Uncover subconscious insights
People find it hard to engage with their future finances, especially their pensions. We wanted to get under the skin of the problem and find the barriers that got in the way of financial planning and decision making.
All too often customers tell researchers want they want to hear, what makes them sound intelligent and what they want other people to think of them.
So we didn’t ask them what they thought, we just went direct and asked their brains!
The Cognitive Interviews identified three key insights into pension decision making
Mental Accounting : customers have three types of money pots : Fun Money, Safe Money and Serious Money. Emotionally, pensions sit in serious money with critical illness and insurance products.
Behaviour drives Attitude : customers understood similar products like ISAs because they ‘did’ ISAs.
Do to Think: therefore to get people we need customers to 'do' pensions to understand pensions and not the other way around.
We believe in partnering with the experts and Cowry has a proven methodology using cognitive and behavioural psychology that really works. Through our pilots we have already seen significant benefits across a number of areas of the business in terms of how we’re supporting customers and making it easier for them to engage and make good decisions about their financial futures."
Michael Reed-Smith, Retail Director, Standard Life