Sometimes the simple ideas really are the most effective.
Take the 'save the change' concept introduced to encourage people to put a little extra aside without having to really think about it. Rounding up transactions to the nearest pound and squirrelling away the difference can soon add up.
A little bit here and there and suddenly you might be in for a pleasant surprise when you next actively check the balance of the savings account.
It harks back to the phrase, 'Take care of the pennies and the pounds will take care of themselves'.
As with all good ideas, the concept has evolved over time with different options provided by traditional banks or building societies, challenger banks and dedicated savings apps.
Whether it’s by roundups, automatically moving money from your bank into a separate savings account, transferring cashback amounts or responding to nudges around impulse saving – they all have a part to play.
Open banking has created more opportunities. It has given consumers greater control over their financial data and has enabled providers to personalise products and services.
By automatically monitoring current account balances, suggestions can be made to encourage people to save more when they can.
Making little tweaks to everyday financial habits has the potential to help boost savings.
And all it took was a few simple tools, a couple of prompts to get things off the ground and then you were able to sit back and let the rest happen.
When it comes to the world of pensions, the closest thing is probably the introduction of auto-enrolment.
It's allowed for millions of people to start saving towards their retirement. This can only be a good thing.
But as the word 'auto' implies, it doesn't require much thought. While that's been useful, it could also be considered a drawback and go some way to explain why pension engagement is often deemed to be low.
If people don't have to think about it, then they might not consider moving beyond the minimum contributions. This could hinder their prospects of a more rewarding retirement.
But it's a start and we have to start somewhere. It’s put the foundations in place for us to build on. There’s plenty more work to be done.
Saving for retirement requires a great deal of individual responsibility and it’s why I consider good quality financial advice to be more important than ever.
Pension freedoms have enabled people to have greater control of their retirement funds and many have taken advantage of accessing their private pensions earlier.
This might be to help them achieve their retirement dreams, but it comes with the risk of pension funds depleting quicker than expected if people are not careful.
