an iPadworkshop decided todouble their deferralrates
39% of all engagedemployees wanted tomeet the plan advisor
12 page employer reportdetailing engagement,behavior change,retirement readiness andfinancial wellness
76% of employees feltmore engaged with theirretirement plan
Challenges
 Younger, geographicallydistributed workforce
Making saving relevant
 Approach
Onsite iPad workshops
Email activation links
Custom website
Financial planningwebinars
 Targeted emails basedon employees’ goals
Kiva Doubles Savings Rates for 50% of EmployeesThrough Retiremap iPad Workshops
Empowering employees for a secure future
 As the first organization to enable people to lend to entrepreneurs in developingcountries over the Internet, Kiva has a history of innovation. To date, Kiva has lent over$434,000,000 to entrepreneurs from Peru to Tajikistan with a loan repayment rate of 99%. With a mission to alleviate poverty by connecting people through lending, Kivahas a unique organizational focus on transparency and empowerment.By enhancing its 401(k) plan education to be more relevant for its younger, tech-oriented workforce, Kiva decided to take an innovative approach to helping employeesreach their financial goals, including saving for a secure retirement. With Retiremap,Kiva created a program that combined today's technology with a process developedwith leading behavioral economist Dan Ariely, to measurably improve employees’savings rates.
Engaging with today's technology + behavioral economics
With a young employee population, Kiva's HR staff knew that focusing on retirementwould not resonate. Instead, the
Empower Your Finances
campaign, powered byRetiremap, employed behavioral economics and a financial planning process used bythe Financial Planning Association® to make plan education more relevant by askingemployees: "Do you know if you're on track to reach your financial goals?"By using iPads in onsite workshops, every attending employee got to use Kiva'scustom Retiremap app to do a goal-based retirement assessment and get a holisticStarter Roadmap. Those employees who did not attend an onsite workshop were sentan email activation link announcing the campaign's launch and 14.3% signed up.
Screen captures from Retiremap’s web and tablet based platform.

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