The Future of Pension Planning

This is a challenge the pension sector has faced for years: How do you motivate people to take greater control over their financial situation after retirement? Several key elements are crucial to achieving this:

1. Creating a Sense of Urgency
   An initial trigger is essential to create urgency. For most people, this only happens a few years before retirement, often when they realize (too late) that they have built up less than expected. The changes introduced by the new Future of Pensions Act help bring this urgency forward.

2. Providing Clear Insights
   To take action, individuals need clear insight into their financial situation. This requires mental effort, the support of a costly financial advisor, or both. Fortunately, digitalization allows consumers to gather and analyze much of the necessary data independently. The insights gained can prompt more targeted consultations with financial advisors.

3. Addressing Subconscious Barriers
   Research shows that while people recognize the importance of pensions, many remain unmotivated to engage with the topic or take action. This is not only due to its complexity but also because saving for a future version of oneself emotionally feels like giving money to a stranger. How can people be encouraged to build a connection with that "unknown" future version of themselves?

Blueriq has developed a new concept to activate both the rational and emotional sides of individuals to take action: Zo.Pensioen. This application provides insights into what has been built up so far, helps determine future financial needs, and identifies any potential shortfall. It then offers actionable suggestions to immediately address these gaps.

Every decision—or lack thereof—has a direct impact on the financial situation of one's "future self." To make this abstract concept tangible, the application brings that future self to life by using AI to age the user and create an avatar as a conversation partner within the app. Through an interactive chat dialogue, this avatar keeps the user engaged, continuously highlighting the impact of today's choices on tomorrow's situation.

By making the future personal and relatable, users are more motivated to take meaningful action, both intellectually and emotionally. And with a financial advisor always within reach, pension planning becomes accessible and effective for everyone.