Picture this: you’re of retirement age and reclining on your armchair (let’s throw in an ottoman too) and you’re flicking through the pages of a crisp new book beside a roaring fire. You think to yourself:
“Wow, I'm glad I contributed to my retirement pot”.
With rising cost of living, impending energy crises and other threats to our pockets, paying into our retirement feels like a priority far from the top of our personal finances list. The thing is, if we don’t contribute to our retirement fund, we run the risk of losing out on 3% minimum contribution from your employer, and any tax benefits that go with it.
You may or may not be surprised that many people don’t put much thought into their pensions. The pensions and lifetime savings association’s stats say it all:
- 77% of people do not know how much they need for retirement
- 51% of us focus on current needs and wants at the expense of providing for the future
- Only 20% of us are confident we are saving enough for retirement
Pretty alarming, right?
So, why is it so important to plan for retirement?
In a nutshell, it’s most likely the biggest savings account of your life, it puts you in a strong financial position for later in life, and luckily, you’ll earn compound interest which means the longer you pay into your retirement pot for, the more time it has to grow.
How can nudge help?
nudge is an impartial, global financial benefit solution for all. When something happens that may have an impact on your financial situation, nudge will send you relevant information to help you better understand what has happened, and how you could deal with it.
You can input all your unique details into the nudge platform such as your job title, salary, and your financial goals for the next couple of years. Once you’ve done that, you can head over to the education portal, where you will find a plethora of personalized financial educational tips to support you and your financial goals.
nudge helped Siemens to motivate 2,500 employees to increase their pension contributions and overcome their specific retirement challenge, "in the initial period of the partnership, they worked with nudge’s Customer Success Managers to apply ‘nudge theory’ to change its pension scheme design, offering enhanced company-matched contributions targeted at key groups. Siemens also designed communications delivered through the nudge platform – or ‘nudges’- that were highly personalized to the age, salary, pension contribution and other characteristics of each employee."
Want to know more about how nudge can support you and your road to retirement, no matter your age? Get in touch today.
