How the use of technology is making pensions more accessible

More ways to help your employees engage with their finances.

If you have employees who don’t have a clue about their pensions – or find it hard to engage with finance in general – they might just be going about it the wrong way.

The traditional way to ‘keep in touch’ with the progress of a pension largely consisted of waiting for an annual statement to drop through the letter box and then consigning it to a drawer. Some people still rely on this approach – so it’s hardly surprising that many of them don’t know what their pension is worth, what it does with their money, or how they can change things around. 

In fact, 21% 1 of people say they check their pension value less than once a year. So how can we improve that?

By embracing digital communications, even the least tech-savvy employees can find easier ways to get familiar with their pension and understand the importance of retirement planning. Your pension provider should be able to help here.

5 ways to switch onto improved engagement

  1. “Alexa, ask Aviva what’s the value of my pension”
    If you’re not sure how to keep track of your pension, just ask your voice assistant to do it! For instance, Aviva have created a new pension skill for Amazon Alexa, which allows customers to check how much they’ve saved towards their retirement. 
  2. “I can’t always be bothered searching for websites, but apps make life easier”
    Apps like MyAviva make it really easy for anyone with a smartphone to check their pension. Thumbprint login and FaceID mean forgetting a password need never be a problem.
  3. “I don’t really think about using my phone to sort out my finances, but I’m on social media a lot”
    The right link from the right post can help form good habits. Following a pension provider on social media is a simple step towards better engagement.
  4. “I relate to pictures more than words”
    Not everyone wants to read detailed articles or web pages on finance. But there’s plenty of video content available online which explains pension issues and choices quickly and succinctly.
  5. “I’m not sure what I should be searching for”
    Following a relevant blog is a great way to keep up with topical issues without actively searching for material on different areas of a chosen subject. 

So, if you feel your employees aren’t fully engaged with their pensions, think carefully about the services and contact options your pension provider can offer them.  Making pensions more easily accessible is the key to improving engagement.

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