closing the money gap: what marketers need to know
TRANSCRIPT
CLOSING THE MONEY
GAP
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OF 18-35 YEAR OLDS IN ASIA BELIEVE HAPPINESS IS MORE
IMPORTANT THAN MAKING MONEY
78%
Source: GenerationAsia a proprietary study of 32,000 Asians by Y&R+VML
PEOPLE ARE MOVING BEYOND BEING OBSSESSED WITH MONEY
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AND BANKERS ARE BEING TAUGHT THAT YOUNG PEOPLE ARE OVERLY OPTIMISTIC
An academic manager for a course on banking and financial services in Singapore
THE YOUNG WILL BE OVERLY OPTIMISTIC ABOUT THEIR ABILITY TO MAINTAIN THEIR LIFESTYLE. THINKING NOTHING BAD WILL HAPPEN TO THEM, THEY COULD END UP IN DEBT, OR WORSE, BANKRUPT
LOST IN TRANSLATIONBANK SPEAK PEOPLE
SPEAK
BANKS
INSURANCE
CREDIT CARDS
85
49
43
85
39
72
Source: BAV 2014 China (Age 18-34); BAV 2014 Indonesia (Age 18-34)
CONSUMERS HAVE A LOW PERCEPTION OF BRANDS IN THE FINANCE CATEGORY
RANK OUT OF 115 CATEGORIES RANK OUT OF 94 CATEGORIES
MOTOR OIL AND LUBRICANTS
HOME CARE AND CLEANING
DELIVERY SERVICE
COMPANIES
GASOLINE/ PETROLEUM STATIONERY LAUNDRY
PRODUCTS
CAR BATTERIES AND TYRES
NEWSPAPER AND MAGAZINES KITCHENWARE
Source: BAV 2014 China (Age 18-34); BAV 2014 Indonesia (Age 18-34); BAV India 2013 (18-34)Ranking based on Brand Strength
LACK OF UNDERSTANDING HAS TURNED MONEY INTO A LOW INVOLVEMENT CATEGORYFINANCIAL SERVICE BRANDS RANK ON PAR WITH:
PHILIPPINES3%
HONG KONG5%
SINGAPORE2-3%
CHINA10%
LUCKILY, THERE’S AN OPPORTUNITY TO RETAIN POTENTIALS RATHER THAN CHASE PROSPECTS
THINKING OF CHANGING MY BANKSource: Ernst & Young (Retail Banking in Asia Pac, 2010)
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GenerationAsia
INSIGHTS UNCOVERED THROUGH:
Talked, shopped, planned and argued with people across China, Hong Kong, India, Indonesia, Philippines and Singapore
The world’s largest study of connected Asians. 32,000 adults across China, Hong Kong, India, Indonesia, South Korea, Malaysia, Philippines, Singapore, Thailand and Vietnam.
The world’s largest consumer study of brands in Asia, covering China, India, Indonesia, South Korea, and Thailand.
A FINANCIAL PLAN IS IMPORTANT
73%
I KNOW ABOUT DIFFERENT INVESTMENTS
46%
EDUCATION ISN’T THE ANSWERFu
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THE NEW PERCEPTION OF MONEY
THE NEW ROLE OF MONEY
THE NEW PURPOSE OF MONEY
UNDERSTANDING:P
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1. LIFE IS NOW
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MONEY ENABLES FREEDOM
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I DON’T SEE MONEY AS ANYTHING MORE THAN A TOOL TO HELP ME HAVE A SELF-SUSTAINING LIVELIHOOD. UNLIKE OUR PARENTS, THERE IS NO POINT CHASING AFTER WEALTH—I WOULD WANT TO HAVE JUST ENOUGH SO THAT I DON’T HAVE TO DEPEND ON ANYONE OR ANYTHING – Jim, 24, India
THE TRADITIONAL PATH TO WEALTH IS SEEN AS ROOTED IN THE LATER NOT IN THE PRESENT
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THE IDEA OF WORKING LONG HOURS TO MAKE MORE MONEY DOES NOT APPEAL TO ME… I SAW MY MUM AND DAD MAKE MONEY BY WORKING REALLY HARD (HER PARENTS ARE SELF-MADE SEAFOOD RETAILERS), BUT MY VALUES ARE DIFFERENT… MONEY AND WORK ARE NOT THE BE ALL AND END ALL. IF YOU PUT ALL YOUR EFFORT INTO MAKING MONEY YOU LOSE SENSE OF WHAT YOU ARE LIVING FOR – Tina, 27, China
YOUTH IS THE TIME FOR EXPLORATION - NOT TO BE TIED DOWN WITH COMMITMENTS
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I DON’T NEED TO EARN A LOT. I WOULD BE HAPPY IF MONEY COULD COVER THE NECESSITIES AND LET ME DO WHAT I WANT – Melvin, 24, Singapore
SEE PARENTS AS THEIR SAFETY NET
MONEY IS AN ENABLER, NOT TO BE ACCUMULATED
LIFE, NOT MONEY, IS THE FILTER
BEHAVIOUR
MONEY IS NOT MULTI-GENERATIONAL THE PREVIOUS
GENERATION’S SUCCESS IN ACCUMULATING MONEY MEANS THIS GENERATION DOES NOT WORRY ABOUT THEIR FINANCIAL FUTURE. MONEY IS NOT A GOAL FOR THEM.
