Forever young

A few weeks ago, I had to change a direct debit with my electricity company.

It was a nightmare.

My mistake was to try and make this relatively simple change over the phone.

Once I’d got through, I had to navigate a seemingly endless menu of choices – “Press 1”, “Press 2”, “Press 7”.

You know what it’s like. You listen carefully to all the choices and then can’t remember which was right for you, so you have to listen to the whole list all over again.

Of course at some stage I pressed the wrong button, so I had to redial and start the whole thing from scratch.

Finally, I got through to a human being and had to answer another endless series of security questions about my mother’s maiden name, my first pet and my children’s birthdays (all seven of them!).

It would have been so much easier and so much more satisfying to do it all online. 

 

 lightbulbDid you know...research by Mintel shows that 43% of people want online                       tools to help them better understand savings 

 

There’s a tendency in our industry to assume that this statistic is mostly about “young people” (of course, what constitutes “young people” tends to change as you get older but in this context, we’re talking about people in their 20s and 30s).

But it’s important to acknowledge that it’s not only millennials who would be more motivated to save if they had better online tools. A pension dashboard is one step in the right direction but a single portal where all your expenses, savings and investments could be viewed is several steps further on.

It’s me, it’s you, it’s everyone.

Age ain't nothing but a number

Every age group is increasingly moving online. According to the Office of National Statistics, almost every single adult in the country aged 54 and under has “recently” used the Internet. So have 90% of adults between the ages of 55 - 64.

“Silver surfers” are a rapidly growing proportion of Internet users. If you recall, a few years back there was a study claiming that younger people were avoiding Facebook because so many of their parents and grandparents were on it…

The by-product of this trend is a cultural shift regarding where people like to do research, educate themselves and handle certain transactions.

Way back in ancient history – maybe a decade ago – people might have preferred speaking on the phone to a ‘real person’. Nowadays it seems more convenient and quicker to look for information ourselves online. If it’s not available, we get frustrated.

Pension dashboard and more

So if you’re solely relying on print campaigns, lunch-and-learns and ‘town hall’ meetings to promote savings and pensions to your staff, you are behind the times.

Although the methods above are useful, to really engage them you also need to provide material in the way they most want to access it. At the moment that’s online. And there’s every sign that within a year or two, if you’re not communicating with your people through their mobiles as well, your messages won’t be getting through.

This is why we have developed a new online savings dashboard. 

It’s not just a basic pension dashboard where people can find information about their workplace pensions, although it does that too. But it’s a sophisticated tool which allows your employees to see all their own financial information in one place, so that they can get a clear picture of their overall financial situation.

It is a very powerful way of motivating your people to visualise the consequences of their savings decisions, and put more money away for their future regardless of their age.

We’ve also started producing a magazine for your employees about money and savings. The aim is to give people the tools to make better financial decisions – and not just lecture them about it.

Why not check out one of our latest articles.

And if you're interested and would like to discuss how your employees can get their hands on one of these magazines...

employee-engagement-ideas
                                        ...just hit ‘reply’

 

Posted by Steve Butler

Topics: myAspire

myAspire-savings-pension-dashboard
Questions

Ask The Experts

Want to get in touch?
Just fill out the form below and we will be in touch shortly.

workplace-rocket

Next Generation Savings

Changing Workplace Savings Behaviour for the Better

discover
workplace-bullseye

Consultancy

We provide consultancy services to employers and trustees on contract-based and trust-based schemes, including master trusts. Our proposition encompasses governance, investment, administration and communications.

more
workplace-governance

Governance

Establishing and governing the ideal workplace pensions and savings for your employees can be complex and time consuming. That’s where we come in.

Monitor
workplace-education

Engagement & Education

We use innovative communication channels and modern technologies to help educate, engage and inspire employees across a range of financial topics.

 

Find out more
workplace-deckchair

Retirement

With greater choice and freedom in how and when individuals are able to access their pension fund, there is now an even greater need for early education and advanced planning. Find out how we help.

Discover
workplace-graph

Investment

Our investment research division analyses and rates over 18,000 DC investment funds. The insight we have enables us to support your investment objectives, making sure they're on track to deliver.

track
workplace-health-risk

Health & Risk

Our health & risk service provides tailored combinations of cover and cost to exactly match each employer's requirements, helping you get best value for your benefits spend.

Discover