Scottish Widows is running a seminar for employers, looking at the themes of behavioural change and the nudges that encourage people to take greater ownership of their retirement.
The Nudge Event, to be held in London this week, will be attended by Dr. Javier Bajer, cultural architect and specialist in behavioural change. The event forms part of the group’s wider commitment to supporting businesses and their employees through the auto-enrolment journey.
The initiative comes after research from the annual Scottish Widows retirement report revealed that whilst 56% of the population are now saving adequately for retirement, one in five still aren’t saving anything at all.
Jackie Leiper, director of employer relationships for Scottish Widows, said: “The principles of behavioural economics are key to defining the roles of employers as choice architects for their employees. These principles have underpinned our approach to date and will continue to guide our work as we collaborate with employers to encourage individuals to prepare financially for their future.”
Bajer will guide employers through the principles of behavioural psychology and discuss how applying the right nudges will result in more people being better prepared for what their future retirement might hold.
He said: “Humans are not as rational as we were made to believe. We make decisions around our money and time that might not be the best for us, especially when it comes to preparing for our future. Behavioural economics, when applied in a social context, can be used to drive healthy behaviours in a subtle, non-directive way.”