My good friend Henry Tapper makes an interesting point in
one of his recent blogs (where does he get the energy to write so much?!) He
points out that we keep going on about investment freedom of choice when most people
just need a good default choice.
That’s backed up by what we find on the Pensions Awareness Day bus. So many people come on board with pension questions. And so many more with a simple statement: ‘Tell me what to do.’
We are catering too often for the financial expert, and not enough for the man or woman on the street. It may feel uncomfortable to ‘tell’ people what to do but that’s what they want.
If we could just put as much energy into developing effective default options as we do into developing the next big investment idea that is only of interest to the minority, we really would be getting somewhere.
That’s backed up by what we find on the Pensions Awareness Day bus. So many people come on board with pension questions. And so many more with a simple statement: ‘Tell me what to do.’
We are catering too often for the financial expert, and not enough for the man or woman on the street. It may feel uncomfortable to ‘tell’ people what to do but that’s what they want.
If we could just put as much energy into developing effective default options as we do into developing the next big investment idea that is only of interest to the minority, we really would be getting somewhere.
