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PENSION & BENEFITS

ENGAGE YOUNG PEOPLE

mrm-logo-opt2.jpgSOPHIE ROBSON, CONSULTANT, MRM

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PENSION & BENEFITS: ENGAGE YOUNG PEOPLE

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LANDSCAPE

GROWINGPENSIONSHORTFALL

SAVINGHURDLES

LACK OFSTEADYEMPLOYMENT

BUT

YOUNG PEOPLE UNDERSTANDTHE IMPORTANCE OF PENSIONS

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RESEARCH

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ATTITUDES OF TWENTYSOMETHINGS TOWARDS MONEY &A RANGE OF OTHER ISSUES18-25 YEAR OLDS ATTITUDES TOSAVINGS, DEBT, BANKING & FINANCIAL EDUCATION


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CONSERVATISM

YOUNGER THE AGE GROUP, THE MORE CONSERVATIVE THEY WERE

AFFECTED BY RECESSION

LESS CONFIDENTABOUT THEIRRIGHTS

STATE HANDOUTS

LIFE OPPORTUNITIES

PENSIONS & SAVINGS

6 IN 10 WOULD TAKE PART IN SALARY SACRIFICE SCHEME

47% OPTED TO SAVE A WINDFALL OF 1000

76% THOUGHTPENSIONSIMPORTANT

BUT ONLY 30% SAVING TOWARDS ONE


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THE ISSUE

ECONOMIC

BEHAVIOURAL

INDUSTRY


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AFFORDABILITY

3.3M

PEOPLE 20-34YO STILLLIVING ATHOME

JOB OPPORTUNITIESIN EXPENSIVECITIES

OTHER SAVING PRIORITIES

HOUSEhttp://www.flaticon.com/png/256/21239.pnghttp://cdn-img.easyicon.net/png/5359/535901.pnghttps://cdn2.iconfinder.com/data/icons/flat-ui-icons-24-px/24/settings-24-512.png


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BEHAVIOURAL

INERTIA
(LEAVING SAVING TOO LATE)

AUTO
ENROLMENT SHOULD HELP

RETIREMENTFAR-OFF

SHORT TERMCOST OF LIVING

ONLY IF THEY ARESAVING INTO OTHERVEHICLES AS WELL

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EMOTIONAL RESPONSE

TO MONEYPENSION & BENEFITS: ENGAGE YOUNG PEOPLE

SUPER RICH

PRACTICAL

USE TAXALLOWANCE

OTHERS

PRINCIPLE OF MONEY SIMPLE

IMPULSE PURCHASES

FEAR MONEY

PUT SAVING OFF

SPEND LESS THAN YOU EARN

SAVE THE REST

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CONFUSION

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NUMBERS

TANGIBILITY

PRODUCTS

C:\Users\gianni.sarracino\Downloads\cloud.pngC:\Users\gianni.sarracino\Downloads\cloud.pngDONT KNOWHOW MUCH THEYWILL NEEDANNUALLYIN RETIREMENT

42,149

26,170

MRM

SW

BETTERUNDERSTANDINGOF COSTSINVOLVED INWEDDINGS,CHILDCARE,DEPOSIT

CREATESUNCERTAINTY

43% OF THOSE PAYING INTO A PENSION HAD NO IDEA WHAT TYPE

NO IDEA ABOUT THE RATESTHEY WERE PAYING

?!


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INDUSTRY / GOVERNMENT

DISCONNECTBETWEEN WHATINDUSTRYTHINKS YOUNGPEOPLE KNOWABOUT PENSIONSAND WHAT THEYACTUALLY KNOW

MANY FEELEXCLUDED

GOVERNMENTPOLICY

JARGON

ACCESSIBILITY ININDUSTRY

1 IN 10UNDERGRADUATESCONSIDERING ACAREER INFINANCIAL SERVICES

BUDGET MANYAFFECTED

CREATEUNCERTAINTYAND MISTRUST

POLITICIANSNEED TO STOPTINKERING

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SOLUTIONS

SHIFT INTHINKING ANDBEHAVIOUR

PRODUCTS

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SHIFT IN THINKING

AND BEHAVIOURPENSION & BENEFITS: ENGAGE YOUNG PEOPLE

http://wiki.xbmc.org/images/f/f1/Box_icon.pngFINANCIAL EDUCATIONON NATIONAL CURRICULUM

EXPLAIN JARGON

KEEP LANGUAGE SIMPLE

EXPLAIN IN FACTS & FIGURES

CHANGE ATTITUDE

20 GIFT TO ALL PUPILS


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PRODUCTS

http://wiki.xbmc.org/images/f/f1/Box_icon.pngCURRENT MODEL

TOO INFLEXIBLE

GREATER FREEDOM TO CHOOSE

SHOULD BE ABLE TO ACCESSAS MUCH AS YOU LIKEWHENEVER YOU WANT

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TECHNOLOGY

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ALL INFO NEEDED AVAILABLE ONLINE

USE 9.2 SOURCES FOR EACHFINANCIAL DECISION

MAKE SAVINGS PRODUCTS MORE INTERACTIVE


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FUTURE: CLEAR CHOICE

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INDUSTRY AT A CROSSROADS

REAL OPPORTUNITY TO GRASP METTLE AND CREATE A SAVINGS CULTURE FOR YOUNGER PEOPLE


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Q&A

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gen aus presentation

Economy & Finance