Missed Content Opportunities: Financial Wellness
In the complex world of finance, where anxiety and uncertainty often prevail, traditional banking and financial institutions struggle to establish meaningful connections with consumers. Despite having a direct link to people's daily lives, these brands all too often lack the trust and passion one might expect.
Case in point: do you love your bank and your credit card provider? Probably not. But you should. We use our banks everyday. Their services pervade our daily lives and we pay them handsomely for the transaction.
This study highlights how poor customer satisfaction with UK banks is. Starling comes out first place with 90% satisfaction, but Barclays trails far behind with a dismal 70% satisfaction. It’s no great surprise that the 2022 Edelman Trust Barometer reveals the financial services sector ranks lowest in trust among all measured sectors. This isn't merely a public relations issue; it's a consequence of an ongoing flawed marketing approach that has failed to engage consumers meaningfully.
The finance sector’s challenge also extends beyond superficial attempts to humanize brands. Merely featuring real people in advertisements or emphasizing personal connections is insufficient in an era dominated by robo-advisers and passive investing. In this shifting financial and social landscape, financial institutions must look beyond the obvious and address the genuine concerns and anxieties that plague three-quarters of Americans regarding their financial situation. In the UK, meanwhile, a survey shows that half of adults (49%) who reported that they were behind on energy bills between 14 September and 8 January 2023 reported high levels of anxiety.
The anxiety issue
Anxiety about finances has become a pervasive issue across the Western world, affecting the mental health of 40% of Americans and a third of the UK(32%). This last cohort said worries about 'being able to afford to pay my bills' made them anxious in the last two weeks. Factors such as inflation, impending recession, inequality, debt, and the high cost of living contribute to this emotional toll. While financial institutions did not create these problems, they are uniquely positioned to provide assistance through a more nuanced and empathetic approach to marketing.
Recent trends in financial content marketing reflect a short-term, click-driven mindset that fails to deliver meaningful value to consumers. But content marketing, if employed authentically, can redefine the relationship between financial institutions and consumers. Unlike traditional advertising, content has the power to guide consumers through the intricacies of the financial system, navigate emotional challenges, and address self-defeating behaviours.
Women, Gen Z and finance
Historically, the financial sector has been perceived as a male-dominated arena, with women often feeling marginalized or overlooked, but a few companies are gearing their marketing toward female audiences which focus on investment learning programs and financial literacy for women. TikTok, meanwhile, has an explosive personal finance trend, which sees Gen Z learning from influencers, many of whom are self-taught.
Female Invest, the women-founded financial platform for women, is emerging as a transformative force, reshaping the way women interact with their finances. This innovative platform recognizes and addresses the unique challenges and opportunities that women face in the world of investing, fostering a new era of financial empowerment.
Female Invest aims to provide a tailored approach that resonates with women of all ages and backgrounds and it is having a meaningful impact. The platform recognizes that women's financial journeys are diverse, acknowledging the need for inclusive and personalized solutions.
Demystifying the unknown
One of the key ways Female Invest and TikTok influencers are changing the narrative is by demystifying the world of investing. Recognizing that financial literacy is a cornerstone of empowerment, these platforms offer educational resources that are accessible and relatable. From beginner-friendly guides to advanced investment strategies, Female Invest and TikTok try to help women and Gen Z navigate the complexities of finance with confidence. Content marketers must learn from this.
Behaviour change is key
In financial marketing today, marketers often resort to generic advice on saving money or budgeting, inundating search engines with redundant information. The prevailing approach lacks depth and fails to tackle the root causes of financial struggles. To make a real impact, content in the finance sector should shift from pure education to behavior change—and a large part of this is about emotional wellness. Rather than focusing solely on providing information, content must address the emotional, social and psychological barriers preventing consumers from making advantageous financial decisions.
At The Copy Guild we like to say that good financial content should explore the habits and mindsets that prevent optimum financial health. To create effective content, marketers should uncover the behavioral insights hidden within the finance category's data. Understanding the barriers that hinder consumers from making better financial choices is crucial. Interacting with these anxieties and learning curves is a great opportunity for financial marketers wanting to dominate the space. There are so many ways to do this, from blogs, e-books and learning courses, to newsletters and social media groups.
Opportunity abounds! If you need any help decoding it all, contact us.