TRUTH
BE A PARTNER IN SELF-EXPLORATION,CONNECT TO AMBITION RATHER THAN PRUDENCE OR IMPULSE
OPPORTUNITY
2. PASSION IS THE DESTINATION
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ONE DAY I HOPE TO DO GREAT THINGS TO IMPACT LIVES
82%
Source: GenerationAsia a proprietary study of 32,000 Asians by Y&R+VML
IMPACT RATHER THAN MONEY IS THE AMBITION HERE
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PASSIONS HAVE MOVED FROM BEING HOBBIES TO BEING THE CENTRE OF LIFE
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…IN FACT IT’S VERY CRUCIAL FOR US TO FIND WHAT WE LOVE. UNLIKE YOUR GENERATION, I DOUBT OUR GENERATION WILL HAVE THE LUXURY OF A
RETIREMENT. EVEN IF WE CAN AFFORD IT, I AM SURE MAKING A CAREER OUT OF OUR PASSIONS MEANS THAT WE WILL CONTINUE WORKING AND EARNING AS
LONG OUR BODIES ALLOW US TO – Ashish, 23, India
PASSION DEFINES MY CAREER
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WHEN I’M 40, I WANT TO TO BE DOING SOMETHING THAT IS WORTH BEING A WORKAHOLIC FOR
– Yi, 23, Singapore
DAY AND NIGHT
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IF I CAN EARN MONEY FROM DOING THE THINGS THAT I LOVE TO DO, WHY NOT? FOR ME, THERE’S NO WORK HARD-PLAY HARD, IT’S ALWAYS PLAY HARD
FOR ME, BECAUSE I LOVE WHAT I DO – Febi, 24, Indonesia
SATISFACTION IS ABOUT SELF-FULFILLMENT
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TO ME, A CAREER IS NOT A LADDER TO CLIMB. A CAREER IS THE IMPACT I CAN MAKE. I AM SATISFIED SO LONG AS I CAN ACHIEVE WHAT I WANT BEFORE I
DIE… I WANT TO HAVE IMPROVED SINGAPORE BY THE TIME I’M 40... BY THEN, SECONDARY SCHOOL KIDS WILL BE GETTING THEIR FIRST/SECOND JOBS. THAT
WILL BE THE FIRST INDICATOR OF SUCCESS IN MY LIFE – Ying, 23, Singapore
THE CATEGORY’S STRENGTHS ARE DISASSOCIATED FROM WHAT ACTUALLY CONNECTS WITH YOUTH
Source: BAV 2014 China (Age 18-34); BAV 2014 Indonesia (Age 18-34); BAV India 2013 (Age 18-34)
• Trustworthy• High Quality• Upper Class• Customer Caring • Socially
Responsible
• Progressive• Up-to-date• High
Performance • Best Brand• Worth MoreSTRONG
ATTRIBUTES
WEAK ATTRIBUTES
THEY LOOK FOR THINGS AND PEOPLE THAT INSPIRE PASSION MONEY IS A MEANS NOT AN END THEY WANT MONEY TO ENABLE PASSION, NOT SACRIFICE IT
BEHAVIOUR
STATUS IS NOT MONEY THIS FUNDAMENTAL SHIFT IN THEIR
IDEA OF SUCCESS MEANS THAT THEY EXPECT TO BE RESPECTED FOR SEARCHING FOR OR ACHIEVING SATISFACTION, NOT PURELY BASED ON THE MONEY THEY’VE MADE
TRUTH
TO GAIN ENGAGEMENT AND CREDIBILITY BY ENABLING DAILY DELIVERY OF PASSIONS (NOT IMPULSE)
OPPORTUNITY
3. EXPERIENCES ARE INVESTMENTS
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LUXURY IS HAVING NEW EXPERIENCES
80%
Source: GenerationAsia a proprietary study of 32,000 Asians by Y&R+VML
