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Tech-Driven Tools to Help You Plan for Your Future with Pension Contributions
According to a recent report by the IFS, UK employees are not increasing their pension contributions even in the face of changing circumstances. Despite an increase in pay or becoming mortgage free, only one in 100 private sector employees actively increase their pensions contribution rate in response to a 10% pay rise. It is important for individuals to take their future financial security into consideration and take advantage of any opportunities to increase their pension contributions.
Samantha Seaton, CEO at Moneyhub, highlights the industry’s ongoing issue of low engagement with pensions, as individuals often lack the time, confidence, and knowledge to make informed decisions about their pension that would genuinely improve their later years.
“Encouraging engagement with our pensions continues to be a key issue within the industry. All too often, people don’t have the time, confidence or knowledge to make informed decisions about their pension that will genuinely improve their later years.” she adds, “We all know that we should be contributing more, but more often than not, we need a nudge before we take action. It’s clear we need more than the occasional letter from our pension providers, brushed aside or unopened by many, to seriously consider our pensions and action changes to them.”
“And this is where technology can play a role in improving retirement outcomes. Open Banking and Open Finance powered apps like Moneyhub provide consumers, not only with a holistic view of their finances, but they also highlight where improvements can be made. Businesses using our AI-driven technology can help their customers by sending them personalised notification nudges through the app to tell them where they for example can save on their weekly shop and then suggest moving the savings into their pensions. Through our work with partners like NEST, Aon, Mercer and SEI Investments we’ve proven that engagement with pensions can be improved with the help of technology.”
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