Company offers digital financial literacy tools to its retirement plan participants and their families and through its teen programs
John Hancock was honored with the 2018 Financial Capability Innovation Award presented by the nation’s leading educational technology innovator, EVERFI, Inc. The award recognizes John Hancock’s significant efforts to improve the financial capability of Americans through unique digital learning initiatives.
While providing an array of financial wellness benefits, John Hancock received this award for its online financial education platform, My Learning Center, offered to all John Hancock retirement plan participants and their families; and the company’s work to increase financial literacy among teens through its Michigan Scholars and MLK Scholars programs.
Honorees are selected based on a set of criteria that included the scale and reach of their financial education initiatives, the scale of their commitment, and unique employee volunteering activities that supplement their programs.
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“Each year, we honor institutions that are truly dedicated to going above and beyond in service to their communities,” said Ray Martinez, EVERFI President of Financial Education. “The Financial Capability Innovation Awards have given us the opportunity to share and celebrate the tremendous investment these institutions are making and continue to make in the communities where they live, work, and serve. For EVERFI, our time here reminds us just how critical the role innovation continues to play in empowering Americans to pursue economic opportunity and achieve financial security for themselves, their families, and their community.”
Improving Financial Literacy in Retirement Plan Participants and Their Families
John Hancock has enhanced its retirement plan participant education program with My Learning Center, a mobile- and tablet-responsive program offering digital education focused on core financial competency. Since 2016 when it was introduced, thousands of participants have consulted its educational content, on subjects ranging from managing credit card debt and identity protection, to estate planning, with more than 20 distinct modules, offered in both English and Spanish, that employ video, animation, and gaming to engage and ultimately reward participants for taking control of their financial future.
In addition, John Hancock also offers educational programs to family members of its participants, through My Learning Center with courses specifically designed to be appropriate for various age groups, from elementary school to college students and adults.
“We’re committed to financial wellness broadly and very pleased with the award and how well-received My Learning Center has been,” said Patrick Murphy, CEO of John Hancock Retirement Plan Services. “Financial literacy allows individuals to lead more confident and fulfilled lives today while improving their ability to plan for a secure retirement in the future. Financial education is a core component of our financial wellness process that enables participants to use our tools and services more effectively and focuses on enabling better decision-making and making individuals’ lives better. We’re particularly proud that My Learning Center is available not only to retirement plan participants, but to their families as well, so we could engage the entire family.”
Helping Teens Get a Head Start with Financial Literacy
John Hancock has also partnered with EVERFI to bring The Michigan Scholars Program to Michigan students at no cost to schools or taxpayers and has reached 146 Michigan schools and over 8,000 students since 2014. John Hancock also partners with EVERFI to deliver financial education to Boston youth participating in the MLK Scholars Program, reaching over 1,700 youth since 2015. These web-based financial education programs use the latest in simulation and gaming technologies to bring complex financial concepts to life for today’s digital generation
“We are proud to partner with EVERFI to provide important financial literacy tools to young people and give them a good foundation for financial success in the future,” said Thomas Crohan, AVP and counsel, John Hancock Corporate Responsibility & Government Relations. “John Hancock believes incorporating tools like this in programs like ours can make a difference in creating equity in our communities.”