New research by Nine and Crowd DNA has highlighted the impact the COVID-19 global pandemic and ensuing economic uncertainty has had in the minds and perceptions of Australian consumers.
Launched at Nine’s State of the Nation Finance event, the research argues that the pandemic has significantly heightened consumer focus on their finances, but also provided brands and marketers with the opportunity to help consumers take control of their own destiny and feel safe while having the confidence to make decisions that will sustain their financial literacy and security.
“It’s no secret that economically the past 18 months have been a roller coaster,” said Michael Stephenson, Nine’s Chief Sales Officer.
“Our research has highlighted that a significant number of Australians still don’t feel confident managing their finances and are looking for brands that can assist them with financial education, advice and retirement planning.”
The research examined consumer perceptions with a range interviews, social listening and quantitative research via Nine’s own cross-platform audience panel, Consumer Pulse.
Among insights the research highlighted was a significant gender gap when it came to financial literacy and confidence in making “good decisions with money”.
The research found there was a 113 per cent increase in the online conversation around financial literacy since the pandemic began, with almost two-thirds driven by women.
The research highlighted how consumers were avoiding a “set and forget” mentality and instead seeking out new ways to grow their wealth.
This has helped to drive a boom in cryptocurrency and alternative financial options, with Nine’s research also finding that consumers can struggle to know where to turn for reliable financial news and some, particularly men, turning to unverified, non-traditional online sources for guidance.
In particular, there was an opportunity for brands in the financial planning, investment and superannuation space around developing a conversation with consumers that is designed to build trust and a long-term relationship.
When panels were asked what areas they most needed help with, consumers nominated growing long-term wealth, retirement/financial planning, and day-to-day management of super as their biggest areas of need.
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