Praise for THE QUADRILLION DOLLAR BRIDGE "This book shows alternative solutions for retirement provision that could meet the growing challenges in Germany. It sheds light on international approaches and calls for bolder decisions in capital market orientation before the pressure to act increases further." -MARTIN STENGER, Head of Sales at Franklin Templeton Germany "Josef Pilger illuminates the 'why' behind our retirement decisions at every level, from governments to individuals, and how to ensure we make the right choices. This is essential reading for a secure future." -JAMIE FIVEASH, CEO of…mehr
Praise for THE QUADRILLION DOLLAR BRIDGE "This book shows alternative solutions for retirement provision that could meet the growing challenges in Germany. It sheds light on international approaches and calls for bolder decisions in capital market orientation before the pressure to act increases further." -MARTIN STENGER, Head of Sales at Franklin Templeton Germany "Josef Pilger illuminates the 'why' behind our retirement decisions at every level, from governments to individuals, and how to ensure we make the right choices. This is essential reading for a secure future." -JAMIE FIVEASH, CEO of Smart Pension UK "Quadrillion Dollar Bridge offers an unparalleled historical and social analysis of retirement income, urging us to embrace an intergenerational approach to financial security throughout life to promote stability in later years. Essential reading for actuaries, financial planners, policymakers, futurists, and individuals alike, this work challenges us all to consider transformative changes that will shape our collective future." -ANNE-MARIE ELIAS, Co-Founder PrimeLife Partners "This is by far the most thorough analysis I have ever seen of the issues of retirement systems around the world. The research is stunning in its breadth and depth. Josef raises numerous questions, aiming to reframe and stimulate debate and reflection." -DON EZRA, Former Co-Chairman of Global Consulting for Russell Investments The Quadrillion Dollar Bridge: Closing the Retirement Funding Gap by Understanding How Humans Make Decisions is a practical and insightful new discussion of how to navigate the increasingly complex and unpredictable landscape of retirement, including its systems, decisions, planning, behaviours, outcomes, and expectations. In the book, retirement and pension expert and author Josef Pilger walks you through the challenges lying in wait for consumers, policymakers, and financial and retirement services providers and how you can best address them.
JOSEF PILGER is an independent consultant and speaker with decades of experience in the global pension and retirement sector. He has worked with hundreds of boards, CEOs, and executives in leading organisations across more than 30 countries and has extensive experience working as a commercial and NFP board member.
Inhaltsangabe
Foreword 5 Author's Foreword 6 Section A: Framing Context Retirement System Objectives: Purpose and Cultural Framing Expectations 10 Problem: What problem? The governance and fiduciary duty 14 Retirement System Parameters 16 Section B: Retirement and Financial Well-being Ecosystem The Financial Well-Being Ecosystem 23 Retirement Decision Map 25 The Unavoidable Statistical Section 27 The Retirement Memories-Map 28 Why are Retirement Decisions so Hard? 30 Financial Literacy and Financial Advice as Silver Bullets? 34 What can we learn from Human Evolution? 37 Intergenerational Wealth Transfer 45 Behavioural Economics - Progress at Last? 46 Retirement Success 47 Financial Planning Success 51 Section C: Transform Retirement 2.0 - Defining the Crucial Challenge(s) The New Brand of Retirement 2.0 55 The Foundation of Success in Retirement 2.0 57 Transform: How can we see what others don't? 60 A Policymakers' Balanced Scorecard for Retirement 2.0 61 Longevity's Impact on Governments 64 Section D: Transform Retirement 2.0 - Breaking Down the Challenge(s) Break Down the Challenge and Challenge Statement 76 Compare Stakeholders' Perspectives and Wants 83 Section E: Transform Retirement 2.0 - Search Within the Sector Searching for Best Practices from Australia 103 Searching for Best Practices from the Netherlands 104 Searching for Best Practices from Denmark 