Focus on the dream
Everything starts with a life goal
Our study led to a compelling realization:
The key to engagement is having a clear vision of the future.
Respondents who were able to envision their future were more engaged in their plan, which led them to gain confidence and become more financially empowered. People who have a clearly defined objective or ambition they want to reach are often more motivated to set a savings goal and act in ways that will help them reach it.
The study shows that vision and engagement are closely linked.
Respondents who claimed to have a clear vision of the future are four times more likely to engage with their plan in a meaningful way than those who didn’t have that clarity.
They also tend to have more savings goals, especially for the long term.
In other words, those who have given more thought to their future have a clearer picture of what it could look like.
How can we help people envision their future in a tangible way? Is there a particular approach we can take? Life goals
🏠 Buying your first home
🎓 Going back to school
🌎 Taking a dream vacation
👶 Starting a family
🛟 Having an emergency fund
🌲 Moving to the country after retirement
Goal setting gives people a reason to save and helps them see how contributing to a group savings plan can yield tangible benefits, which makes the process feel more meaningful. As a result, plan members are naturally more motivated to engage with their plan, which they begin to see as a tool they can leverage to reach their most important life goals.
Plan members who base their financial decisions on a clear vision of the future are more likely to set all kinds of goals they may need to save up for.
Having a tangible goal that helps plan members imagine their future, whether near or distant, increases the likelihood that they’ll become engaged in their group savings plan.