The National Employment Savings Trust (NEST) has been set up to encourage Britons to save for retirement.
From October, large firms, will have to automatically enroll employees into a pension - they must actively opt out. It will later extend to all companies.
NEST is the not-for-profit scheme available to all employers and is at the forefront of trying to understand how to make people save more. Helen Dean, managing director of scheme development (pictured right), reveals some of the tricks of 'behavioural finance' .
Parents asked to set aside savings in an envelope labelled with a picture of their children saved at nearly double the rate of those parents whose envelopes didn’t have a picture of their kids, in a research experiment carried out in the US.
Having clear ‘pots of money’ in your head and attaching different feelings to those pots, is one aspect of how most people tend to deal with money.
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