Pandemic Habits - Consumers focus on finances

By AdNews | 4 June 2021

The pandemic has significantly heightened consumer focus on household finances, according to research by Nine and Crowd DNA.

The research, launched at Nine’s State of the Nation Finance event, says brands and marketers have an opportunity to help consumers to make decisions that will sustain their financial literacy and security.

“It’s no secret that economically the past 18 months have been a roller coaster,” says Michael Stephenson, Nine’s chief sales officer.

“Our research has highlighted that a significant number of Australians still don’t feel confident managing their finances and are
looking for brands that can assist them with financial education, advice and retirement planning.”

The research examined consumer perceptions with a range interviews, social listening and quantitative research via Nine’s own cross-platform audience panel, Consumer Pulse.

Among insights the research highlighted was a significant gender gap when it came to financial literacy and confidence in making “good decisions with money”.

The research found a 113%t increase in the online conversation around financial literacy since the pandemic began, with almost two-thirds driven by women.

The research highlighted how consumers were avoiding a “set and forget” mentality and instead seeking out new ways to grow their wealth.

This has helped to drive a boom in cryptocurrency and alternative financial options, with Nine’s research also finding that
consumers can struggle to know where to turn for reliable financial news and some, particularly men, turning to unverified, non-traditional online sources for guidance.

Brands in the financial planning, investment and superannuation space have an opportunbity to develop a conversation with consumers to build trust and a long-term relationship.

When panels were asked what areas they most needed help with, consumers nominated growing long-term wealth, retirement/financial planning, and day-to-day management of super as their biggest areas of need.

“Our research demonstrates that there has never been a better time for brands to connect with our audiences to improve their financial literacy,” says Stephenson.

“Those brands that are able to speak to the specific needs and interests of Australians in an accessible, easy to understand way, that avoids financial jargon, will attract new customers and increase market share.”

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