Let’s rebrand pensions!
Pensions have an image problem.
They're really important and can make a big difference to your quality of life. But most people think they're boring and confusing, and don't want to engage with them.
How could we rebrand pensions in a way that makes people sit up and take notice?
Celebrity pensions?
People love celebrities. Brands cash in on this by paying celebrities to advertise their products.
What if there was a Celebrity Pensions magazine with its own social media channels? Spotlight on Rita Ora's investment strategy! Joe Wicks tells us why he's upping his pension contributions! Claudia Winkelman reveals her expression of wish form! Idris Elba gets a State pension forecast!
You can bet the number of people taking an interest in their pension would skyrocket. Is this just a silly dream?
Meerkat power
Insurance isn't any more interesting than pensions, but comparison site Compare the Market has something pensions don't have – Aleksandr Orlov and his friends.
The agency that created 'Compare the Meerkat' pulled off the advertising coup of the decade, based on a terrible pun and an advert that looked like a children's TV programme. Compare the Market's share of the insurance market ballooned as a result, and the meerkats have taken on a life of their own with merchandise and film deals.
Pensions need their own meerkats. How about it, ad agencies?
Goody goody yum yum
Mobile phone contracts aren’t interesting either.
So Giffgaff call their phone contracts 'goodybags', with all the exciting and slightly naughty connotations of sweets and other lovely things.
(I am not affiliated with Giffgaff. I just think whoever thought of calling phone contracts ‘goodybags’ is a genius.)
The name ‘pension’ definitely doesn’t suggest goodies. What if we called pensions something a bit more delicious? Scrumptious savings? Future happiness fund?
Lessons from the social media garden
Remember when gardening was boring and something old people did? Not any more. There's an explosion of young influencers sharing their gardening activities on social media, particularly growing vegetables and fruit. Young people without gardens? They're getting into houseplants. You’ll find any number of young people proudly sharing pictures of their ‘monstera deliciosa’ (Swiss cheese plant) on Instagram with the hashtag #monsteramonday.
Something similar has happened with sewing. Young 'sewists' are all over social media, showing off their creations and sharing their patterns and techniques We even have a TV programme called 'The Great British Sewing Bee'.
Yes, there's a broader social trend here: young people rejecting 'throwaway' culture, including junk food and fast fashion, and embracing a more sustainable 'slow' culture with its 'grow your own' and 'make do and mend' ethos. But it's also an example of the power of social media to influence perceptions. Boring, in these cases, is the new hip.
It’s a bit harder to share pictures of your pension on Instagram, but what about pictures of the kind of things we want to do when we retire? Travelling? Windsurfing? Extreme ironing?
With hashtags like #futurefun or #extremeretirement?
Thinking outside the bucket
A big part of the problem with pensions is that money you put into your pension is money you can't spend now.
But here's another thing people share on social media: their 'bucket list' of things to and places to visit before they die.
How about positioning pensions as a way to fund your bucket list in future? Building a better bucket? Or even a whole sandcastle? Here’s another hashtag: #bucketlistbank
Love your pension
The Pensions Advisory Service have got this right. Their website says 'We love pensions and the difference they make to people's lives'.
Let's give pensions some love! The more attention we pay to them now, the more they'll pay us back for it in the future.
So I'm planning to practise what I’m preaching here. As lockdown continues, I'll be going on my own pension adventure. Look out for further instalments. #pensionadventure #LoveYourPension