How can better language help people set the right pace for their retirement and support them as they consider their options?
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Working together with Nest Insight, we've looked into the language of defined contribution pensions to provide practical steps on how you can help people in their 50s and 60s avoid making snap decisions, and instead make the right choices to give them the retirement they want.
Download the report today
In Gearing up for retirement, we speak to 11 industry experts, 8 Nest members and over 1,500 UK pension savers to understand how people nearing retirement talk about their retirement options, and give you practical ways to get them engaging with their pension.
Through our research, we've gained a richer understanding of the stumbling blocks older workers face in preparing for retirement. Common barriers that those nearing retirement face, include:
1 in 2 people in their early 50s believe they can’t afford to contribute more
1 in 3 believe it’s overwhelming and there’s too much to think about
3 in 10 don’t know what steps they can take to better prepare for retirement
1 in 5 think it’s too late to make a difference
In Gearing up for retirement, we uncover the key themes that help support people nearing retirement, and provide examples of how they can be adapted to your own pre-retirement messaging.
When saving for retirement, people often think of the size of their pension pot rather than the level of income it might generate.
“It’s helpful to think less about that total number and more about how much income those savings could provide you month-to-month”
Encouraging conversations with friends and family or sources of guidance could help people overcome the initial barriers to engagement.
Most prefer messages that start with simple choices, broken down into discrete steps, that then ramp up over time to cover their options in detail.
Download the report today
In Gearing up for retirement, we speak to 11 industry experts, 8 Nest members and over 1,500 UK pension savers to understand how people nearing retirement talk about their retirement options, and give you practical ways to get them engaging with their pension.
In this interactive session, we discussed the findings of our research in more detail. Alongside our expert panel, we showcased some of the key takeaways of Gearing up for retirement and considered what they mean for pensions schemes and financial advice professionals.
This study is the third of a series of three studies produced in partnership with Nest Insight. To find out more about our previous reports into the language of pensions, please click on the links below.
In our second study, we consider whether better uses of language can help people in their mid-working life understand what their pension saving means for their retirement income.
In the first study, we take a deep dive into how better uses of language can help overcome some of the barriers that stand in people’s way when they try to move ‘beyond the default’ and consider their savings choices.
Established by the UK government as part of its auto enrolment initiative, Nest is one of the world’s fastest growing pension schemes with 8 million members and counting. Nest Insight is a collaborative research unit set up by Nest Corporation to help understand and address the challenges facing Nest members and other defined contribution savers. Working in partnership with industry, academics and policy makers around the globe, their mission is to understand and address the challenges facing defined contribution savers.
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Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice.
