While it is clear that the figures should be monitored to ensure the balance between expenditure and impact remains appropriate, it is encouraging to see some creative thinking from government when it comes to addressing the issue of how to better engage people with issues relating to retirement savings.
More can be done around financial education and use of technology, in particular, to get people thinking about saving for their retirement earlier on in life.
But efforts to connect with savers through TV, radio and online advertising is a worthwhile endeavour – and, to counter Mr Ogilvy’s point, perhaps the ‘entertainment’ factor is vital to prevent most people from fast-forwarding through them.
The next challenge – once the Pensions Dashboard is up and running – will be to get people to log on and monitor the state of their retirement savings.
We look forward to an innovative and eye-catching advertising campaign later this year.
Bob Scott is a senior partner at Lane Clark & Peacock