Pension planning in the age of AI

They are introducing a new research-based pension app into a series of large-scale field experiments across the Netherlands to devise innovative ways of supporting pension planning for specific target groups and generating fresh insights on:

• How to engage young people in initiating pension planning.
• How to assist individuals close to retirement in making suitable choices regarding pension payout options.
• How to encourage vulnerable groups (such as part-time careers and the self-employed) to adopt appropriate pension measures.

The app, developed by Goethe University over the past four years with public funding for field experiments in Germany, will be adapted to the Dutch context for this project.

Its overarching objective is to aid users in finding answers to key questions related to pension planning:

• Will their pension be sufficient?
• What potential scenarios could impact their pension situation?
• How can they enhance their pension situation?

The app incorporates numerous innovations. Of particular significance is its inclusion of thousands of detailed financial life-cycle profiles for what are known as "digital peers." These realistic personas encompass all aspects of financial and real estate holdings, liabilities, as well as income and expense records. The profiles are generated from proprietary research data and national statistics. Participants can fully engage in pension planning and utilize all app features without the necessity of uploading their own financial data or logging in.

€338.649 will be used as a PPP program grant.