Happiness more important than money for Gen Asia: Study
There is a huge disconnect today between how young people view the role of money in their lives, and the age-old practices of financial institutions and brands, according to a joint study by Y&R Asia and VML. This is the money gap.
“People are moving beyond being obsessed with money. In fact, 78 per cent of 18-35 year olds in Asia, or what we call Generation Asia, believe that happiness is more important than making money. They want to do what they love at work and don’t mind putting in long hours. They have a desire to see the world, in a continuous quest to find what drives them,” said Hari Ramanathan, Chief Strategy Officer, Y&R Asia.
The study highlights that for Generation Asia, life is happening now—the very opposite of what has been the bedrock of financial planning and communications for decades.
“The role of money today is to enable freedom and empower the individual to take charge of opportunities in the present. However, brands still only talk about their products and pragmatism. Their message is lost in translation to a generation which believe their passions will lead to money, instead of the old notion that money will eventually help them to pursue their interests,” continued Mr Ramanathan.
Rajeev Lochan, Director & VP for Research and Finance, VML, added, “Success is no longer about making a big splash or financial accomplishments. It’s about being respected by your peer group for what you have achieved.”
According to the study, this fundamental shift means that Generation Asia do not connect with the old world imagery of luxury often found in financial services communications. In fact, it firmly positions such brands as being disconnected and belonging to another world. The report found that 80 per cent perceive luxury as having new experiences, while 76 per cent like to be the first to try new things.
“Generation Asia invests in experiences. Experimentation is their entire mindset and they expect money to aid their pursuit of discovery. It should be a liberator, not an anchor,” said Mr Lochan.
The opportunity for brands, then, is to position themselves as a partner in self-exploration.
“Brands need to give themselves a role in this optimism-fuelled stage of life and leverage young people’s ambitions. Gain engagement and credibility by supporting Generation Asia’s passions,” concluded Mr Lochan.
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