If we want to truly engage with all audiences, the pensions industry needs to be fluid; we need to adapt our communication strategies and go where the conversation is happening, not try to bring it to us.
After the last year, that discussion is increasingly taking place on social media. Facebook’s been around since 2004 so social media is not a new thing. Unsurprisingly the pension industry is yet to embrace this.
We conducted some social listening into discussions around long-term savings on social media in the UK at the start of the year (2021); in a two week window, we found there were over 3,000 conversations taking place on Twitter. The presence of financial institutions on social media, such as Starling and Pension Bee, has meant that we’ve started to make huge strides in normalising the discussion of money online, but there’s still a way to go.
If you want to make sure you reach your whole audience you can’t rely on one social platform. Having an integrated strategy that considers both audience and content is really important. Facebook is still a great “allrounder” and in particular if you want to reach people that are over 55 that’s a great place to start. For those only just starting their lifetime savings journey, Tiktok is a better bet.
It harnesses the huge power that video has for education and it means we can start talking to much younger audiences about their money, in a format that they’re accustomed to. Accounts like Finance Unfolded and Sara Finance, have hundreds of thousands of followers each, so clearly that appetite for financial education is there.
Financial advice providers should be looking to social media as a means of educating people and reaching new audiences; 96% of people have watched an explainer video in order to better understand a subject. The short, snappy nature of Tiktok encourages you to be concise and clear in your meaning – not unwelcome in an industry which can sometimes feel full of jargon.
We’re also seeing a rise in apps available from pension providers with the likes of PensionBee and Smart Pension providing some really clever solutions. However, that’s often the next step rather than the first step in digital financial planning. On social, you can find your tribe – or let your tribe find you. To allow that to happen you need to be part of the conversation and it’s time pension schemes embrace this brave new world.