I am co-CEO of Redington, we advise 10 of the top 25 pension funds in the UK and we are building Redington into a global force in the pensions industry. Our objective is to ensure the next generation can continue to be better off than the last.
Last week, I had the pleasure of co-presenting at the newly christened PLSA (formerly NAPF) conference about how we’ve got retirement savings all wrong as an industry.
The aim was to grow £50 as much as possible by building towers that had to reach a certain height to accumulate compound interest;
You were given 3 attempts, each lasting 2 and a half minutes.
The rules of the game were stacked to favour particular strategies. Specifically ones which, if applied to your real world savings, happen to help you grow your long term wealth.
So what were the lessons that meant you could excel and climb the leader board?
Don’t spend too long thinking; Start building and keep banking! And come back!
Build more than one tower
Don’t just build 60cm every time – occasionally going for higher risk reaps huge rewards
Regardless of the rewards, don’t even try making it to 120cm!
A combination of 60cm, 80cm and 100cm will take you to the top
Easier said than done, but you’re not actually competing against the person across the table!
Those who combined a number of these strategies were always the most successful.
Built to Last showed the power of Gamification as an educational tool. It even had a track at the conference this year!
And it is just one of the tools at our disposal in the fight for a more secure financial future.
“Tell me and I forget, show me and I remember, involve me and I learn.”
– Benjamin Franklin
The winner banked a remarkable score of £67,131.32. Thankfully, she hasn’t asked to be paid out yet.