The pension industry has been told it must use its imagination and find different ways to persuade the younger generation to start saving for retirement.
Speaking at the MM Retirement Planning Summit in Nice last week, advisers said the industry is missing a trick by not harnessing new media such as the internet to communicate with younger savers.
Hargreaves Lansdown head of pensions research Tom McPhail said: “We are not using the right communication methods to get to the younger generation. I do not know whether it could be done by using MySpace or something else but I think we are missing a trick.”
Personal Finance Society president Carole Nicholls said it is necessary to use imagination when trying to engage customers’ interest and cited the example of one of her clients who is an artist and was not interested in pensions until Nicholls suggested investing in art.
Richard Jacobs Pension & Trustee Services director Richard Jacobs said: “We need to use a bit more imagination and start looking at some of those newer products which are emerging to encourage clients to save.”