People are living longer and saving less. Even the state pension is starting to look unaffordable by 2030. In addition, many people start work today carrying huge student debts, even before they think about long-term saving.
What must we do to meet the pension needs of an ageing population? What big idea could help close the savings gap – particularly for people under 30? How do you envisage using financial services to plan your long-term savings and spending?
Team One Pot have come up with an innovative solution that aims to shift customer behaviour related to saving and investing for the longer-term.
29% of Britons are saving nothing at all for retirement. Those that are saving are likely not doing so in a manner that will enable them to achieve their financial objectives. Over a third of UK adults choose to use a standard savings account as their primary savings vehicle with little understanding of the impact this might have on their ability to reach their goals.
One Pot is a vision for the future of personal savings. Today, this vision takes the form of a money management tool that provides users with a single view of their finances and helps them make smarter financial decisions. Tomorrow, One Pot will act as the gateway to a single personal savings product that will replace everything before it; a next generation pension.
One Pot paves the way for a new pensions landscape by changing individual behaviours and encouraging policymakers, investment managers and industry bodies to build a simple, flexible product tailored to the next generation of saver.
One Pot seeks to address the root causes of the savings gap. Besides reintroducing a savings culture to Britain, One Pot will lead a movement to reinvent saving and investment products. With the support of policymakers, trade associations and One Pot users, we will lobby financial institutions to create a single personal savings vehicle to replace the myriad of options currently on the market. Our movement starts with the One Pot money management tool.
• One Pot makes saving as frictionless as spending. It will identify the amount a user can save without compromising their lifestyle.
• One Pot will demystify investment and show the trade-offs of cash vs. investments. It provides the financial education users want.
• One Pot will reward users for thinking long term. It will make the future more tangible by using personalised goals and visual cues to ignite the pension revolution we have all been waiting for.
One Pot will ensure users stop short-changing their future self.
One Pot has a unique approach to drive customer engagement and shift behaviour towards savings and investing for the longer term. The commercial model will incorporate both B2C and B2B aspects and is a ‘true ecosystem play’ integrated around customer value.