If you read last week’s instalment, you’ll know I recently fell for a lovely pair of shoes and saved up till I’d got them.

But what if I’d been encouraged to do something better with the cash?

Here’s my new concept that could help do just that…

Let’s imagine it. And for now, we’ll call it the Ritbit (‘Rit’ standing for retirement). 

ritbitThe Ritbit:

  • Keeps people like me on the straight and narrow and focused on pension saving.

  • It buzzes just before I make a big purchase and tells me to slow down because my rate of spending is too fast, making me take a moment, catch my breath and put my bank card away.

  • It has the confidence to tell me when I’m behind with progress, because, like the Fitbit step count, it has clear benchmarks for me to work towards.

  • It also congratulates me when I’m doing well and this makes me feel good and inspired to keep up the progress.

  • Sometimes it sees that I haven’t made enough pension activity during the day and encourages me to up my game. That’s okay; I trust and appreciate these reminders.

  • It’s real-time and part of my present life. It’s always active. No logins are required.

  • It allows me to make instant decisions, like saving an extra £200 when I decided not to buy a pair of shoes. Or even save an extra fiver when I pass on a Gin and Tonic.

  • And whilst it may just look like a strap around my wrist, actually it’s my partner in crime when it comes to pension savings. It really does make me change my behaviour for the better.

So, do we see a future world where we all have Ritbits? My argument is, why not? We wouldn’t have thought of a world of Fitbits a decade ago, so let’s think big and get technology to change pension behaviour for the better!

Posted by Johanna Nelson

Topics: Employee Engagement

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