NTUC's Income, in partnership with BBH Singapore, has rolled out a campaign to encourage Singaporean parents to plan for their retirement, under the tagline of "The Best Gift for Your Child". The campaign seeks to address the tension that exists for Singaporean parents between spending on their children and saving for their retirement.
Targeted at parents between 30 to 50 years old, the campaign employs a twist to communicate a common financial dilemma parents face - which is to risk being perceived as the "worst parents" if they cut back on spending indulgently on their kids in their growing years, as ultimately doing allows them to save enough for their own retirement. In effect, the campaign portrays that the “best gift” parents can give their children is financial independence when they reach adulthood, and peace of mind when it comes to their parents’ financial well-being.
The film, developed in short and long format versions, starts off with a groom making a shocking announcement at his wedding that his parents are the worst parents in the world. He goes on to give instances where he perceives himself worse off than his peers in his younger days, only to thank his parents later for giving him the best gift by sorting out their own retirement.
"The Best Gift for your Child" will be rolled out on 30 August and will be active until 30 November this year. In addition to digital and social components, the media mix will include cinema, TV and outdoor.
The campaign leverages on insights from a recent study commissioned by Income and conducted by Nielsen with over 400 parents and 200 youths in Singapore. The study revealed youths have low confidence that their parents can rely on savings for retirement, and as a result, they foresee making personal sacrifices to support their parents financially. Parents surveyed fell short of retirement funds, yet would still rather sacrifice their retirement planning in order to spend on their children today.
“We believe that it’s extremely important for parents to invest in their children and help them build a secure future, and one of the best gifts they can give their children is saving for their own retirement. The campaign aims to drive home this message through story-telling via an engaging film set in the backdrop of a wedding," Marcus Chew, chief marketing officer of Income said.
"We hope that this initiative will encourage Singaporeans to think more deeply about their retirement plans and, in so doing, take a step towards securing their own financial future so that their children can be future ready,” Chew added.
“Parents spend a lot of money on their children so they can enjoy the best possible life now and in the future. However, in doing so, they sometimes forget about themselves and the impact their own financial future has on the life they want their kids to have. This is the tension Income wants to start a conversation about and help solve,” Thomas Wagner, planning director of BBH Singapore, said.
Executive creative director: Joakim Borgstrom
Creative directors: Janson Choo & Khairul Mondzi
Planning director: Thomas Wagner
Account planner: Amanda Lim
Content strategist: Audrey Phoon
Account directors: Chloe Fair & Manavi Sharma
Producer: Kim Lim
Production house: Freeflow Productions
Director: Roslee Yusof