Great Eastern Singapore is using two forty-second sketches in its latest campaign to paint a caricature of what it looks like to still be receiving income after retirement. Aimed at 30 to 40-year-olds right up to pre-retirees, Great Eastern’s campaign will run primarily across social and digital, in conjunction with other supporting online content. It calls for Singaporeans to protect their independence by planning their retirement.
Created in collaboration with BLKJ Havas, a shorter, bite-sized format of storytelling was favoured over the longer-form style that retirement ads usually follow. Associate creative director at BLKJ Havas, Joseph Chan, said that this approach was chosen deliberately to prevent users from pressing the “skip” button. “Our approach was to do something quick that leaves them with a question in their heads. A seed. And we wanted it to be something that they might want to watch over and over again,” he added.;
Great Eastern's MD, group marketing, Colin Chan, said living well in retirement essentially means being self-sufficient and having a stream of income to draw on in consumers' silver years.
"We wanted to land on this key point with the campaign films, based on the notion of how early proactive financial planning, Starting no matter how small, with professional help equates to not having to depend on others when in retirement," he added.
Meanwhile, Rowena Bhagchandani, co-founder and CEO of BLKJ Havas, said that the tricky part about advertising retirement plans is resonating with 30 to 40-year-olds to take action for something that is potentially 20 to 30 years away. “With this campaign, we identified a universal truth that transcends age. If you’re someone that likes to do things your way, you better start planning your retirement,” she added.
A survey released by Great Eastern last month, "The State of Retirement in Singapore", revealed that the top three income sources among the respondents were past savings (56%), CPF payouts (43%) and allowances from family members (41%), which formed the bulk of their income during retirement.
Retirees who did not plan for their retirement and depended on a monthly retirement income - such as past savings, CPF payouts and family members’ allowances - of SG$1,200, were barely meeting their basic monthly expenses and were left with only SG$30 extra each month. Retirees who started planning after 50 years old had SG$300 extra each month, while those who planned before 50 years old had about SG$625 extra to spend every month. In addition, over 60% of those surveyed regretted how they planned their retirement in hindsight, whereas 45% of them shared that not planning earlier was a key regret.
Great Eastern’s survey was conducted in May 2021 with 304 respondents above age 63 in Singapore through an independent research consultancy to better understand the current state of retirement in Singapore.
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