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. This situation is exacerbated by the fact that the pandemic years was inundated with withdrawals. During the pandemic, we’ve had 4 rounds of withdrawals. 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. In the period of 12months (Jul2021-Jul2022), there were 658K+ Tweets related to EPF and almost 95% was on withdrawal. Our challenge was to neutralize the narrative 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 narrative 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 They have withdrawn at least once and must stop.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. Although the task was to encourage the audience to replenish and regrow their savings, we had to speak in a way that talks to their hearts and not to their heads. We had to instigate conversations, without being preachy and guilt-tripping as people were already feeling the pinch of the pandemic. However, the conversation CANNOT come from EPF as we were restricted to advertise. 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 leveraged on multiple voices to talk about SimpanBaik-Baik: 1. Voice of The Experts – SimpanBaik-Baik for peace of mind: featuring the point-of-view of economists on how EPF is a reliable source of retirement fund as it’s proven to give reasonable annual dividends. 2. Voice of The Advocators – SimpanBaik-Baik for your family: using credible financial influencers to talk about saving for retirement and how EPF offers other benefits like insurance and investment opportunities. 3. Voice of The Rakyat – SimpanBaik-Baik to save dreams: macro and micro influencers to share their retirement plan stories and Seeders to neutralize the negative chatter about withdrawal in social media.
1. Voice of The Experts – As 87%* adult <40s get their content from a combination of social news platform and mainstream media, we used offline print (HarianMetro) and digital advertorials (OhBulan, Says, Beautiful Nara) to feature articles from the economists on the amount needed for a comfortable retirement life and that EPF was a good source of savings. It also gave important tips like nominating their kins to safeguard their future. We used more Malay centric titles. 2. Voice of The Advocators – used credible Financial KOLs like Mr.Money and Financial Faiz to launch a financial podcast series called Let’s Duit: Tapping On EPF. After which, we created PSA spots and amplified it on online radio and audio streaming platforms. a. Financial Faiz – He spoke to the mass Malays as a voice from a rakyat to another rakyat to talk about Simpan BaikBaik for their family. He spoke about the need to save for retirement and how EPF has insurance (iLindung) to protect their family. b. 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 BaikBaik to protect their dreams and comfort. 3. Voice of The Rakyat – we engaged 11 lifestyle and financial KOLs to talk about their savings plans for retirement and encourage those that have made withdrawals from EPF, to topup (voluntarily). As the battle ground was on social media, it was imperative to ensure we had enough EPF voices in chat/community groups. 1,400 Seeders were used to hijack negative conversations and advocate to avoid withdrawals even when we’re young to safeguard our retirement funds.
By using the numerous ‘voices’ strategically to talk about SimpanBaik-Baik, 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).* Our efforts of neutralizing the negative chatters of withdrawal also paid off as we shifted the conversation to savings and that EPF was a sound investment channel. The conversation in Twitter started going up when we launched the campaign in July and peaked at the tail end of it. This campaign also achieved tremendous media results as below: – Cemented the profile of Mr.Money and FinancialFaiz as the top financial influencers in MY. They grew their channel followers by +700% – KOL contents views grew by +211% (2mil vs 639K views) – Content read grew by +102% (190,677 vs 94,000 reads) – Creator content videos grew by +47% (757,000 vs 515,000 views)