Closing the Money Gap: What Marketers Need to Know

CLOSING THE MONEY

OF 18-35 YEAR OLDS IN ASIA BELIEVE HAPPINESS IS MORE

IMPORTANT THAN MAKING MONEY

Source: GenerationAsia a proprietary study of 32,000 Asians by Y&R+VML

PEOPLE ARE MOVING BEYOND BEING OBSSESSED WITH MONEY

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

INSURANCE

CREDIT CARDS

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)

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

I KNOW ABOUT DIFFERENT INVESTMENTS

EDUCATION ISN’T THE ANSWERFu

THE NEW PERCEPTION OF MONEY

THE NEW ROLE OF MONEY

THE NEW PURPOSE OF MONEY

UNDERSTANDING:P

1. LIFE IS NOW

MONEY ENABLES FREEDOM

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

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

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.

BE A PARTNER IN SELF-EXPLORATION,CONNECT TO AMBITION RATHER THAN PRUDENCE OR IMPULSE

OPPORTUNITY

2. PASSION IS THE DESTINATION

ONE DAY I HOPE TO DO GREAT THINGS TO IMPACT LIVES

IMPACT RATHER THAN MONEY IS THE AMBITION HERE

PASSIONS HAVE MOVED FROM BEING HOBBIES TO BEING THE CENTRE OF LIFE

…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

WHEN I’M 40, I WANT TO TO BE DOING SOMETHING THAT IS WORTH BEING A WORKAHOLIC FOR

– Yi, 23, Singapore

DAY AND NIGHT

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

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

TO GAIN ENGAGEMENT AND CREDIBILITY BY ENABLING DAILY DELIVERY OF PASSIONS (NOT IMPULSE)

OPPORTUNITY

3. EXPERIENCES ARE INVESTMENTS

LUXURY IS HAVING NEW EXPERIENCES

EXPERIENCES ARE THE INPUT INTO LIFE

lt@fli

EXPERIENCE ISN’T ABOUT INDULGENCEal

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

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

RAPID ADAPTATION TO CHANGES IN THEIR WORLD

A MINDSET, NOT JUST A PHASE, OF EXPERIMENTATION

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

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

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

BRAND DEVELOPMENT:

MEASURE how consumers view your brand across 48 dimensions, using methodology from the world’s largest consumer study of brands.

CONNECT Inspire love and respect for your brand by giving you an action report using an in-depth analysis of your brand including Brand Imagery and Social Listening

COMPLETE the picture by creating clear brand architectures for all your brands and sub-brands and positioning to various audience segments using your data and our strategic expertise

INSIGHT + INNOVATION:

UNCOVER insights specific to your brand, market and products using our proprietary data, tools and talent

CREATE clear strategies and communications for your brand to become irresistible to people who will help you deliver business results and shareholder value

DEVELOP new products and services using insights, inspiration and collaboration. A series of Innovation workshops that can help you reimagine your brand’s behavior and action

VML Singapore

VML India

Y&R China

Y&R India

Y&R Indonesia

Y&R Hong Kong

Y&R Philippines

Y&R Singapore

Email: GenerationAsia@yr.com

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