M&G has launched a new campaign to challenge “outdated perceptions” of retirement and create a more inspiring representation of later life.
The investment company said that while affordability and lack of knowledge hinder people from engaging with financial planning, current depictions of retirement are creating another barrier.
Its research found almost six in 10 (58%) of those not retired in the UK believe the way retirement is written, talked about or portrayed is uninspiring and does not reflect the life they want to lead. In addition, nearly three quarters (72%) believe retirement needs to be portrayed in a more accessible way.
The campaign ‘Changing the conversation: Reframing the debate on later life’ focusses on creating a more “aspirational, positive and realistic representation of later life”, that will inspire people to plan ahead, feel comfortable discussing finances and have the confidence to seek advice.
To aid the campaign, M&G has released a photography series showing people over 50 embracing the next stage of life, making conscious decisions to continue to work, look after grandchildren, compete in challenges, exercise more and begin a new career.
M&G has also made a series of recommendations it believes will help change the conversation around retirement.
It believes a comprehensive review of portrayals of retirement is needed, considering what changes could nudge people to engage with later life planning and increase contribution rates. It is calling for a clear roadmap on the future of auto-enrolment contribution rates to tackle under-saving in workplace pensions with consideration given to targeted support for lower income groups.
In addition, M&G said there should be a review of financial education provision, so school leavers can understand the basic principles related to pension savings, as well as better access to affordable financial advice.
“Our research shows the reality of later life is radically different today than it was in previous decades, and we are misrepresenting how people are enjoying their later years. The risk is the ‘too little, too late’ generation continues to grow, and people do not put in place adequate plans for later life or understand the consequences of not doing so.
“We believe challenging outdated depictions of later life will remove a significant barrier and motivate people to engage with their pension and savings in an empowered way,” the firm said.
Main image: pawel-czerwinski-ERcQ81KaX9g-unsplash
