LOS ANGELES, September 18, 2023  –  Capital Group, one of the world’s largest and most experienced active investment managers, has launched an enhanced version of its white-labeled employee engagement program ICanRetire® to serve the needs of plan sponsors and their employees in the Hispanic community.* Launched in 2021 as a complement to the American Fund Target Date Retirement Series®, the ICanRetire program includes tailored tools and resources that educate employees on retirement planning and inspire them to save more.

The number of Hispanic workers in the U.S. labor force is projected to reach 35.9 million in 2030, but this segment is disproportionately less prepared for retirement compared to other groups, with more than two-thirds of Hispanic households not utilizing saving vehicles such as 401(k) plans.^†

“The ethnic disparities in retirement savings are a growing problem in America, especially in the Hispanic community, historically an underserved part of the population. To help break this cycle, we must acknowledge some of the dynamics that influence views on money and investing,” said Vidhi Sanders, head of Participant Outcomes at Capital Group. “The enhancements we’ve made to ICanRetire are informed by our initial research which uncovered barriers such as language, access to financial education, and emotional connections with money.”

The ICanRetire program has evolved to create a more personalized and engaging experience for both plan sponsors and their employees:

Richer insights

Since its launch, ICanRetire has featured a simple and fun personality quiz to engage employees and match them to the right resources to keep them engaged, informed and progressing toward their retirement goals. Based on Capital Group's research, these resources are now informed by richer insights for Hispanic participants, including cultural background, family role and dynamics, and preferred language. 

Every participant’s profile and needs will be different, for example:

• Participant “Jocelyn,” a 33-year-old first-generation college graduate born in the U.S., may prefer to receive retirement planning information in English and her current retirement contribution rate is 3%. One of her top concerns is how to save for retirement while also saving for her first home. She’s also worried about her parents and the role she may have to play in supporting their retirement.
  
• Whereas participant “Miguel,” aged 57 and born outside the U.S., may prefer to receive content in Spanish and his current contribution rate is 0%. He believes investing in real estate is a more reliable, and tangible, retirement strategy.
   

The data-driven program analyzes the participant's age, financial experience and other factors to deliver a tailored and culturally relevant user experience. 

Spanish language 

The site now features a custom experience available in Spanish. A new language-search capability allows plan sponsors to opt in or out of a webpage translation, equipping the user with greater control of the platform to make decisions that meet their needs.

Candid conversations

ICanRetire has partnered with the Recording Academy’s GRAMMY Museum to develop a video series, “Money, Music, and Your Future.” Each exclusive segment is hosted on the platform and shares a candid conversation with a musical artist, highlighting their personal cultural experiences and unique perspectives on financial planning for a better future. Newly featured personalities include the artists and producers Claudia Brant and Cheche Alara, who discuss how their upbringing in Argentina and the socio-economic conditions they grew up in impact the way they think about money and investing.  

ICanRetire is available through employers that have the American Funds Target Date Retirement Series in their investment lineup (in 401k or 403b plans). For more information, visit ICanRetire.com.

The ICanRetire web experience is already available to Capital Group's PlanPremier® and RecordkeeperDirect® clients.

^*Along with robust research and analysis of peer-reviewed articles and government publications, Capital Group conducted a series of in-depth interviews and conversations with a representative mix of Hispanic consumers. The definition of Hispanic for this research is respondents who identify themselves as Hispanic or of Latin American origin (except those from Brazil or Spain) regardless of where they were born or their primary language. Capital Group performed online research with 45 people, which was followed by 30-minute in-depth virtual conversations and in-home interviews with a subset of that group to delve deeper into the key learnings gleaned from the original interviews.

^†U.S. Department of Labor data.

About Capital Group

Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research and individual accountability since 1931.

As of June 30, 2023, Capital Group manages more than $2.3 trillion in equity and fixed income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.