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15 May, 2018   |   By Fiona Tait   |   Blog

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(I think you're) Crazy... @PensionsGirlie blog 15.5.18

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Dear Eurovision, what were you thinking????? Quite apart from the small technicality of Israel not actually being located in Europe, which we have lived with for a while, that song is ... [insert appropriate phrase here]*. So how, how did it win, and can we use these tactics to make people like pensions??

Have a good song

Let’s not be silly. Germany tried this and it nearly convinced the judges (they were 4th in the jury votes) but it was not enough to convince the public. Pension products need to be well-designed and fair, but a good product is not enough to engage the general public with saving for retirement.

Make them sexy

More than one country followed this approach, distracting people from the general mediocrity of their song by means of a frankly invisible or skin-tight outfit (Cyprus that means you). Despite their image as the granny pants of saving freedom and choice has shown that pensions can be made ”sexy”, but at the risk of diverting savers from their true purpose, which is to provide a boring but necessary income in retirement.

Distract peopleEurovision Estonia.htm

Estonia’s tactic was a psychedelic skirt plus and a stunningly gorgeous soprano. I could hear my opera-trained granny wincing in her grave over the top notes but it was impressive. Unfortunately it is more likely to be remembered for the skirt than the song. Stunning gadgets are all very well but there needs to be some substance underneath.

Ask the experts

The expert juries voted from different songs from the public vote, and placed the very decent offerings from Austria and Sweden above Israel, however it did still come third with them too. Automatic enrolment is leading people into saving, but the job is only half done. We need to demonstrate why pensions are worthwhile for them, always bearing in mind that short term spending can look much more attractive than long-term results.

Get the public vote

The biggest factor on Saturday night was the free public vote, which was overwhelmingly in favour of Israel. Now you may find that a pretty strong argument against democracy but the fact remains that some people evidently like bird noises and a Bjork haircut. indeed I think we may have discovered the strategy behind "Workie" - pensions need to be taken seriously but a bit of fluff clearly attracts attention.

The fact is that we need to do all of these things, and more, to encourage people to save. Provide customer-friendly products, find ways to attract attention and help people to visualise the benefits they will get from saving.Eurovision winner.PNG

 

  

*I can’t. There are no words  which compliance would let me use.