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Consumer engagement: lessons from overseas
Consumer engagement: lessons from overseas is the second in a series of reports exploring consumer engagement with pensions and financial products. This report explores international examples of policies designed to encourage engagement. Many different case studies from both developed and developing countries have been referred to. Examples have been taken from western and eastern Europe, North and South America, Canada, Australia, New Zealand and Asia. Financial wellness is a central theme throughout this report. The three main chapters cover the following:
- Awareness campaigns and retirement planning programs
- Different country approaches to automatic enrolment and automatic escalation
- Digital innovation including smartphone applications and pensions dashboards
The first report explored reasons why people make certain decisions and the lessons that can be learnt from behavioural economic theory. The third and final report in the series will be an exploration of why engagement could be positive and negative, various triggers which might affect changes in saving and how to engage different demographic groups.
The research as a whole is being sponsored by the Association of British Insurers (ABI), the Institute and Faculty of Actuaries (IFoA), LV=, Pinsent Masons, State Street Global Advisors (SSGA), The Pensions Advisory Service (TPAS), The Pensions Regulator (TPR), The People’s Pension, and the Universities Superannuation Scheme (USS).
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