The importance of women’s pension provision in times of AI

Anna Mara, Swiss Fintech Ladies

The importance of women’s pension provision in times of AI

Traditionally, women in Switzerland (and not only here) have often been underprovided for or worse off when it comes to old-age provision. They have often paid less into the coffers because they have not worked at times when taking care of family and children. This state of affairs should be remedied.

One of the key challenges in retirement planning is to develop an individually tailored plan that takes into account each person’s financial goals and needs. This is where AI comes into play. AI-based platforms can collect information about income, expenses, lifestyle and planned retirement time and use this data to create personalised retirement plans. This means that women no longer have to rely on standardised models, but receive tailored strategies that suit their specific circumstances.

Life events such as marriage, divorce, the birth of children or the death of a spouse can have a significant impact on a woman’s financial situation. AI can identify these changes and adjust the retirement plan accordingly. This enables women to react flexibly to changes in their lives without jeopardising their financial security.

Retirement planning is a long-term issue, and AI can help women set and pursue long-term financial goals. This technology can motivate women to continuously work on their financial future and prepare for their retirement.

AI can also help to identify financial risks and shortages early on. This is especially important for women, as they often have longer life expectancies and thus need more financial resources for their retirement. AI systems can identify unusual spending patterns and financial challenges to warn women in time and allow them to take countermeasures.

What are the challenges here?

Women are often not sufficiently informed about their finances. Through personalised educational content and interactive learning platforms, women can increase their knowledge about retirement planning and investments. This is crucial as education is often the key to financial self-sufficiency.

When implementing AI in women’s retirement planning, ensuring ethics and trust is crucial. It is important to ensure that the algorithms are fair and not gender discriminatory or biased. Women need to be confident that their financial data will be kept secure and confidential.

Presseportal: https://www.presseportal.ch/de/nr/100096065https://swissfintechladies.ch/blog/