And it’s here!
I am proud to announce that we have launched NEXT GENERATION SAVINGS our vision for changing workplace pensions and saving for the better. At the same time we are also launching our brand-new online workplace pensions and savings dashboard, 'myAspire'.
Which has been specifically designed to encourage, educate and engage employees with their workplace pension schemes. We believe it really can help people save earlier and create better and more secure financial futures.
I’m proud to say that this is the best product we’ve ever built – it’s truly cutting-edge -- and I’m very excited to show it to you.
I developed the vision for NEXT GENERATION SAVINGS last year, after speaking to many HR directors, benefits directors and CEOs who were desperate to get their staff more engaged with their workplace pension schemes – but nothing they tried seemed to work.
They pumped out newsletters about pensions, which usually sat on staff desks, unread. They sent out emails which barely got opened. They organised meetings to tell employees how to increase their contributions…but still no one saved any more.
Everyone was frustrated, and worried about their employees’ futures.
So why is Next Generation Savings so revolutionary?
Well, as I’ve explained over the last few weeks, over time I came to see that there were two main barriers stopping employees from fully engaging with their pensions.
I realised that while they had plenty of access to information about how to save more, they still weren’t convinced about why they should save more.
Their companies tended to focus on the former, putting the cart before the horse. And when they did try to explain the “why”, it was often in quite an abstract way – “You’ll be better off”.
Their employees still couldn’t visualise, in really concrete terms, the difference it would make 30 years down the line if they saved another £100 a month…or failed to save much at all.
They also couldn’t make a sensible decision about whether it was worth investing more, because they didn’t have a true picture of their full financial situation.
Everyone was talking to them about pensions in isolation, while the decision to invest would very much depend on other factors such as their mortgage, their daily expenses, other investments they had, and so on.
Given the choice to put extra money into immediate needs like their house or childcare, or saving for the future...well, there was no case for the latter.
NEXT GENERATION SAVINGS is truly different, because it shows your employees not just their pension but their whole financial picture, and what the implications are for them, every time they make a savings decision.
When they use it, they’ll understand exactly how much money they have to spare for pensions, how they can adjust their finances to save more, and what their life will be like in retirement, if they save an extra £50, £100 or £300 a month today.
It’s a very powerful tool
Of course it does more – much more – but I’ll tell you about that in my upcoming blogs.
Topics: Next Generation Savings