The new forum will be encouraging third party organisations to find innovative ways of engaging women more effectively in their financial futures and improving their ability to make better informed financial decisions.
Phoenix Group has partnered with FinTech Scotland and TCS Coin (Co-Innovation Network) to launch the challenge.
Due to a range of life events such as the menopause, caring responsibilities and divorce, women typically save 34 per cent less on average by their 40s than men, and 51 per cent less by their 50s.
Claire Hawkins, executive sponsor of the scheme and Phoenix Group’s director of corporate affairs and investor relations, said: “This an extremely important issue for a huge number of people in the UK and a topic close to my heart.
“Far too many women are not saving enough to meet the income levels they want or expect in retirement and this is 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.”
Hawkins said she was passionate about improving women’s knowledge, confidence and capability to improve their financial outcomes in retirement.
“That is why we’re looking for organisations who can find creative, scalable and effective solutions to address the gender pensions gap as we look to develop and explore new ways of tackling this issue,” she added.
Applicants to the forum will be encouraged to address innovation, creativity, and implementation in their proposals, and to consider how to deliver their solution to Phoenix Group’s significant customer base, leveraging its scale and capabilities in their solution.
Proposed solutions will be assessed on factors including their potential impact, scalability and originality.
Nicola Anderson, chief executive of FinTech Scotland, said the organisation was proud and excited to be working with the Phoenix Innovation Forum on this important topic.
“Engaging and empowering citizens in their financial futures is an essential component in helping the UK build its financial inclusion ambition,” she said.
“The retirement savings gap is a growing concern in the UK and the current research shows this has a significant impact on women in particular.
“Fintech innovation can change that reality, and in collaboration with Phoenix Group we believe that the time for action is now.”
She added: “With this new innovation forum, we hope to discover bold and transformative ideas that will enhance women’s financial knowledge, improve their confidence, and grow their capabilities to achieve the future they want.”
