10 Nov Millennials and baby boomers agree on importance of pension tools
Both generations need mobile tools to access and manage their pension
AMSTELVEEN, 20 October 2016 – When it comes to personal asset management and health, millennials find technology more important than baby boomers. Surprisingly, both generations find that mobile tools are equally important for managing their pension capital. These are the outcomes of research published by LifeSight, Willis Towers Watson’s premium pension institution (PPI).
The survey, the Global Benefits Attitudes Survey, was conducted among more than 1,000 employees in the Netherlands. Two-fifths of the millennials (39%) and baby boomers (38%) surveyed find mobile tools of great importance in managing and monitoring the value of their pension capital. Almost half of both generations (43% and 41% respectively) use the tools to calculate at what age they can retire and what their retirement income will be at that time.
Employer as digital advisor
The quantity and diversity of existing technological applications for financial management, but also for example in the area of health, require advice from an employer. “In reality, all generations of employees feel vulnerable when it comes to their financial security over the long term and whether they can retire comfortably. The employer can certainly play a role here”, says Ton Winkels, LifeSight’s former Managing Director. “Employers can advise and assist their employees in using these tools to better understand their overall financial picture for personal convenience or faster decision-making. For example, by means of an online employee portal, employees can view the most important information about their pension situation and influence it themselves. So mobile tools together with personal advice, can increase the involvement of your employees in increasing their pension.”
Personal finances and health
Millennials score higher than baby boomers when it comes to the importance they attach to technology as a tool for managing private income and expenditure as well as their health. For example, millennials find mobile apps for checking their bank account and paying bills more important (63% compared to 31% for baby boomers). They also see more value in price comparison websites when it comes to finding the best online deals (46% compared to 34%). Moreover, the younger generation attaches more value (17%) to budget tools for the management of expenditure than the older generation (6%). When it comes to health, millennials also find technical tools more interesting than baby boomers. They find portable devices that measure your fitness more interesting (18% compared to 10% for baby boomers) and believe more in applications that keep track of your sleeping habits (16% compared to 6%).
About the research
Willis Towers Watson’s Global Benefits Attitudes Survey 2015/2016 measured the behaviour of more than 30,000 employees in the private sector across 19 countries. A total of 1,006 employees from the Netherlands participated in the survey, which was conducted from June to August 2015.