Author Stig Nybo, retirement industry expert and president of pension sales and distribution for Transamerica Retirement Solutions, told PLANADVISER it is “a book that tries to tap the collective knowledge of our industry.” He added that the basic premise behind the book is trying to change social behavior around savings.
Nybo advocates a national retirement savings campaign similar to successful Public Service Announcements. “I looked for examples where we achieved significant social change, and one of the best examples I found—and discuss in the book—was the Keep America Beautiful campaign about littering in the U.S.,” he said. People who can remember the 70s know there was a lot of trash on highways and beaches, and a campaign was started featuring a commercial with an American Indian crying as litter was thrown at his feet along a highway.
“That is not the experience today; there are trash cans every 100 feet along beaches,” Nybo noted. “What changed to make that happen is we collectively as a society changed the context around littering—i.e., it is wrong—and people’s beliefs changed—i.e., ‘I don’t have to litter; I should use trash containers.'”
Nybo added: “We have to change the context around retirement savings. How easy is it to save versus not save, and what contextual factors within companies will help or lead people to save? We have to change beliefs, getting influencers of our industry thinking about how we create a crying-Indian campaign or Smoky the Bear campaign to change beliefs widespread.” He said a process to affect behavior is laid out in the book.
Nybo emphasizes that the retirement industry, policymakers, employers and individuals can work together to create a nation of “Super Savers”—people who save more in order to retire comfortably whenever they choose. “We all need to set a goal of saving at least 10% of current pay every year for retirement. What if we all saved 10%? Think of the impact this would have on the futures of so many people.”
Nybo said his commitment is shared by Transamerica, and the proceeds of the book will go toward this retirement readiness campaign. “This is purely about establishing awareness and furthering this effort,” he said.
“Transform Tomorrow” is available on Amazon.com.