Engagement behavior and financial well-being: The effect of message framing in online pension communication |
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| Authors: | Wiebke Eberhardt Elisabeth Brüggen Thomas Post Chantal Hoet |
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| Institution: | 1. Open University, Faculty of Management, Center for Actionable Research of the Open University, Smedestraat 2, 6411CR Heerlen, the Netherlands;2. Network for Studies on Pensions, Aging and Retirement (Netspar), Warandelaan 2, 5037AB Tilburg, the Netherlands;3. Maastricht University, School of Business and Economics, Department of Marketing and Supply Chain Management, Tongersestraat 53, 6211LM Maastricht, the Netherlands;4. BISS – Brightlands Institute for Smart Society, Maastricht University, Smedestraat 2, 6411CR Heerlen, the Netherlands;5. Maastricht University, School of Business and Economics, Department of Finance, Tongersestraat 53, 6211LM Maastricht, the Netherlands;6. Open University, Faculty of Management, Department of Accounting and Finance, Valkenburgerweg 177, 6419 AT Heerlen, the Netherlands;7. Aegon, Aegonplein 50, 2591TV Den Haag, the Netherlands |
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| Abstract: | People spend very little time planning for retirement, which could have negative effects on their financial well-being. To address this troubling lack of engagement, the authors posit that the use of goal framing, a marketing practice that involves making strategic adjustments to wording of marketing communications, in technology-facilitated communication (e.g., email) is effective for stimulating consumers’ behavioral engagement with pension information that is relevant for their long-term financial well-being. Field, online, and laboratory studies consistently show that a prevention-oriented assurance frame in technology-facilitated communication is twice as effective as a promotion-oriented investment frame for increasing participants’ engagement behavior. The findings have important implications for marketers and policy makers who seek to increase consumers’ retirement engagement behavior and financial well-being. |
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| Keywords: | Framing Information acquisition Pensions Financial services Engagement |
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