The community space we had before we launched Dozens, with 300 diverse customers from across the UK, was called “What If”. This was a great way of starting interesting discussions. I thought I might challenge your imaginations and ask a few “what if” questions here too, on Financial Wellness related ideas, to see what we imagine our future could be like.
What if, in some not-too-distant future, we had a government that decided that as well as making it an obligation on employers to open and contribute to a person’s private pension, we also tapped the wisdom of the crowd in how this was to be invested? They believed that individuals were too risk averse when thinking about their own future, and that the industry was likely to be biased, so to get around this, it would be up to strangers to make a decision that they would not benefit from.
Like a trial jury, every UK tax payer could be required to have 12 of their peers selected, at random, to determine the fate of their pension for the remainder of their career - and it could happen at any point.
So, one day in this future, you open the post and find out that for the next two weeks you are sitting on a pension jury, and you will have to select an appropriate strategy for a complete stranger. You do not know them and are not allowed to meet, but the jury and ‘candidate’ can exchange a single message. You can ask no more than 5 questions, and they will supply short answers (no longer than a tweet - 280 characters)
How could you approach it? What do you think of the idea - it is crazy, but could there be any benefits?
What might you ask, if anything? Would you play it safe? Would you take a risk to give them a chance for an amazing retirement … but also risk their comfort? Would you focus on the individual, or the benefits to the wider society?
Remember, … one day someone will be doing this for you too.