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Press release
An innovative platform called Hazel providing guidance and support on using housing wealth to enhance retirement income, has been chosen as the winner of Phoenix Group’s Women’s Innovation Forum.
Phoenix Group, the UK’s largest long-term savings and retirement business, invited organisations to pitch their innovative solutions to help tackle the gender pensions gap when it launched its Women’s Innovation Forum in August 2023. The FTSE 100 company partnered with FinTech Scotland and TCS COIN (Co-Innovation Network) to launch the challenge.
Phoenix Group’s Longevity think tank, Phoenix Insights’ research* has shown that due to a range of life events such as the menopause, caring responsibilities and divorce, women typically save less for retirement than men - 34% less on average by their 40s, and 51% less by their 50s, despite living longer.
Applicants to the forum were asked to rise to the gender pension gap challenge by engaging more women in their financial futures and help them to make more informed decisions. They were encouraged to address innovation, creativity, and implementation in their proposals, and to consider how to deliver their solution to help Phoenix Group’s significant customer base, leveraging its scale and capabilities.
Following a strong response from applicants, the Hazel platform has been chosen as the winning entry. The platform helps people to learn more about different ways that equity in property can be utilised in later life, which can be particularly relevant to women by helping counteract the significant average shortfall many experience through the gender pension gap.
Hazel’s platform offers balanced and personalised guidance to adults over 50 including retirees to help them understand the ways a property they own can support them to fund a good quality of retirement.
Users of the platform are guided through a range of considerations relating to their personal circumstances and provided with informative material related to downsizing their home, moving to a cheaper area in later life or releasing equity through later life lending products such as a lifetime mortgage.
The tool is based around a holistic personal assessment that considers lifestyle and property choices that are particularly relevant to older homeowners. It also highlights considerations to take into account when finding and funding appropriate housing options and financial solutions when users are ready to make decisions about their housing wealth.
Given that women are more likely to own their own home in retirement**, as well as being more likely to live longer*** and have lower pension wealth**** to support their retirement income, they are particularly well placed to benefit from this support.
The scheme will aim to help address the gender pension gap, improve financial confidence among women, and ultimately improve their quality of life and financial security in retirement.
Phoenix Group and Hazel will now look at how best to integrate a pilot into Phoenix’s existing services and business model.
Executive sponsor of the Women’s Innovation Forum and Phoenix Group’s Director of Corporate Affairs and Investor Relations, Claire Hawkins, said:
“The fact is that many people simply do not save enough for retirement and women usually have less saved for retirement than men because of the impact of life events.
“Hazel’s solution will help more women to understand how they could use any property assets they have to top up their pension and close the income gap when they retire, leading to a better and more comfortable retirement.
“It gives not just women, but all homeowners much greater choice and control over how to fund their retirement. It provides a practical and scalable solution and we will be using existing mechanisms and technology which already works well to deliver this initiative.
“Far too many women are not saving enough to meet the income levels they want or expect in retirement and this project offers a tremendous opportunity to reach out to them and engage them in their financial futures so we can help them make better, more informed decisions that can ultimately lead to securing a better, longer life.”
Co-Founder of Hazel, Mark Whitcroft said:
“Grounded in extensive research conducted alongside the UK’s National Innovation Centre for Ageing (NICA), Hazel emerged from a profound understanding of the hurdles older adults face in navigating critical life and housing decisions and the subsequent implications on their retirement finances. The collaboration with Phoenix represents a pivotal step in broadening the spectrum of guidance available to their valued clientele, underscoring our commitment to empowering individuals to make informed choices about their later years with confidence and clarity."
*Caught in a Gap 2023
**Age by sex, by dwelling tenure, England and Wales, 2021
*** ONS National Life Tables – Life Expectancy in the UK 2020 to 2022
**** DWP The Gender Pension Gap in Private Pensions" 2023.
