Is visualisation the key to encouraging earlier retirement saving?
The behavioural science technique could adjust the short-term bias that younger people naturally have in relation to their finances.
In financial planning, visualisation enables clients to explore their financial goals. Imagining their future self at retirement, for example, can help them understand the kind of life they want and make it easier for advisers to help them achieve it. But can this approach be used to encourage young people to start saving earlier for retirement?
Speaking with Money Marketing, Partner at Secondsight, Ian Bird highlights how auto-enrolment has helped the public to save, but that most people stay in a workplace pension only because their employer has put them in it.