Addressing the inadequacy of retirement provision has arguably become the biggest socio-economic challenge facing the UK, as the aspiration to generate a good financial outcome to and through retirement typically fails to meet the reality by some margin.
However, moving from a position of inadequate to good retirement outcomes is stymied by a number of structural and deeply engrained behavioural impediments to informed decision making, many of which can be addressed by applying relatively simple behavioural insights and interventions.
That is why we are launching a series of behaviourally-focused thought papers that consider the cognitive barriers to inaction and poor decision making and how they can be overcome, if policymakers and the pensions industry are to help people better help themselves pre, at and in retirement. The three papers focus on:
- Addressing impediments to good investment decision-making and the role of fit-for- purpose default funds
- How behavioural insights and interventions can improve savings levels and coverage
- Four types of pension saver and the solutions needed for each to achieve better retirement outcomes
Behavioural intervention series
Paper one: Is your default fund fit for purpose? Are we setting retirees up for failure by default?
Paper two: Mind the gap: Overcoming the cognitive barriers to saving for retirement
Paper three: Committed, disengaged, suspicious or falsely secure: What type of pension saver are you?
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