104 Searching for Best Practices from Hong Kong 105 Searching for Best Practices from Malaysia 105 Searching for Best Practices from the US 106 Searching for Best Practices from Canada 107 Searching for Best Practices from Chile 108 Searching for Best Practices from India 109 Searching for Financial Advice Best Practices in the UK and Australia 110 Selected Key Learnings from within the Global Retirement Ecosystem 115 Section F: Think Bigger for Retirement 2.0 - Search Outside of the Sector The Search for Better Attraction and Engagement 118 The Search for More Learning About Customer Attraction at Scale 120 Search for Financial Security-Centric Retirement Advice Learnings 122 Search for Better Enablement and Decision for Retirement Learnings 126 Search for Learnings for a Better Ecosystem and a "Fulfilled Life" 129 Learning About the Illusion of Validity 130 Search for Better Government and Policymaker Interventions 131 Learnings from the Global COVID Vaccine Journey 132 Learnings from the Implementation of Obama Care 134 Learnings from the Kingdom of Saudi Arabia's Vision 2030 Journey 135 Section G: Think Bigger for Retirement 2.0 - The Options Map Evolving the Options Map Pragmatically 137 Shift 1: From Retirement 1.0 to 2.0 and 'Fulfilled Life" Transformation 139 Completing Commensurate Implementation of Retirement 1.0 139 A Practical Solution for Gig, Self-employed (GEPs) and the Future of Work 140 What Does Retirement 1.1 Mean? 140 The Shift to Retirement 2.0 141 What Aspects Should Be Included in Financial Security for Retirement 2.0? 142 What is the Magic Answer? 143 The Shift to a "Fulfilled Life" Approach 144 Shift 2: From Incremental to Transformative Outcome Architecture 144 Shift 3: From Process and Choice to Saver Outcome Architecture 146 Shift 4: From Process to Outcome Governance 149 Shift 5: From Process and Product to Value-Chain Architecture 153 Seamless Data Access and Integration of Government Pension and Support Systems 157 Integration of Home Ownership 157 Seamless Data Access and Integration of Health and Other Relevant Areas 157 Shift 6: From Financial Planning to Advice Outcome Architecture 159 Pressure to Shift from Good to Best-Saver Interests Has Emerged 160 Fee and Price Sensitivity Emerged on a Different Level 161 Demand and Context for Financial Planning and Advice 161 Supply of Financial Planning and Advice and Context 164 Accumulation, Decumulation, and Longevity Converged at Scale 168 Focus on Vulnerable Cohorts and Literacy at Scale Arose 169 Focus Shifted to Outcomes Rather than Process 170 The Political Test: The $1 Quadrillion Prize of Value Generation 172 Section H: What Do the Six Shifts Mean More for the Golden Years? Framing the Conversation 174 Framing Success 176 The Australian Retirement System 178 Outcome Scope for Retirement 1.0: Complete the Jigsaw 179 Outcome Scope for Retirement 2.0: Thinking About the Inevitable Tough Questions 181 Transformative Policy Outcomes 182 Outcome Architecture 182 Financial Planning and Advice Architecture 184 The German Retirement System 185 Outcome Scope for Retirement 1.0 and Transformative Policy Outcomes 186 Outcome Architecture 187 The Dutch Retirement System 188 The UK Private Retirement System 189 The US Private Retirement System 191 Where Are We Today? 191 The Way Forward 194 Section I: Leadership Interviews Intro 197 Australia: David - 500 - 1000 Words 197 Germany: Heri 197 UK: Jamie 197 US and Global: Nikki 197 Global: Andrew 197 Section J: Conclusion 197 Table of Charts, Tables, and Figures 200 References and Endnotes 200
Foreword 5 Author's Foreword 6 Section A: Framing Context Retirement System Objectives: Purpose and Cultural Framing Expectations 10 Problem: What problem? The governance and fiduciary duty 14 Retirement System Parameters 16 Section B: Retirement and Financial Well-being Ecosystem The Financial Well-Being Ecosystem 23 Retirement Decision Map 25 The Unavoidable Statistical Section 27 The Retirement Memories-Map 28 Why are Retirement Decisions so Hard? 30 Financial Literacy and Financial Advice as Silver Bullets? 34 What can we learn from Human Evolution? 