Sanlam Limited · JSE:SLM
Sanlam — Sanlam Benchmark Survey (September 2018)
41 slides from Sanlam's conference presentation, September 2018
Slide 1: Make the Connection: How to Empower Millennials
Make the Connection How to Empower Millennials
Slide 2: Millennials Google Search
[o (30 Millennials Google Search
Slide 3: Stereotypes of millennials
Needy Obsessed with technology Don’t care about their finances Job hoppers
Slide 4: Who are Millennials?
who are Millennials? between the ages of 22 to 37 year olds - born between 1981 and 1996
Slide 5: Slide 5
Slide 6: Opinion of Millennials?
opinion of Millennials? perception: age and the media you read? actual: behaviours, work performance, value to society
Slide 7: Making the connection
making the connection • a fresh look at how to interact / capture attention • respond with more compelling proposition for retirement and saving products
Slide 8: 1964 pirate radio station
1964 • Pirate radio station … outside 5-mile limit • Older generation … ‘the devil’s music’ • Younger generation … couldn't get enough of it
Slide 9: Who was this rebellious generation?
Who was this rebellious generation? YOU … if you were born between 1946 - 1964
Slide 10: You turned out fine!
You turned out fine! … despite rocky start to life … despite your taste in music … despite your sexual promiscuity … despite your love of recreational drugs!
Slide 11: The more things change, the more they stay the same?
The more things change, the more they stay the same?
Slide 12: Just another part of evolution?
just another part of evolution? • needy and demanding? • job hoppers? - forecast to have 12-15 jobs in lifetime • obsession with technology? • attitude to finances?
Slide 13: … but seemingly flawed?
… but seemingly flawed? unemployed / in debt / short of money
Slide 14: Not alien … just a product of evolution
not alien … just a product of evolution of course we are different … more influenced by technology
Slide 15: Psychological triggers
psychological triggers • love immediate feedback / instant gratification • enjoy a hint of rebellion • it’s better if we can harnesses technology
Slide 16: Making the connection
making the connection • appeal to our psychological triggers • traditional retirement structures – poor connection • you can’t ignore us … we will evolve to be future leaders
Slide 17: Look what we inherited …
look what we inherited … broken planet broken global economies broken political systems
Slide 18: Millennials started work at start of cost cutting
• Millennials started work • start of major cost cutting • never been in Business Class!
Slide 19: Cambridge Analytica
| | | | @& kpuG) Ly ambridge Analytica
Slide 20: Delete My Account
Delete My Account If you do not think you will use Facebook again and would like your account deleted, we can take care of this for you. Keep in mind that you will not be able to reactivate your account or retrieve any of the content or information you have added. If you would still like your accoun
Slide 21: Speak our language!
TRUST? == TTYL mean?" | don't know, love you, speak our language! tak to yout OK, | will ask your sister.
Slide 22: Benchmark research
Benchmark research • do NOT trust financial institutions • poor outcomes of parents • retirement is a flawed value proposition
Slide 23: Newsflash … need to get more creative
Newsflash … need to get more creative
Slide 24: Non-conventional
non-conventional
Slide 25: Emotionally invested …
emotionally invested … Is this something I can believe in? ... in the fullest sense of the word. • does it feel like value for money? • is this ultimately for the greater good of all? • is this helping or hindering the environment?
Slide 26: Right promise, right credentials, right tone
right promise right credentials right tone
Slide 27: A perfect storm
a perfect storm • do not relate to retirement • poor retirement outcomes • untrusting of financial institutions • well educated … but low level of financial literacy
Slide 28: 30% of SA workforce, 50% of SUF membership
30% of SA workforce 50% of SUF’s R42 000 average fund value membership
Slide 29: Relate to who we are …
relate to who we are … • no roadblocks • easy to understand • easy to buy • easy to transact
Slide 30: 1 profile, automated, no duplication
•1 profile •automated •no duplication of information
Slide 31: Developing Apps
developing Apps • it’s never a completed project • update to keep us engaged • competing with 3.5 million other apps
Slide 32: Uber X, XL, Black, Van, Eats
UBER X UBER XL UBER BLACK UBER VAN … UBER EATS!
Slide 33: Twenty years ago…
twenty years ago…
Slide 34: Today … focus on experiences
today ... focus on experiences
Slide 35: Millennials buy experiences
Millennials buy experiences make retirement funding an experience.
Slide 36: Slide 36
Slide 37: Slide 37
Slide 38: 3 times more likely to watch than read
watch to learn more likely to 3 times watch than read
Slide 39: Retirement Benefit Counselling
Retirement Benefit Counselling • opportunity to reach millennials • connecting with member at pre-set events • engage - influence … better choices • empowering … not patronising … DIY
Slide 40: EB Consultant Survey
EB Consultant Survey ‘to what extent do you agree that Retirement Benefit Counselling Q. is more relevant than financial advice to Millennials, at this stage of their lives?’ 47.5% agree
Slide 41: Representation
< 5% representation