Interested?
Who is the Phoenix Group?
Phoenix Group is the UK’s largest long-term savings and retirement business. With approximately £260bn of assets under administration. We offer our c12 million customers a comprehensive range of products across our market-leading pensions, savings and life insurance brands.
Our purpose is to help people secure a life of possibilities, and we do this by growing a strong and sustainable business to help more people on their journey to and through retirement.
Our family of brands offers a range of products across the long-term savings and retirement markets, and which help support people across all stages of the savings lifecycle.
What problem are we trying to solve?
Across the UK there is a significant pension gap, with 55% of all DC savers on track to have below minimum standard lifestyle in retirement.(1)
And the issue is even more acute for women who on average have saved 34% less than men by their 40s and 51% by their 50s. (2)
We help address this by engaging people on their financial futures, but on average women are less likely to engage and less confident to do so. (3)
And women also face life events that exclusively or disproportionately impact their financial outcomes, like menopause, caring and divorce. (4)
Yet whilst saving less, women also live longer and face higher care costs, making quality of life and financial security even more stretched. (5)
What is the challenge?
“How can we innovate to engage women more effectively in their financial futures and improve women’s retirement outcomes?”
We recognise the role a business like ours can play in addressing this challenge, and the impact we can create if we collaborate to improve female financial engagement. We know that many women are at risk of not achieving the lifestyle that they want or expect in retirement, and so want to improve women’s financial knowledge, confidence, and capability to remedy this over time.
We believe we have a tremendous opportunity to engage more women in their financial futures and to help them make better, more informed financial decisions. We invite others who share this mission to apply.
What we are looking for?
We are looking for creative and innovative companies who can help us engage more women with their finances and improve their ability to make informed financial decisions for their own benefit.
Solutions do not need to be solely targeted at women, but applicants must address how they improve female financial participation specifically. Applications will be judged against the criteria below.
-Impact potential
-Strategic fit with our business
-Ability to scale
-Cost to benefit ratio
-Ease of implementation
-Originality
Who can apply?
We are inviting FinTechs, businesses, social enterprises, and charities to apply to our Women’s Innovation Forum, outlining how they aim to address the challenge.
If you've missed the Discovery and Information session
How do I get involved?
To register your interest for our Discovery session Teams on 17th August to find out more about our challenge, hear from subject matter experts within Phoenix Group and also have an opportunity for Q&A, please email innovationforum@thephoenixgroup.com and we will send you a teams invite.
Footnotes
(1)Phoenix Insights – Great Expectations: Are People’s Retirement Income Expectations Adequate and Achievable? (Sept 2022)
(2)L&G – British Women hit by gender gap at every stage of career
(3)Standard Life – Gender Pension Gap: What we Know Already (April 2021, internal)
(4)Chartered Insurers Institute – Securing the Financial Future of the Next Generation (2019) and Solving Women’s Pension Deficit to Improve Retirement Outcomes for All (2019)
(5)ONS – Life Expectancy Tables; and higher cost of residential care for women is found in CII – Solving Women’s Pension Deficit to Improve Retirement Outcomes for All (2019)
