The Growth Distillery, in collaboration with Ogilvy and Kantar, has released the next chapter of its research and insights program, The Influence Codes, this time spotlighting the finance sector.
‘The Influence Codes: Finance’ found that across all categories, contexts, brands, and audiences, affinity – relatable and altruistic advice – emerged as the most powerful driver of decision-making. For brands seeking growth, they must rethink how they connect with Australians, focusing on trust, relatability and simplicity.
“We are in a financial literacy crisis. For marketers to overcome this, financial brands must balance empathy and expertise by simplifying information, addressing immediate challenges, and personalising solutions. By building trust, fostering loyalty, and empowering their consumers, brands can bridge the financial literacy gap and position themselves as indispensable partners in their customers’ financial journeys,” The Growth Distillery’s head of growth intelligence, editorial and product, Liza Williams said.
The study found that 80 per cent of Australians lack confidence in understanding financial terms, with over 70 per cent of them feeling pessimistic about their financial future.
Over 50 per cent distrust traditional financial institutions and more than 40 per cent of Australians turn to friends and family for financial advice.
To bridge the gap between consumers and financial institutions, the research recommends specific strategies.
The research suggests honing in on empathy, to show deep understanding of Australians’ financial struggles, paired with credible, expert advice to foster lasting relationships.
Brands must humanise financial institutions to build connection and trust with consumers.
Brands should also offer clear, jargon-free financial advice with personalised solutions.
They should also provide practical, relatable financial education that highlights immediate consumer benefits.
The Growth Distillery is an independent research think-tank, powered by News Corp Australia.
