Retirement is at once a beautiful thing to consider (think: days off, no work-related stress or deadlines, time to read for pleasure), and a daunting notion (think: pressure of earn more, save more, now, now, now). The looming “retirement crisis” does nothing to calm anxiety related to the latter.
Reports on that — including the engaging PBS Frontline episode, The Retirement Gamble and books like Falling Short: The Coming Retirement Crisis, and What To Do About It — have captured significant attention recently, and the intensifying dialogue is opening doors for financial services companies to step in and reassure/encourage the populace that it’s not too late to secure a future that includes retiring happily and in a timely manner.
BlackRock President Robert Kapito is a strong voice of reason in the media, appearing on news programs across the country to speak on the topic. He instills a sense of urgency (“You cannot invest for the future, in the future. You have to invest today.”), but also a sense of what’s still possible, as you’ll see in this interview with CNBC featured below.
He talks about why this crisis is headed our way, and much of it, not surprisingly, has to do with the recession and its negative effects on many people’s then-built-up-now-diminished savings plans. But it’s also about longer life expectancy, higher medical costs, less Social Security, and a slew of other factors joined together to create a perfect storm.
This is where video can help — and BlackRock knows that. The world’s largest asset management firm is utilizing YouTube as a communications hub for customers, providing categorized videos filled with tips, advice, and news on its many services and how it can help people save right away.
Though video has been a rising trend for marketers across multiple verticals for years now, it’s been slower to catch on in the financial services industry, largely because of restrictions on what can be said, when, and how. But with the onset of increased anxiety about the retirement crisis, big financial services companies are creating engaging videos and campaigns to reach target audiences and to raise needed awareness on the topic.
Take a look at some examples below, from Wells Fargo, Bank of America, and TIAA-CREF.
Bank of America
Kapito also mentioned Millennials in his interview, and in what’s perhaps surprising news to some, Millennials are saving. They’re very active online, consistently searching for information about ways to save effectively. TIAA-CREF capitalized on this knowledge when it created a microsite with animated videos aimed at Millennials’ and their specific financial needs.
We expect to see more videos and campaigns like these in the coming year, as news of the retirement crisis spreads farther and wider — rising along with a tangential need for clarity of message from those who know the topic best: the financial services companies.
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