At the launch of new research from Nest Insight’s self-employed savings programme, we heard from supportive voices including the Minister for Pensions, Torsten Bell MP, shared our latest findings and explored next steps and policy considerations.
Date and time: Monday 16 June | 10-11.30am (BST)
Location: Online – Microsoft Teams
Registration now closed.
Watch the sessions from the day.
With funding from DWP, Nest Insight has been developing evidence about the potential effectiveness of ‘autosave’ solutions that can help self-employed people build up both short-and long-term savings without needing to actively sign up to a savings product.
Building on the work from previous phases of the research, we know that self-employed people would value support in saving for retirement but that they are also unlikely to participate in these solutions unless the sign-up process is automated.
The latest phase of the research suggests that, if designed well, automated retirement saving mechanisms could have potential to support self-employed people to save for retirement without reducing their autonomy to choose how they use their money. As part of this phase of research we have:
- consulted with industry and policy stakeholders about how autosave solutions could work in practice
- conducted in-depth interviews with self-employed people about the autosave approach
- run randomised online research with ~1,500 self-employed people to explore whether an opt-out mechanism (both with and without additional liquidity) could boost retirement saving participation among the self-employed; and,
- collaborated with Lloyds Banking Group (LBG) to design and explore the reception of self-employed people to simulated autosave solutions in the context of LBG’s apps, products and services. Also, to explore the thoughts and response of the banking provider of doing so.