For many, retirement feels like a something to be considered at a (much) later date, meaning gaining and keeping the interest of a disengaged public is an obstacle for pensions marketers.
“Previously, building a pension was a defaulted process, people didn’t have to actively think about their pension,” said Dawn Anderson, head of workplace proposition at Aviva.
Since then, a plethora of freedoms and choices have entered the industry, highlighting the need for engagement – and education.
Yet most people aren’t fixated on future savings but have a concern about their day-to-day financial stability. Saving for retirement age is unattractive to those who are focused on fulfilling short-term financial commitments at the end of every month.
Aviva’s latest Working Lives Report demonstrates a lack of personalised education, with 63% of respondents stating they lack the tailored support that would bolster their financial wellbeing.
Aviva’s experts have used the report to consider how to capture this disengaged audience, using tailored solutions directed at improving financial wellbeing.
The financial wellbeing tool
Currently in development, Aviva is building its financial wellbeing tool with the intention of presenting information “to the customer as they are”.
Upon entering the tool, users will be presented with five questions, offering them the opportunity to consider what areas of their life may present a financial concern.
Whether the concerns stem from saving for retirement or planning for a family, with guidance from the wellbeing tool, users will gain a better understanding of the specific financial implications.
“The questions diverge from financial positions, because we recognise that financial wellbeing isn’t necessarily about how much you earn or owe, but rather how you are feeling,” said Anderson.
Once the questions are answered, users will be presented with a simplified action plan. The plan will provide videos or content tailored to their current situation.
“The important part of the action plan is that it isn’t overwhelming. It’s little steps to help people get used to the topics they need to know more about,” she said.
The Aviva message
The tool isn’t about selling a product but rather, when the member feels supported, they also feel affinity with the brand, said Anderson.
“You gain the trust of consumer, which means that naturally we will be the first port of call when they decide to act on new information,” she explained.
Through fostering the wellbeing of its members and putting thought into creating a seamless process, Aviva are paving the way for members to decide what action they might want to take next.
By building this tool, Aviva aims to be perceived as a place to go for help, and so in turn can be perceived as the place to purchase help from, too.
“We are moving away from: here are our products – what do you want? And moving towards: what do you need and how can we help you with it?” said Anderson.
Leaning into a more customer-centric approach and removing any need for disruptive jargon all ties into Aviva’s methods of achieving brand awareness.
“Reducing financial anxieties with this tool can allow the consumer to progress on to knowing what it is they need to do,” said Anderson. “For example, now there is a realisation that contributions need to be increased, Aviva can provide the advice and product to best suit that decision.”
At the PLSA Annual Conference in Liverpool in mid-October, wellbeing-boost smoothies, a massage area and picturesque fountains were all on display at Aviva’s stand.
The serene setting ties into a wider strategy. Bringing complex products to life in a way that is easily comprehensible builds trust between the company and the consumer, Anderson explained.
In relation to the wellbeing stand, Anderson explains it represents the firm’s wider marketing intention.
“It’s about how you’re feeling about your circumstances, and the challenge with wellbeing more broadly. It’s that wellbeing means different things to different people, and it means different things to the same person at a different point in time,” she said.