People in this age group tend to have higher levels of financial literacy than their younger counterparts, but many of them are either under-saving or are yet to start. This is a large cohort that varies widely, but the focus of communications should be consistent, that saving into a pension is value for money and that the sooner you start the easier it will be.
Purpose of communication
• Reinforce the value of the employer contribution.
• Signpost to appropriate information sources.
Examples of key messages
“When you pay into your pension your employer does too. The Government adds what you would have paid in tax to help you save for your retirement.”
This is also a period where providers should be seeking to consolidate their pensions knowledge and manage their retirement savings well.
“If you’ve moved employer recently, you’ve probably changed pension provider. It could be worth your while putting all your pensions in one place.”