Pensions  

Why smart apps and stochastic models can boost pensions engagement

  • Describe the challenge associated with getting young people saving
  • Identify ways in which apps and stochastic models can engage young people
  • Explain the level of understanding people have about pensions
CPD
Approx.30min

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Of course, financial advice is the best way of planning for retirement and working out how much to draw down and/or annuitise.

However, the real risk is that without greater access to regulated advice, and/or smart application of digital tools and modelling, the numbers living in poverty in retirement can only rise from the more than one in three (35 per cent) of Brits already heading for this predicament in retirement, according to Scottish Widows’ report.

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Paul Muir is the products director at Dunstan Thomas

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to the author, what is the most significant challenge for ensuring that those in their 20s today can retire at a reasonable age?

  2. Which of the following is the odd one out: How can stochastic modelling help young people build resilience into their pension savings regime?

  3. According to the author, what is an effective way to engender deeper engagement from young people?

  4. True or false, the author says engagement can stop once regular contributions are being put into a pension pot.

  5. When an individual’s salary increases, what is a good way to encourage them to explore a corresponding increase in their pension saving?

  6. According to the report by Scottish Widows, what proportion of people do not know how much they will get from their state pension entitlements?

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  • Describe the challenge associated with getting young people saving
  • Identify ways in which apps and stochastic models can engage young people
  • Explain the level of understanding people have about pensions

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