We are the voice of insurance and long-term savings | Contact us

New industry campaign urges people to “Love Your Pension”

11/09/2018

ABI film backs the value of auto-enrolment

The Association of British Insurers (ABI) is launching a new campaign urging younger workers to “Love Your Pension”, as part of the industry’s commitment to auto-enrolment.

Auto-enrolment will have brought 10 million more people into pension saving by 2019/20 and the rates at which savers make contributions are climbing next April from 3% to 5%. The ABI wants to ensure the new cohort of pension savers appreciate the value of their workplace pensions and how important they will be to them when they come to retire.

Engaging people on pension issues is notoriously difficult, particularly when they are a long way from retirement. To tackle this, the ABI has produced a light-hearted film for social media which has a cast of dogs, complaining about the daily grind and talking about their future plans. The final message is that to avoid working like a dog all your life, you should love your pension.

The film is being promoted via Facebook and Instagram, direct to the younger audiences it is designed for.

Yvonne Braun, Director of Policy, Long-term Savings and Protection, at the ABI said:

“Auto-enrolment has achieved amazing things, and take up of workplace pensions has never been higher among the under 30s. It’s right that industry supports this policy which has transformed the pension savings landscape. By using our collective voice we can help ensure people properly value their pensions, and therefore reduce the chances of them opting out as contribution rates go up.

“Having enough savings to fund your retirement is a very serious matter, but scaring people about their future finances or trying to lecture them on what they should be doing will not help younger workers engage with these issues. Instead we are encouraging positivity about pensions, to complement the policy work we already do to increase transparency and engagement.”

Today’s launch is being marked by the publication of a new survey which shows that, as well as life goals such as home ownership and having a family, Millennials even value pet ownership more highly than building up pension savings.

When asked what they aspired to in life, responses were:

  • home ownership - 49%
  • having a family - 36%
  • being debt free - 32%
  • owning a cat or dog - 23%
  • having a comfortable pension - 20%

Of those who did have a pension in addition to their state one, the most common priorities over additional contributions included:

  • General living expenses and paying rent - 46%
  • Building up a savings pot - 24%
  • Paying off debt - 21%
  • Owning a pet - 12%
  • Paying off student loans - 7%

One in five (19%) Millennials said their pension either worries them or doesn’t feel like a reality, so they simply put off thinking about it.

 

-ENDS-

 

Notes for Editors

 

About the Research

Omnibus polling, 2000 sample size, split between ‘millennials’ (aged 22 and 37 years old) and baby boomers (aged between 54 and 74 years old). The research was conducted online between 17th August and 20th August 2018.

You can view the film and campaign page here.

Enquiries to:

Sarah Cordey                           
020 7216 7375    Mobile: 07860 189071

Dominic Stannard                    
020 7216 7350    Mobile: 07725 245838

Malcolm Tarling                       
020 7216 7410    Mobile: 07776 147667

 

1. The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.

A productive, inclusive and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.

 

2. An ISDN line is available for broadcast

 

3. More news and information from the ABI is available on our web site, www.abi.org.uk.

Last updated 11/09/2018