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 segments which were most vulnerable as they are more exposed to calls of withdrawal on social media. These groups have either withdrawn at least once (needs to stop and should start topping up) or don’t contribute because they didn’t know they can. The 2 segments: 1.Employed Malaysians below the age of 40 who had employers contributing monthly with more focus on the Malays 2.Growing Gig Workers who didn’t have employers contributing monthly and isn’t aware they can contribute whatever amount on their own Although the task was 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. 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: share their retirement plan stories and to neutralize the negative chatter about withdrawal. 4.Voice of The Freelancer – SimpanBaik-Baik for safety: engaging partners who employ freelancers to encourage them to make voluntary contribution.
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 (targeting the M40) and Financial Faiz (targeting the Malays) to make the information people friendly. 60%* adults <40s switch between radio and digital audio with 43%* listening to podcasts during longer drive. We created PSA spots on radio and developed a financial podcasts series with Mr.Money and Financial Faiz.* 3.Voice of The Rakyat – we engaged 11 lifestyle KOLs to talk about their savings plans for retirement and encourage those that have made withdrawals from EPF, to top-up (voluntarily). Seeders were used to hijack negative conversations and advocate to avoid withdrawals even when we’re young to safeguard our retirement funds. 4.Voice of The Freelancer – On-ground partnership with Foodpanda. We organized a first of its kind educational program with their riders to tell them about the need to save on their own and encouraged them to set up their Voluntary Contribution.
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. 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. 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).* We also kick-started a special Rider Program with Foodpanda to educate their riders to activate their EPF account and top up. Our first program saw an encouraging 15% conversion rate and we are continuing this program. This campaign also achieved tremendous media results: – 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 video views grew by +47% (757,000 vs 515,000 views)