Page 25 - Savings Psyche
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Conclusion

   Key points for employers, fiduciaries and trustees to consider:
    ƒƒKnowledge and education – Improving knowledge and building financial education are as important as delivering

       competitive benefits.

    ƒƒPersonas – Employees engage with information and savings products in different ways. Employers’ savings

       products, communication and education need to be relevant and personalised to employees’ individual personas.

    ƒƒChoice and flexibility – Employees crave personal choice and flexibility when it comes to saving and addressing

       various financial priorities.

    ƒƒRisk aversion – Adopting different designs and savings products will be necessary to help employees embrace

       savings and investment risks (and returns).

    ƒƒFinancial decisions – Employers need to provide a greater level of support to help employees make financial

       decisions.

How Willis Towers Watson can help

Analysing your workforce                                        Supporting your workforce

Many employers, fiduciaries and trustees are now taking         Members face a complex series of choices, some of
active steps to ensure their employees fully understand         which may be currently unknown to them. They need to
the required interventions to achieve retirement readiness      be engaged and educated to build their knowledge and
(in other words, financial adequacy) at a reasonable age.       facilitate retirement and savings decisions. Our Financial
An important aspect of this is to measure and monitor           Planning Group focuses on advising employees at all levels,
retirement readiness across the workforce, identifying          helping them to maximise the benefit choices from their
different groups that may need particular attention. Willis     remuneration package, ranging from providing ‘information’
Towers Watson’s FiT Age and myFiTage software provide a         and ‘guidance’ to fully regulated financial advice. We also
thorough workforce readiness assessment that identify how       have a financial education portal, which is a fully integrated,
many of your employees will not have the financial ability      self-service financial/retirement planning toolkit that provides
to retire at a reasonable age, as well as financial well-being  a common experience for all members and is personalised to
indicators to understand behavioural drivers. Our analytics     their unique situations and communication preferences. We
identify the key financial, demographic and social factors      also run seminars, workshops and surgery-style one-to-ones
influencing employees’ financial behaviour. FiT Age goes        for larger groups of employees or where budget constraints
beyond monitoring and assessing retirement programme            mean full financial advice is not practical.
effectiveness. For the individual employee, linking the
analysis to a personal illustration using the myFiTage online   Stephen Green
portal can help drive sound financial well-being behaviours     +44 1737 274347
using personal, tangible and motivational tactics. FiT Age      stephen.green@willistowerswatson.com
begins with one simple number and a very personal question:
“At what age will I have financial independence?” It is a
personal projection of when all savings resources will meet
their expected retirement lifestyle needs.

Philip Percival
+44 121 644 7372
philip.percival@willistowerswatson.com

25 The savings psyche of the UK
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