Public Perception and Adoption of Pension System Innovations in Georgia: Behavioural Factors and Managerial Implications

Innovation in social security systems ensures economic sustainability and public well-being. In 2018, Georgia introduced a mandatory Funded Pension System (FPS) as a financial innovation aimed at enhancing pension sustainability. The success of such reforms depends on economic feasibility, public perception, awareness, and trust. This study examines the public perception and adoption of FPS in Georgia, applying a marketing and innovation management perspective to explore behavioural drivers, trust dynamics, and communication strategies affecting pension reform acceptance. Using a quantitative survey, the study identifies key determinants shaping public attitudes toward FPS participation. The findings highlight significant challenges, including low financial literacy, scepticism regarding fund security, and a preference for voluntary over mandatory enrolment. The results emphasize the role of strategic communication and public engagement in shaping consumer confidence in financial innovations. Effective marketing approaches such as personalized financial education, targeted awareness campaigns, and trust-building mechanisms are essential for overcoming resistance and fostering long-term engagement with pension reforms. Public trust in financial innovations is influenced by knowledge dissemination, transparency in financial transactions, and the effectiveness of institutional communication strategies. The study contributes to the discourse on financial innovation adoption by emphasizing the intersection of behavioural economics, financial literacy, and innovation management. It highlights how public attitudes toward financial innovations depend on clear, structured communication and transparent policies. The findings suggest that addressing behavioural and communicative aspects of pension system reforms increases public trust and engagement. These insights assist policymakers, financial institutions, and marketing strategists in designing communication frameworks that enhance trust, encourage participation, and ensure the sustainable implementation of pension system innovations in transitional economies.