Can robo-advice boost engagement with retirement planning?

Technology as a communication tool

clock • 7 min read

Switching from the paternalistic defined benefit (DB) system to the more consumer-focused defined contribution (DC) has forced the pension industry to take a more active approach to member engagement. Can robo-advice help?

Initial attempts at member engagement were far from successful, according to Willis Towers Watson senior DC consultant Ann Flynn, who says: "The paternalism of DB contaminated DC pensions, making it very hard to get people to take responsibility and recognise their aspirations." The pensions industry also stumbled at the start, spending too much time focusing on trying to teach the mechanics of the financial markets rather than focus on simple targets members can understand. While improvements have been made, many members remain uninterested in their pension. The introduction of auto-...

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