Pension planning and coaching service for those that need it the most

Huge inequity, and no or limited support to those that need it the most. Some examples that spring to mind are that based on the latest statistics from Legal and General with 5.3million UK. customers, women currently retire with 55% less than their male peers. Other inequities can be seen across other intersections including single parent, disabled and ethnic minority households. Self-employed also have dramatically lower pension savings. Our hack would tackle the structural and attitudinal factors that lie behind the high level stats. Proper tailored, independent and holistic support would be hugely beneficial to these cohorts.

Our hack is a pension coaching and support service focused (not explicitly) on those that need the most help and have been traditionally not catered for by the mass market. A typical woman is likely to have a more fragmented working life due to the additional caring responsibilities that she will take on - looking after young and old, giving back to local communities. 40% of women also work part-time. To date women have been underserved by the mass financial services industry, although 51% of the population. Our service, delivered through an app, looks to readdress the balance, providing simple and easy to use guidance to help an individual work out what they might need in retirement, how much they currently are on track for and then using the concept of stepping stones help them fill the gap. A personalised action plan will be developed with our support every step of the way to adapt this as needed as they go. Alongside the app, individuals will be able to join our communities, providing a chance to share knowledge and support one another, learning together as we go. Our main aim is to take people from anxious to empowered, enabling this through the tools, education and support we provide. All we do will be grounded in data, playing this back to people that use our service in an easy to understand and helpful way. Our service will not only focus on individuals but will also enable them to take account of a partner or someone else living in their household.

Individuals using our service will feel greater empowerment and understanding of their financial situation and savings for retirement. They’ll be able to engage earlier and take control of their situation. If as successful as we have envisaged we will also be able to unite the voice of communities under-represented in current discussions being had on the future of retirement and savings support, taking these to the corridors of power.