Pension Planning in the Age of AI – What can we learn from Digital Peers?

We bring a new research-based pension app to a series of large-scale field experiments across the Netherlands to devise new ways to support pension planning for specific target groups and
produce novel insights on
1. how to engage young people to get started with pension planning
2. how to aid people close to retirement to make suitable choices on pension payout options
3. how to encourage vulnerable groups (part-time careers, self-employed) to take appropriate pension measures.
The app has been developed by Goethe University over the past four years (publicly funded) to conduct field experiments in Germany. For the purpose of this project it will be adapted to the Dutch context.
The general aim of the app is to assist users in finding answers to the key questions of pension planning:
– Will my pension be sufficient?
– What can happen to my pension situation?
– How can I improve my pension situation?
The app features many innovations. Most importantly, it contains thousands of detailed financial life-cycle profiles for so-called digital peers. These are realistic personae with all their financial and real estate holdings, liabilities, and income and expense records. The profiles are produced from proprietary research data and national statistics. They allow participants to engage fully in pension planning and use all app features even without uploading their own financial data or login in.

This project is partly funded with PPS from the Ministry of Economic Affairs and Climate through CLICKNL.