CLOSING THE MONEY GAP


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CLOSING THE MONEY GAP Kyle @[email protected]


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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 [email protected]


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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


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LOST IN TRANSLATION BANK SPEAK PEOPLE SPEAK


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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


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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 CATEGORY FINANCIAL SERVICE BRANDS RANK ON PAR WITH:


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LUCKILY, THERE’S AN OPPORTUNITY TO RETAIN POTENTIALS RATHER THAN CHASE PROSPECTS THINKING OF CHANGING MY BANK Source: Ernst & Young (Retail Banking in Asia Pac, 2010) [email protected]


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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.


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A FINANCIAL PLAN IS IMPORTANT 73% I KNOW ABOUT DIFFERENT INVESTMENTS 46% EDUCATION ISN’T THE ANSWER [email protected]


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THE NEW PERCEPTION OF MONEY THE NEW ROLE OF MONEY THE NEW PURPOSE OF MONEY UNDERSTANDING: Paul [email protected]


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1. LIFE IS NOW Mary [email protected]


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MONEY ENABLES FREEDOM Shehal [email protected]


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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


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THE TRADITIONAL PATH TO WEALTH IS SEEN AS ROOTED IN THE LATER NOT IN THE PRESENT Pictures of [email protected]


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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


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YOUTH IS THE TIME FOR EXPLORATION - NOT TO BE TIED DOWN WITH COMMITMENTS Phil [email protected]


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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


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SEE PARENTS AS THEIR SAFETY NET MONEY IS AN ENABLER, NOT TO BE ACCUMULATED LIFE, NOT MONEY, IS THE FILTER BEHAVIOUR


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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


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


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2. PASSION IS THE DESTINATION craftivist [email protected]


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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 craftivist [email protected]


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PASSIONS HAVE MOVED FROM BEING HOBBIES TO BEING THE CENTRE OF LIFE Leland [email protected]


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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


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PASSION DEFINES MY CAREER Ryan [email protected]


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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


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DAY AND NIGHT Anthony [email protected]


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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


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SATISFACTION IS ABOUT SELF-FULFILLMENT Georgie [email protected]


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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


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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 More STRONG ATTRIBUTES WEAK ATTRIBUTES


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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


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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


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


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3. EXPERIENCES ARE INVESTMENTS [email protected]


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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 Michael [email protected]


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EXPERIENCE ISN’T ABOUT INDULGENCE [email protected]


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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


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EXPERIENCES SHAPE LIVES AND THEIR CHOICES Georgie [email protected]


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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


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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 [email protected]


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A MINDSET, NOT JUST A PHASE, OF EXPERIMENTATION Frankie [email protected]


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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


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FULLY COMMITTED FOR THE SHORT TERM [email protected]


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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


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MONEY AS A LIBERATOR SWITCHING HORSES IS THE NORM, NOT THE EXCEPTION MONEY IS IMPORTANT, BUT CHASING IT ISN’T BEHAVIOUR


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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


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TO BE A BRAND THAT SUPPORTS THE VIEW THAT MONEY’S PURPOSE IS TO CREATE THE DOTS WHICH WILL CONNECT LATER OPPORTUNITY


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NOW DOESN’T MEAN IMPULSIVE SATISFACTION IS SUCCESS MONEY IS JUST PAPER WITHOUT PASSION RETURNS FROM INVESTMENT AREN’T ALWAYS FINANCIAL THE LONG TERM IS ABOUT CONSTANT CHANGE LESSONS FROM FUTURE EARNERS


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BE A PARTNER IN SELF-EXPLORATION CONNECT TO AMBITION RATHER THAN PRUDENCE TO GAIN ENGAGEMENT AND CREDIBILITY BY ENABLING DAILY DELIVERY OF PASSIONS (NOT IMPULSE) TO BE A BRAND WHICH SUPPORTS THE VIEW THAT MONEY’S PURPOSE IS TO HELP CREATE THE DOTS WHICH WILL CONNECT LATER THE OPPORTUNITIES


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HOW WE CAN PARTNER JD [email protected]


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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


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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


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VML Singapore VML India Y&R China Y&R India Y&R Indonesia Y&R Hong Kong Y&R Philippines Y&R Singapore Email: [email protected]


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