EXPERIENCES ARE THE INPUT INTO LIFE
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EXPERIENCE ISN’T ABOUT INDULGENCEal
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I WOULD SPEND THAT MONEY ON TRAVELLING. YEAH! I THINK THE BEST INVESTMENT THAT ANYONE CAN MAKE AT MY AGE IS TRAVELLING, EXPANDING
THEIR HORIZONS AND OUTLOOK TOWARDS LIFE. THERE HASN’T BEEN A SINGLE TRIP WHICH HAS NOT AFFECTED ME. I AM WHAT I AM LARGELY BECAUSE OF THE PLACES I HAVE TRAVELLED TO AND THE PEOPLE I HAVE MET. I THINK ALL THESE
EXPERIENCES WILL HELP IN THE FUTURE FOR SURE – Jim, 24, India
EXPERIENCES SHAPE LIVES AND THEIR CHOICES
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I SAVED FOR A FEW MONTHS BEFORE I LEFT WITH ABOUT S$450 TO SPEND DURING THE WEEK I WAS THERE. WAS IT WORTH SPENDING MY SAVINGS ON?
YES!!! – Satish, 21, Singapore
LIKE TO BE THE FIRST TO TRY NEW THINGS
76%
Source: GenerationAsia a proprietary study of 32,000 Asians by Y&R+VML
RAPID ADAPTATION TO CHANGES IN THEIR WORLD
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A MINDSET, NOT JUST A PHASE, OF EXPERIMENTATION
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I AM STILL TRYING TO FIGURE OUT WHAT I’M GOING TO DO LATER ON. BUT I’M DEFINITELY NOT PLANNING TO WORK AS AN EMPLOYEE. CURRENTLY I STILL LIKE
WHAT I DO, SO I JUST STICK AROUND….THIS IS TEMPORARY YOU KNOW – Icha, 25, Indonesia
FULLY COMMITTED FOR THE SHORT TERM
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RIGHT NOW, I WORK IN ADVERTISING BECAUSE IT REALLY INTERESTS ME BUT I KNOW MYSELF. THIS CAREER CHOICE MIGHT BE A PASSING FANCY.
TOMORROW SOMETHING ELSE MIGHT INTEREST ME AND I WILL NOT HESITATE TO JUMP INTO THAT PROFESSION OR HOBBY – Mohan, 24, India
MONEY AS A LIBERATOR SWITCHING HORSES IS THE NORM, NOT THE EXCEPTION MONEY IS IMPORTANT, BUT CHASING IT ISN’T
BEHAVIOUR
MONEY SHOULD BE A LIBERATOR – IT’S NOT MEANT TO BE AN ANCHOR. THEY EXPECT MONEY FROM VARIOUS SOURCES TO ENABLE THEIR PURSUIT OF DISCOVERY
TRUTH
TO BE A BRAND THAT SUPPORTS THE VIEW THAT MONEY’S PURPOSE IS TO CREATE THE DOTS WHICH WILL CONNECT LATER
OPPORTUNITY
1. NOW DOESN’T MEAN IMPULSIVE
2. SATISFACTION IS SUCCESS
3. MONEY IS JUST PAPER WITHOUT PASSION
4. RETURNS FROM INVESTMENT AREN’T ALWAYS
FINANCIAL
5. THE LONG TERM IS ABOUT CONSTANT CHANGE
LESSONS FROM FUTURE EARNERS
1. BE A PARTNER IN SELF-EXPLORATION
2. CONNECT TO AMBITION RATHER THAN PRUDENCE
3. TO GAIN ENGAGEMENT AND CREDIBILITY BY ENABLING DAILY DELIVERY OF
PASSIONS (NOT IMPULSE)
4. TO BE A BRAND WHICH SUPPORTS THE VIEW THAT MONEY’S PURPOSE IS TO
HELP CREATE THE DOTS WHICH WILL CONNECT LATER
THE OPPORTUNITIES
HOW WE CAN PARTNER
JD H
anco
ck@
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