Advertiser: Employee Provident Fund (EPF) Brand: EPF Creative Agency: MINDSHARE MALAYSIA Credits: -
Objective & Challenge
Malaysians do not take retirement seriously. 68%* of Malaysians are falsely optimistic about their retirement savings, therefore they do not see the impact of withdrawing from EPF early. Malaysians were listening to the wrong chatters as the pandemic years was inundated with withdrawals. In the period of 12months (Jul2021-Jul2022), there were 658K+ Tweets related to EPF and almost 95% was on withdrawal. There was a looming retirement crisis resulting from the depletion of funds plaguing the nation looking at the statistics below: 1.Beginning of 2022, EPF had only 7.63mil active members (contributing monthly)*. Within the active members, 79% (6mil) requested for a special withdrawal. 2.M40 and B40 group is likely to live in poverty at old age. 3.Majority of the Malays will have less than RM200 per month for retirement. To aggravate matters, certain sectors continued to lobby to allow more withdrawals. Our challenge was to neutralize the noise of withdrawal and even bigger task to encourage eligible Malaysians to make voluntary contribution to top up their EPF savings. We had to stop withdrawal and start topping up.
Insight & Strategy
To neutralize the noise of withdrawal, we started by identifying the key segment which was most vulnerable as they are more exposed to calls of withdrawal on social media. This segment was the Employed Malaysians below the age of 40 who had employers contributing monthly (more focus on the Malays). They have withdrawn at least once and must stop. They needed to start topping up instead. We had to also identify a platform that our target was open and willing to tune in to our messages because financial information is not something we scroll or swipe over. Audio platforms provided a good platform because many millennials claim: 1.Can multitask – listening gives them more freedom. They can consume audio while they are doing other things* 2.Prefer listening to reading – 60% audio listeners say spoken-word audio enables them to process information more efficiently* 3.To reduce screen time – 70% say audio is preferred to unwind because they look at screens too much during the day* Our target was on radio and 60% adults <40s switch between radio and digital audio with 43% listening to podcasts during longer drive. To encourage the target audience to replenish and regrow their savings, we had to speak in a way that talks to their hearts and not to their heads. Thus, the strategy was to use key opinion leaders to be the voice for EPF to talk not just about saving, but what we are saving for. It’s about saving now to save dreams, potential for the family, comfort, protection and things important to us. We asked Malaysians to SIMPAN BAIK-BAIK. We used 2 credible financial influencers to talk about saving for retirement and how EPF offers other benefits like insurance and investment opportunities. 1.Financial Faiz – He spoke to the mass Malays as a voice from a rakyat to another rakyat to talk about Simpan Baik-Baik for their family. He spoke about the need to save for retirement and how EPF has insurance (i-Lindung) to protect their family. 2.Mr. Money – He spoke to the English listeners with a higher financial proficiency as a voice that made financial information more entertaining. He educated them on the various benefits EPF has to offer and spoke about Simpan Baik-Baik to protect their dreams and comfort.
We launched the SimpanBaik-Baik audio campaign by creating an EPF podcast in collaboration with Financial Faiz and Mr.Money. Podcast was chosen as it was a growing platform that allowed our listeners to tune into it at the convenience of their time. We created 4 episodes x 30mins each. The podcast show is named Let’s Du-it: Tapping On EPF. Financial Faiz – his message was centered around Simpan Baik-Baik for their family as Malays resonate better when it’s directed to their hearts and family is core to that. He spoked about the need to save for retirement and how EPF funds can be used for them to perform their Hajj (for themselves and their parents) or to buy insurance to protect their family. Mr. Money – his message was centered around Simpan Baik-Baik to protect their dreams and comfort. As his listeners are more financially literate, he was more factual and talked about how sound EPF is as an investment channel with proven annual results. This was presented in an entertaining manner. Using the podcasts episodes, we created 30s PSA (public service announcement) spots to drive reach on the importance of savings replenishment by deploying multiple audio platforms: 1.Mass reach – online radio stations like EraFM, MyFM and HitzFM 2.Audio streaming – Spotify to target the M40s and English-speaking crowd and Joox and YouTube Audio to target the Malays. The buy was done more targeted by looking at their choice of Podcast and Playlist, ie. Made in Malaysia, Malaysia 50 Hits, Health/News, Politics/Society & Culture etc.
This campaign achieved tremendous audio media results as below: -Cemented the profile of Mr.Money and Financial Faiz as the top financial influencers in MY. They grew their channel followers by +700%. This campaign launched Financial Faiz’s own podcast show. -The podcasts achieved 1,015,255 completed listens vs. 977,500 planned completed listens (+3.86%) -Total 1,115,543 people reached on channels such as Spotify, Joox and Youtube Audio. The audio campaign was part of an integrated campaign to rally Malaysians to SimpanBaik-Baik. As such, we were able to improve the 2022 performance results for EPF. They reported a strong growth of new active member registration by +9.9%* increasing the members from 7.63mil to 8.39mil as of Dec 2022. As a result, EPF recorded a positive and encouraging growth where the number of members who made voluntary contributions increased 70% to 774,980 people in 2022, compared to 445,361 people in 2021.* Malays started to Simpan Baik-Baik as their overall EPF savings grew to RM298bil (from RM267bil in 2021).* M40 also increased their overall EPF savings to RM158.85bil (from RM154bil in 2021)*