SPONSORED | It takes more than just financial education to save more for retirement
SponsoredThere’s a reason dietitians suggest not stocking up on junk food at home — without the temptation of instant gratification, we’re less likely to binge on bars of chocolate late one night. Make the healthy option the easy option, they say, and the same principles apply across all fields of human activity.
This in itself tested the impact of small group or one-on-one member counselling on willingness to take action. The research found that, when appropriately informed and given an action that can be taken immediately, people are more willing to make a change than one might think. Both groups, then, recorded high increases in savings. The one group, however, was able to get to savings levels that could result in a funded retirement. The other group will still end up extremely disappointed at retirement, with less than half the savings of the first group.If you’ve been in the retirement funds industry for any length of time, you may think such a result is “impossible”.
This is the world that retirement funds need to enter — a world of rapid prototyping and ever-improving excellence in helping people make better financial decisions. Their individual decisions matter — for example, when it comes to employee benefits, impactful behaviour change requires engagement at employee level, not just at employer level.
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