SEB to launch an experiment “Life in the Shoes of a Pensioner”

Starting on 5 April, SEB Elu- ja Pensionikindlustus will begin an experiment, in the framework of which representatives from three generations will try to live off of an Estonian state pension for one month. The purpose of the experiment “Life in the Shoes of a Pensioner” is to focus the attention of the public on the fact that with the arrival of retirement age incomes will drop by at least 60%, and the wish to raise the awareness of the residents of Estonia in connection with pension.

The bloggers’ first videos, in which they introduce their financial plan and expectations for the experiment prior to the receipt of their first “pension” on their account, will premiere on 5 April, within the framework of the cinema conference “Are we ready for retirement?”, being held at the Coca-Cola Plaza. Materials are available for review on SEB’s pension readiness page: www.seb.ee/pensionivalmidus

Representatives of generations X, Y, and Z will be taking part in the experiment, living for one month off of an Estonian pension and keeping a video blog on the topic.

Taking part in the experiment are:

Rain Resmeldt Uusen, Marketing Director of CV.ee, YouTube blogger, Generation-Z representative:

“I like to live through development and experiments, which means that I had no qualms when it came to accepting the challenge presented by SEB – for me it is extremely exiting to live one month in the shoes of the future itself, since this day is looming on the horizon anyway. Why not learn about your possibilities and challenges already today?

Being a promoter of a job portal, I professionally come across the issues of financial strength and income expectations every day, and I realise that the financial limits established during the experiment are already a reality for many people today. I am happy to identify myself with them and find reasonable and smart solutions from the situation.”

Andrei Titov, ETV+ host, Editor-in-chief of MK-Estonia, Generation-Y representative:

“I joined the experiment because I see an opportunity to raise awareness about pensions and, in particular, to show Estonia’s Russian-speaking population the importance of financing our future. As the head of a family and a father, it will definitely be difficult for me to cope during this month with a new set of financial restrictions. On the other hand, I see how we are continuously finding excuses to delay saving for our pension – “I still have time left to save for my pension”. This thinking may lead many Estonians to a situation in which their income falls by more than half immediately. In order to reduce the number of people who would be shocked by such a fall in income during retirement age, I am ready to sacrifice my everyday lifestyle and await this experiment with great excitement.”

Mari Krumm, insurance employee, Generation-X representative:

“For me, this experiment is pure adventure and putting myself to the test. It is very exciting to spend a month living under conditions which may possibly be waiting for me on the horizon when I reach retirement age in 20 years. Even though I tend to see my pension from a positive point of view, and I am trying to ensure myself savings for the future, when planning for the month ahead with very limited expenditures, I discovered that I had never before though about my pension in such detail. The experiment will definitely be a sobering and eye opening experience.”

During the course of the experiment blog entries will be posted on SEB’s YouTube channel every Wednesday at 10.00 AM, starting on 5 April and ending on 3 May. In total each blogger will prepare at least 5 video posts, in which they will discuss what it is like to live under the strict monetary framework imposed by an Estonian pension.

Additional information and contact with the participants:

Julia Piilmann
Communications Manager
Marketing and Communications Division
SEB Pank

Phone +372 665 5340
Address Tornimäe 2, 15010 Tallinn
E-mail julia.piilmann@seb.ee
www.seb.ee

*The division of generations is based on the common features and value assessments which characterise them. It started last century, when the authors William Strauss and Neil Howe created the theory of different generations. According to their vision, every generation has common features, which give it their own specific nature and which can also generally be divided between certain years of birth.

• Generation X are people born in the 1960s and 1970s, following the post-World War II baby boomers, whose characteristic features are isolation from society, the violation of its rules, and the switching off of community traditions.
• Generation Y (born in the 1980s and 1990s) has been characterised as a civic-minded generation with a strong sense of community, both local and global.
• Generation Z (children born starting from the 1990s), however, is an absolute smart technology generation, for whom the smart technology revolution is the reality of life and for whom both, ecological as well as healthy and prudent management values are of primary importance.