GENTLE REMINDERS

The importance of a regular drumbeat of pension communication

Our recent Money Minded Voices research has highlighted just how important regular communications are in keeping people engaged and informed about their pension.

In the latest round of research, our panellists emphasised the role that the media and communications play in reminding them to think about their money, suggesting that a regular drumbeat of communications is necessary to keep members informed and engaged with their pension.

For example, when asked “What influences how you feel about money?”, one participant answered:

“We do a lot of reading online in terms of Martin Lewis, obviously we really respect his views and signed up to his newsletter which comes out quite regularly… We are very much keeping on top of that and making sure we follow his advice, or at least look into his advice.”

When asked the same question, another participant emphasised how messages communicated through media such as books, TV shows, and the news encouraged them to think about their spending more regularly. They explained:

“When I’m watching programmes and reading books about money, I think I’m a little bit more focused on not overspending”. They continue: “I think it’s just bringing it all to the forefront of my mind and reminds me that things could get tricky quickly.”

Interestingly, another participant shared the potentially negative effects that a lack of pension communication can have for how members think about their pension. When discussing whether they viewed their pension as part of their money, this participant stated:

“Funnily enough I just got my pension statement yesterday and I didn’t even realise that like, there was that much in there.”

This suggests that members are much more likely to think about - and understand - their pension when they receive regular communications about it.

So, if you want to keep your members’ minds on their pension, it’s crucial to keep them informed through a regular drumbeat of pension communication.

Want to find out how? Send us an email at helllo@likeminds.uk.com.