Cases of information campaigns implemented by the industry. Dariusz Stańko Warsaw School of Economics. 2010 FIAP International Seminar „Developing the Potential of the Individually Funded Pension Systems”, Viña del Mar, 6-7 May 2010. The survey. time: March-April 2010
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Warsaw School of Economics
2010 FIAP International Seminar „Developing the Potential of the Individually Funded Pension Systems”, Viña del Mar, 6-7 May 2010
time: March-April 2010
method: Internet 10 questions’ inquiry:target, scale, methods, assessment, role of government institutions, conclusions for the future
participants: FIAP members plus CEE countries
respondents: 11 countries (approx. 60%) (Chile, the Dominican Republic, the Netherlands Antilles, Honduras, Hungary, Mexico, Poland, Romania, Salvador,Slovakia, Uruguay)
implementation actions: start of the system, multifunds (CL, HU), new rules, updating data (DO) etc.
typical actions: pension awareness and knowledge of the system(rules, obligations and rights, institutions), advantages of the funded system (FF vs. PAYG, rates of returns, inheritance issues, safety, possibility of choices, private vs. public, demographic changes), voluntary savings (NA), investor relations (DO) etc.
crisis management actions:financial losses in 2008-2009 (PL, HU, MEX)political actions (taxes HU, system’s dismantling SL, PL)
personalised contact (letter, phone, sms, e-mail, visits to companies)
seminars, conferences, press breakfasts, joint reports
press, radio, TV, chats, websites (ads, interviews, leaflets, educational series, info micros)
PR agencies rather for huge campaigns
CL - 2002 multifunds, joined efforts with the government and the financial supervisor
UR - National Dialogue on Social Security from 2007/2008, Programme of Integral Advice
SAL - Pension education programme with financial supervisor from 2010
MX - co-operation with financial supervisor and National Commission for the Protection of Users of Financial Services (CONDUSEF)
HU - 2009 attempt of tax increase on voluntary contributions, alliance with trade unions
PL - “too good education” - system’s initial public info campaign - great support, but negative long-term impact of AFPs’ marketing messages
low pension awareness (financial literacy)
limited or no interest in the topic, especially amongst the young
little or no support from governments, co-ordination problems
ideologisation of the pension system (politicians’ short-term horizon, populism, various interests)
part of audience out of reach (media, newspapers) if TV not used
pension awareness (need of saving, knowledge of how to do that)
targeting workers outside of the systems or with low salaries (Latin America)
performance and safety of the system
nature of the demographic problem (CEE)
joint 1-year campaign with the government and the superintendency; PR agency used
4 radio messages:
What would you say if you have 5 ways to change your future?
Do you think there is nothing you can do to improve your future?
How many times have you taken really important decisions in your life?
Do you believe that each person’s destiny is written?
interactive CD for TV - 1 Aug 2002
info commercial on TV (local, prime time) - 18 Aug 2002, preceding 823 000 inserts with multifund application form in the mainstream media - 19 Aug 2002
autumn 2008 - campaign with a PR agency, from Jan 2009 till June 2009 a press campaign
to counteract the bad timing of introduction of multifunds (at the end of 2008, 75% members were in the aggressive funds)
to explain bad results of 2008 to the population (announcement preceding the information of the Financial Authority)
saving for retirement is a long-term investment
voluntary funds - do not realize losses, unless it is really necessary
interviews in newspapers, TV, radio, educational series in free daily newspaper, conferences.
keep the message(s) as simple as possible
better identification of various groups preferences and their situation is needed before implementing mass campaigns
communication and education is an ongoing process, do not save on it in „good times”
importance of creating good relations with opinion makers, leading media and trade unions that can influence workers and public opinion
target young generation (cinemas, shopping centers, internet)
to counteract the problem of financial literacy and pensions politicization, the pension education should be a part of school/university curriculum
explain to media and the public the nature of the demograhpic problem and the role of FF systems (CEE)