How employers can help Gen Z engage in pension planning
As the workforce evolves, employers face the challenge of engaging Gen Z (those born between the mid-1990s and early 2010s) in pension planning.
Gen Z brings a unique perspective to retirement savings, emphasising digital communication, social responsibility, and individual goals.
We explore five effective ways to discuss pensions with Gen Z and provide actionable steps for employers.
1. Digital channels
Gen Z is digitally savvy, so meet them where they are. Use social media, podcasts, and online platforms to share pension information. Create engaging content that simplifies complex concepts and highlights the benefits of long-term planning.
2. Personalisation
Avoid a one-size-fits-all approach. Tailor messages to individual goals and circumstances. Show how pensions align with aspirations like early retirement or financial independence. Personalised communication resonates more effectively.
3. Visuals and infographics
Visual aids simplify understanding. Use infographics, videos, and interactive tools to explain compound interest, investment options, and growth over time. Make pension planning visually appealing and relatable.
4. Real-life examples
Share success stories or case studies. Illustrate how consistent contributions lead to substantial retirement savings. Relate pension planning to everyday scenarios - buying a home or starting a business.
5. Social responsibility
Gen Z values ethical investing and environmental impact. Explain how pension funds align with their values. Highlight sustainable investment options and the positive influence their choices can have.
Actions employers can take
- Education programs: Offer workshops, webinars, and lunch-and-learns specifically focused on pensions. Invite financial experts to address Gen Z employees and answer their questions.
- Gamification: Turn pension education into a game. Create challenges, quizzes, or simulations. Offer rewards for learning about pensions and making informed choices.
- Peer discussions: Facilitate group sessions where Gen Z employees can share insights and experiences. Encourage peer-to-peer discussions about pension planning.
- Transparency: Be transparent about fees, risks, and investment options. Gen Z appreciates authenticity. Provide clear information to empower informed decisions.
- Flexible contributions: Allow employees to adjust their pension contributions based on changing circumstances. Gen Z values flexibility and control.
By implementing these strategies, employers can empower their youngest employees to build a secure financial future.
In partnership with Howden Employee Benefits & Wellbeing
Howden provides insurance broking, risk management and claims consulting services, globally. We work with clients of all sizes to provide dedicated employee benefits & wellbeing consultancy.
