'Prudential' is running a new campaign that encourages consumers to start saving for retirement early on. While most of us know that we should be saving for retirement, few of us take active steps towards putting money aside. This new campaign aims to make saving for retirement a more important and achievable goal.
As part of its new campaign, Prudential teamed up with the agency 'Droga5.' The new initiative is called 'Race For Retirement' and it involves each participant signing a pledge to save just one percent of their annual earnings for their retirement. In turn, the idea of a 401K is turned into a 4.01 kilometer fun run. As participants race through the course, they are forced to pass through signs that let them declare how financially secure they feel at the moment. As of right now, over 17,000 people have taken the pledge to start saving for retirement.
Instead of guilt-tripping consumes or relying on scare tactics, the new campaign makes saving for retirement seem achievable.
Gamified Retirement Races
This Campaign Encourages People to Start Saving for Retirement Early On
Trend Themes
1. Gamification of Retirement - Gamified Retirement Races can encourage people to start saving for retirement early on by making it seem achievable.
2. Pledge-based Campaigns - Campaigns such as Prudential's 'Race For Retirement' which ask participants to sign a pledge to save for their retirement can help inculcate responsible financial behavior.
3. Financial Education - Financial institutions should put more emphasis on educating consumers about how they can take control of their finances and ensure a secure retirement.
Industry Implications
1. Insurance - Insurance companies like Prudential stand to benefit from running campaigns that encourage early savings for retirement.
2. Wealth Management - Wealth management firms can leverage gamification techniques to help clients plan for a financially secure retirement.
3. Technology - Technological innovation can play a major role in making retirement planning more accessible and understandable for people of all backgrounds.