Retirement Planning on the Go: DC Participants Rely on iPads, Smartphones

"In all cases, younger participants are most likely to conduct various financial activities via their smartphones," according to the report. "In most cases, however, the differences are not significant." Spectrem did note that older participants were more likely to use their phone for contacting their advisors, but theorized that that may be because they're more likely to have an advisor.

Between men and women, however, there are significant differences in how they use their smartphones. Men are much more likely to use a phone for investment research and trading and for contacting their advisor. The differences are less dramatic among tablet users. Women are slightly more likely to use a tablet to pay bills, and both groups use tablets primarily for checking account information.

Participants use their tablets more than their smartphones (12 hours versus 10). Likewise, they spend a greater portion of that time on financial matters. While smartphone users spend 7.7% of their phone use on financial matters, tablet users spend 13.6% of their tablet use on their finances.

Participants are interested in apps for both smartphones and tablets, while the most popular app for both is one that allows them to access personal account information and to view balances from multiple providers at once. Tablet users, however, were more likely to use an app that includes research and articles on financial topics (47% compared with 34%) and to get advice from financial experts (40% compared with 28%).

Apps should be seen as a "fundamental piece of the overall employee communication strategy," according to Spectrem. Participants who use apps use them frequently, and providers that can consistently provide fresh information can build a trusted relationship with participants.

Spectrem surveyed almost 2,500 people for "The Use of Mobile Technology by 401(k) and Defined Contribution Plan Participants." Surveys were conducted during the summer.