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Getting people engaged in the conversation about saving adequate retirement income has been a “major stumbling block in pension saving,” relates Pensions Expert (PE), but a concept “long known to psychologists” could help change that.
A report published by the Pensions Policy Institute “looked at the idea that people could be more receptive to teaching during big life changes,” continues PE, adding those opportunities include “starting university or a first job, buying a house, or getting married. Young adults are most likely to experience such moments,” the report said.
Nest, Maastricht University and Dutch thinktank Netspar recently conducted a survey on the topic finding “the responses on whether life events make people think about their finances are mixed.” The authors “stress that several hurdles need to be overcome to use such events for pensions communications,” reports PE.
“To make the next step towards successfully using life events for pension communication, more research is required,” the paper concludes.
More: Room for improvement on engagement.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapension

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