The Pre-Pension Population is Afraid … Very Afraid

John Cooper

Director of Content

Editions Financial

People are afraid of retirement. They’re asking questions such as: “can retirement cause dementia?” or “Can pension funds go bust?”
They’re not asking themselves what we all think is the logical question: “How do I afford retirement?” In fact, 1 in 3 UK adults has no private pension provision. What does this mean for professionals marketing to pre-pension audiences? And how can we calm fears and communicate better when discussing pensions? The latest Editions Financial guide looks to answer these questions.
In 2017, people globally made 3.5 billion searches on Google. Very few of those searches were on the topic of pensions and retirement. The word ‘retirement’ earned a Google search popularity score of just three in 2017, 100 being the peak of popularity. People just aren’t talking about pensions – and when they do, they’re asking questions that are either routed in fear or aren’t being answered.
The most ‘popular’ questions regarding retirement make for gloomy reading. Can retirement kill you or cause dementia? Does retirement cause depression? Can pension funds go bust?
Will the state pension be abolished? And, heartbreakingly, is retirement bad for marriage? What does this tell us about the pension investors we’re aiming to reach? And what are the implications for the way we talk to them?
It could be argued that people have never been as financially connected as they are today. Online and app-based money management has put us more directly in control of our finances, and pension changes – drawdown and transfers, for example – have created financial freedom and choice.
Choice, though, comes with added complexity. People now have to make decisions that carry greater risk for their quality of life post-retirement, and it’s a responsibility that weighs heavy.
Those top searches around pensions reveal a population beset by anxiety. Bizarrely, though, much pension marketing is so bent on making retirement seem easy that these deep-rooted fears aren’t being addressed.
As a result, many financial services firms are missing an opportunity to talk directly, and with a unique, stand-out voice to their potential clients. It’s not simply about the finances, but more about having an understanding of
the emotions around retirement. It takes a combination of financial and lifestyle
To continue reading the Editions Financial report, please click the download button.

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