37 Intergenerational Wealth Transfer 45 Behavioural Economics - Progress at Last? 46 Retirement Success 47 Financial Planning Success 51 Section C: Transform Retirement 2.0 - Defining the Crucial Challenge(s) The New Brand of Retirement 2.0 55 The Foundation of Success in Retirement 2.0 57 Transform: How can we see what others don't? 60 A Policymakers' Balanced Scorecard for Retirement 2.0 61 Longevity's Impact on Governments 64 Section D: Transform Retirement 2.0 - Breaking Down the Challenge(s) Break Down the Challenge and Challenge Statement 76 Compare Stakeholders' Perspectives and Wants 83 Section E: Transform Retirement 2.0 - Search Within the Sector Searching for Best Practices from Australia 103 Searching for Best Practices from the Netherlands 104 Searching for Best Practices from Denmark 104 Searching for Best Practices from Hong Kong 105 Searching for Best Practices from Malaysia 105 Searching for Best Practices from the US 106 Searching for Best Practices from Canada 107 Searching for Best Practices from Chile 108 Searching for Best Practices from India 109 Searching for Financial Advice Best Practices in the UK and Australia 110 Selected Key Learnings from within the Global Retirement Ecosystem 115 Section F: Think Bigger for Retirement 2.0 - Search Outside of the Sector The Search for Better Attraction and Engagement 118 The Search for More Learning About Customer Attraction at Scale 120 Search for Financial Security-Centric Retirement Advice Learnings 122 Search for Better Enablement and Decision for Retirement Learnings 126 Search for Learnings for a Better Ecosystem and a "Fulfilled Life" 129 Learning About the Illusion of Validity 130 Search for Better Government and Policymaker Interventions 131 Learnings from the Global COVID Vaccine Journey 132 Learnings from the Implementation of Obama Care 134 Learnings from the Kingdom of Saudi Arabia's Vision 2030 Journey 135 Section G: Think Bigger for Retirement 2.0 - The Options Map Evolving the Options Map Pragmatically 137 Shift 1: From Retirement 1.0 to 2.0 and 'Fulfilled Life" Transformation 139 Completing Commensurate Implementation of Retirement 1.0 139 A Practical Solution for Gig, Self-employed (GEPs) and the Future of Work 140 What Does Retirement 1.1 Mean? 140 The Shift to Retirement 2.0 141 What Aspects Should Be Included in Financial Security for Retirement 2.0? 142 What is the Magic Answer? 143 The Shift to a "Fulfilled Life" Approach 144 Shift 2: From Incremental to Transformative Outcome Architecture 144 Shift 3: From Process and Choice to Saver Outcome Architecture 146 Shift 4: From Process to Outcome Governance 149 Shift 5: From Process and Product to Value-Chain Architecture 153 Seamless Data Access and Integration of Government Pension and Support Systems 157 Integration of Home Ownership 157 Seamless Data Access and Integration of Health and Other Relevant Areas 157 Shift 6: From Financial Planning to Advice Outcome Architecture 159 Pressure to Shift from Good to Best-Saver Interests Has Emerged 160 Fee and Price Sensitivity Emerged on a Different Level 161 Demand and Context for Financial Planning and Advice 161 Supply of Financial Planning and Advice and Context 164 Accumulation, Decumulation, and Longevity Converged at Scale 168 Focus on Vulnerable Cohorts and Literacy at Scale Arose 169 Focus Shifted to Outcomes Rather than Process 170 The Political Test: The $1 Quadrillion Prize of Value Generation 172 Section H: What Do the Six Shifts Mean More for the Golden Years? Framing the Conversation 174 Framing Success 176 The Australian Retirement System 178 Outcome Scope for Retirement 1.0: Complete the Jigsaw 179 Outcome Scope for Retirement 2.0: Thinking About the Inevitable Tough Questions 181 Transformative Policy Outcomes 182 Outcome Architecture 182 Financial Planning and Advice Architecture 184 The German Retirement System 185 Outcome Scope for Retirement 1.0 and Transformative Policy Outcomes 186 Outcome Architecture 187 The Dutch Retirement System 188 The UK Private Retirement System 189 The US Private Retirement System 191 Where Are We Today? 191 The Way Forward 194 Section I: Leadership Interviews Intro 197 Australia: David - 500 - 1000 Words 197 Germany: Heri 197 UK: Jamie 197 US and Global: Nikki 197 Global: Andrew 197 Section J: Conclusion 197 Table of Charts, Tables, and Figures 200 References and Endnotes 200
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