Responding to the Pensions Policy Institute's paper, Steve Lewis, Sales and Marketing Director at LV= said:
"At LV= we feel strongly that everyone should have support to help them achieve the best possible outcome from their retirement savings, but many people are disengaged with the market. It's therefore vital the pensions industry works hard to learn from thinking such as behavioural economics to improve consumer engagement in the sector.
"While we know that prompts throughout people's lives will make them more likely to engage with long-term saving, it's equally important these nudges are tailored to each customer, based on their financial capability, confidence and aptitude. As this research shows, conversations with customers need to be relevant and a one-size fits all approach isn't going to be as effective. Across the industry we need to look again at consumers' journeys throughout their working lives and adjust our interaction accordingly, for example exploring digital methods that may be better suited to younger people."