26 October 2023

Scottish Widows has shared some tips for employers and advisers, on how 2023 pension awareness season can get employees more engaged with their savings.

Scottish Widows believes the challenge is that the level of awareness about pensions remains too low, with Association of British Insurers (ABI) figures in 2022 showing just 20% of people are confident about saving for retirement. Scottish Widows own 2023 Retirement Report highlighted that one in three (35%) people are facing the reality of a retirement where they will struggle to make ends meet. 

Scottish Widows has rounded this up to seven things that you can do to boost engagement:

  1. make pensions inclusive for everyone – for everyone, of every age, stage, and demographic
  2. be bold and have some fun – with the use of new interactive tools for employees
  3. encourage digital adoption –  with the use of a pension app or increasing the proportion of workplace customers who are digitally active so that they start to check-in with their pension more often
  4. build in sustainability – integrating environmental, social and governance (ESG) factors into investments
  5. keep things simple – you don’t need to make things more complicated using formal and complicated language
  6. tailored guidance for different audiences – for those who need the basics and for those who need something more advanced
  7. keep it going, all year long - financial wellbeing is one of the hot topics and is here to stay, therefore keeping engagement all year long is essential.

Read the full article, here.

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