So far initiatives to educate the Dutch population with regards to their pension have focused on traditional channels such as TV, radio, and (e)mail. Those traditional methods of communication fail to target younger demographics specifically. Failing to timely and adequately plan for retirement can have detrimental effects, including poverty in retirement, lower physical and mental health, increased dependence on family and governmental support, and lower sustained happiness.
We investigate the possibility to use TikTok as an effective pension communication strategy to increase pension engagement. The research was conducted in two parts, including the creation of an educative TikTok channel and an A/B online experiment.
Our study reveals important findings:
- On average, 52% of viewers were returning viewers, demonstrating that many were drawn back to the channel, likely due to the algorithm, following the channel, or actively seeking information. This figure rose to 69% for the last 10 videos, reflecting increased familiarity and engagement as the channel grew.
- Participants in the A/B experiment that were exposed to pension TikTok’s reported higher intention to seek retirement information than those who were not exposed.
- In addition, participants’ acceptance of TikTok of more than just and entertainment tool (i.e. an educational tool) was deemed an important contributor to the willingness to learn new information through TikTok.
Results point at that one should utilize the strengths of TikTok to engage younger demographics with their pension planning.