The pensions industry must move beyond gimmicks and take a more empathetic, human-centred approach if it is to overcome the “shame” and anxiety holding back member engagement.
That was the key message from Aegon chief marketing officer Andy Manson, speaking at the Corporate Adviser Summit, who stressed that the industry must adapt to longer working lives and shifting member expectations
Manson said: “We support the multi-stage life for today’s workplace members and the 100-year life that many are already living. It’s about building lifelong human-centred connections… connections that help people not just save for retirement, but live well every step of the way.”
He argued that savers must be engaged with in an empathetic way, to build their knowledge, their confidence to reward with the small steps on the journey, and ultimately help them get to the best possible place that their life opportunities allow them to achieve.
Aegon’s research shows that many members feel a degree of shame whilst on their savings journey. He explains that shame “drives anxiety, which drives inaction, paralysis, putting off today’s decisions to tomorrow.”
He emphasised the need to focus on changing behaviours and getting better outcomes for members.
Manson also argued that the industry has been too focused on “gimmicks” and “clever tools,” and not enough on embedding engagement into end-to-end customer journeys that genuinely change behaviour.
He said: “Too often as an industry, we focus on glitter and glamour and not enough on the hard yards of changing behaviour and getting better outcomes.”
As part of Aegon’s response, Manson highlighted Aegon’s newest launch Mylo, a digital platform designed to support members throughout their working lives.
He said: “Mylo is not just an app. It needs to be a trusted companion – a proactive, personalised guide to walk members through life’s big moments.”
He added that Aegon was making a significant investment to back this shift. He emphasised: “This is big-ticket stuff. This is a nine-figure investment for us in the technology that powers this.”
Manson added that real progress will come from building genuine emotional connections with members.
“Money isn’t just maths, it’s emotion, it’s identity, it’s confidence, clarity and control. For us, this is about shifting from focusing on transactions to genuinely transforming our ability to connect with members’ lives.”
