Reports and Briefing Notes

Consumer engagement: the role of policy through the lifecourse

Consumer engagement: the role of policy through the lifecourse is sponsored by the Association of British Insurers (ABI). This is report is the third and final in a series of reports exploring consumer engagement with pensions and financial products. 

This report builds on the first two research reports to segment people by life stage, current level of engagement (and other characteristics). It explores the role that behavioural techniques play alongside other policy levers to help. 

The efficacy of behavioural interventions varies between people depending on the time that they are applied, the way that they are framed and the individual characteristics of the target group. However, there are also times during people’s lives in which their circumstances render them less able to respond well to financial interventions. During these times, other policy levers may be the most effective way of ensuring that people have good financial outcomes.

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).

Chapter one explores current engagement levels and how six policy levers (compulsion, defaults, safety nets, consumer protection, behavioural interventions and freedoms) could best be used to further peoples’ interests.

Chapter two looks at the ways children engage with financial concepts.

Chapter three looks at the ways young adults engage, the different triggers which might affect changes in saving throughout the lifecourse and explores the concept of teachable moments.

Chapter four looks at the ways adults engage with long-term saving and where teachable moments for adults might occur.

Chapter five looks at the ways people approaching retirement might engage and how people’s particular needs for guidance and support pre-retirement might be met.

Chapter six explores the needs of people at and over State Pension age and how a range of policy measures, including behavioural interventions, could help them to achieve better pension outcomes.

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