Financial advisors have long struggled with a familiar problem: how to explain complex retirement rules in ways clients can actually understand. A new working paper suggests that pairing clear visual explanations with interactive, scenario-based tools could significantly improve both comprehension and behavior, especially around some of the most confusing elements of retirement planning.
Processing Content
The study tested two educational interventions: a series of infographic-style visual explanations of key retirement concepts, and a gamified application that walked participants through simulated financial decisions over the course of a working lifetime. Participants were randomly assigned to one of the two tools or to a control group that received no intervention. Before and after, they were tested on both basic financial literacy and retirement-specific knowledge.
The results were striking. While both approaches improved overall understanding, infographics were especially powerful at teaching complicated technical material, such as withdrawal rules, tax-free thresholds, the differences between types of retirement funds and maximum withdrawal limits at retirement. Meanwhile, the gamified approach had its strongest effects on behavioral awareness, motivation and decision-making. Games helped participants better grasp the long-term consequences of savings rates, early withdrawals and planning choices.
For advisors, the findings suggest a simple but potent shift: Combining visual explanations with interactive, scenario-based conversations could dramatically improve client engagement and comprehension.
READ MORE: JPMorgan invests for new age of competition amid AI fears
Why visuals work so well
Infographics showed the largest gains in areas where clients typically struggle most. Participants who received visual explanations made significant improvements in understanding withdrawal rules, tax-free withdrawals and fund structures.
Chrizaan Grobbelaar and Liezel Alsemgeest
In practice, this reinforces what many advisors already suspect: Retirement planning often fails not because clients are uninterested, but because the information is simply overwhelming.
The study’s co-authors, Chrizaan Grobbelaar, a lecturer at the Central University of Technology in South Africa, and Liezel Alsemgeest, the director of the School of Financial Planning Law at the University of the Free State in South Africa, said that infographics that effectively summarize information can help reduce “cognitive overload” when trying to explain a complex subject.
“It turns out that infographic-style breakdowns work wonders for tackling complex concepts like retirement rules, tax implications, withdrawal limits and fund structures,” Grobbelaar and Alsemgeest wrote in an email. “So, advisors can therefore use clear, well-designed visual summaries when discussing pension regulations, contribution limits or preservation options, reducing cognitive overload and improving client understanding.”
From trust flowcharts to full-fledged financial plans, advisors are increasingly converting dense stacks of documents into intuitive infographics for their clients in a bid to improve communication.
Cheri Stein, a partner and senior trust officer at audit, tax and advisory firm Plante Moran, said one of the firm’s most valuable tools is a one-page flow chart that distills an inch-thick binder of documents into a clear, easy-to-follow graphic.
READ MORE: Prediction markets: What they are and why they matter
Why games change behavior
While infographics can clarify the facts, researchers say gamification can change how participants think about them.
Chrizaan Grobbelaar and Liezel Alsemgeest
In the study’s gamified environment, participants navigated a simulated working life, making choices about savings rates, spending and withdrawals. This scenario-based approach proved especially effective at boosting motivation, behavioral awareness and long-term thinking.
For advisors, the gamified environment points to the power of “what-if” conversations. Instead of merely telling clients that higher savings matter, interactive simulations allow them to see and feel the impact. By adjusting contribution rates, retirement ages or withdrawal strategies, clients experience the trade-offs directly.
“This kind of experiential engagement encourages reflection and makes consequences more tangible,” the researchers said. “So, a client can play with different savings rates, and ‘feel’ the sting of pulling money out early. It makes the stakes feel real and sparks some serious reflection.”
The use of games as a tool for improving financial literacy is nothing new. Games like “The Four Money Bears” and offerings from Next Gen Personal Finance offer a variety of finance-oriented games to help children and young adults develop more financial literacy.
But for older adults, that same gamified approach is overlooked, despite its apparent benefits. And while the research is still early — Grobbelaar noted that the article is still under review with the specific journal and has not been peer reviewed — it does offer a glimpse into potential new avenues for advisors looking to improve their client communication offerings.
READ MORE: AI will reshape portfolio construction, say financial advisors
Where the two approaches intersect
For advisors looking to incorporate the study’s findings into their own practice, the researchers say the best approach is a blended one — infographics deliver clarity, while games deliver engagement. Together, they help form a multidisciplinary communication strategy that addresses both understanding and motivation.
In practical terms, advisors might begin meetings with visual explanations to establish a clear baseline of knowledge. From there, they can transition into interactive modeling to explore trade-offs, test strategies and reinforce behavioral insights.
“Financial advisors can draw from our research by mixing both visual resources with some behavioral nudges in client chats,” the researchers said.
-1024x683.jpg "Florida Roads Become a Battleground for Illegal Immigration")
