What does this tell us?
This apathy fuelled with optimism bias reinforces the need for pension communications that tirelessly seek to improve active decision-making from members, and as a result, overall pension engagement.
Relevant messaging (based on members’ behaviours) will make communications more meaningful to the member, and thus more likely to stimulate activity. Here data and technology become your ally, where digital processes can recognise member trigger points and send out relevant messages.
When it comes to messaging and tackling naive optimism, don’t build the campaign around the risk of future issues, as people will think “That won’t happen to me!”. Focus instead on the positive benefits of saving more and making active decisions.
Our research found that only 38% will respond to scare tactics, but 76% will react to feeling excited.