Design and Validation of a Service Marketing Model for the Adoption of Social Security Retirement Funds with a Financial Literacy Approach

Document Type : Research Paper

Authors

1 Ph.D. Candidate, Department of Business Management, South Tehran Branch, Islamic Azad University, Tehran, Iran.

2 Assistant Prof., Department of Business Management, South Tehran Branch, Islamic Azad University, Tehran, Iran.

3 Assistant Prof., Department of Financial Mathematics, Khwarazmi University, Tehran, Iran.

Abstract

Objective
The marketing of retirement fund services is inherently linked to the future security and welfare of individuals; therefore, it must be conducted in a specialized manner. Marketing strategies for retirement fund services must be designed with careful consideration of the financial literacy and knowledge levels of the target audience to ensure maximum effectiveness. As a result, this issue has become a focal point for policymakers, managers, and practitioners within the Iranian Social Security Organization. This study is particularly important because, without continuous evaluation, monitoring, and enhancement of individuals’ financial literacy, the marketing objectives of these funds cannot be realized, leading to a potential waste of substantial budgets and resources. From a theoretical standpoint, this topic holds significant value; although numerous studies have addressed retirement funds, none have specifically explored them from a marketing perspective with an emphasis on financial literacy. Previous studies have addressed these components separately, without any integration or alignment between them. The development and evolution of the role of service marketing in the domain of retirement funds, emphasizing financial literacy, has been overlooked by researchers. A review of the literature indicates a profound research gap in the area under investigation. Therefore, the present study was conducted with an applied-developmental approach to service marketing for the adoption of retirement funds with a financial literacy perspective within the Social Security Organization. The theoretical contribution and knowledge enhancement of this study lie in linking the concepts of service marketing and financial literacy in the context of retirement funds. Moreover, since the Iranian Social Security Organization has its unique conditions and requirements, this research employs an exploratory mixed-methods design to identify the relevant factors. Accordingly, the present study addresses the key question: What is the service marketing model for the adoption of Iranian Social Security retirement funds from the financial literacy perspective?
 
Methods
This study is applied-developmental in its objective and utilizes a cross-sectional survey design regarding method and data collection period. To achieve the research objectives, an exploratory mixed-methods approach was employed. The qualitative sample included 20 experienced managers of the Social Security retirement fund, selected purposively until theoretical saturation was reached. For the quantitative phase, the views of 384 compulsory and self-employed insured individuals were surveyed. Sampling for the quantitative phase was conducted via cluster-random sampling. Data collection tools included semi-structured interviews and a researcher-made questionnaire, which were validated through construct validity, convergent validity, and discriminant validity. Reliability was assessed using Cronbach’s alpha and composite reliability, confirming the questionnaire’s adequacy. To identify the dimensions and components of service marketing for the adoption of Social Security retirement funds with a financial literacy approach, qualitative thematic analysis was used; the relationships between elements were determined by Interpretive Structural Modeling (ISM), and the model was validated using Partial Least Squares (PLS).
 
Results
Results revealed that 302 codes were identified during the open coding phase. Ultimately, four overarching categories, 10 organizing categories, and 59 basic themes were extracted through axial coding.
 
Conclusion
The findings indicate that service marketing strategy, users’ financial literacy, and physical equipment and facilities impact reliability and responsiveness. Reliability and responsiveness affect the improvement of customer experience, which leads to customer engagement, customer loyalty, and customer satisfaction. Through effective customer engagement, the adoption of retirement funds is ultimately promoted.

Keywords

Main Subjects

References

 
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Financial Research Journal
Volume 28, Issue 1
2026
Pages 93-127

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