1. Young Adults & Superannuation
Welcome!
Young Adults & Superannuation
Pitched by Melissa, Caitlin, Winnie & Emily

2. CURRENT TARGET PUBLIC ATTITUDES DESIRED TARGET PUBLIC ATTITUDES
The Game Plan
“Yay! Our young members are actively choosing to stay with us!”
This is what you want to do, this is why you need us, we come in here with our proposal.
CURRENT TARGET PUBLIC ATTITUDES
DESIRED TARGET PUBLIC ATTITUDES
SUNSUPER

3. “While we know that young adults rarely make active decisions about their superannuation or retirement, Sunsuper is interested in what young adults actually experience when they join a superannuation fund and how Sunsuper can strengthen that first contact and initial six months with new members to secure a long-term relationship with new members.”
“While we know that young adults rarely make active decisions about their superannuation or retirement, Sunsuper is interested in what young adults actually experience when they join a superannuation fund and how Sunsuper can strengthen that first contact and initial six months with new members to secure a long-term relationship with new members.”
This is the problem you gave us and we pulled from that two phrases to guide our research: 1) what do YA experience and 2) how can those experiences create opportunities for Sunsuper to engage with its new members to strengthen that first contact and initial six months.

4. What do young adults actually experience?
What they experience
How they feel
What do young adults actually experience?
Attitudes stem from experiences
Attitudes stem from experiences
What better way to experience than first hand?
CURRENT TARGET PUBLIC ATTITUDES

5. My super decreased $60 over the course of two weeks…
Checked super over course of researching > decreased $60

6. “I can see that your latest one paid [was] only $10.37…”
“Because you only had a few contributions in total of limited amounts… being deducted from the small amount you started with…”
“Obviously when you start earning more and you have more contributions going in it doesn’t look as bad…”
Called fund > I’m not important

7. Focus Group Insights 19 Y/O FEMALE 23 Y/O MALE 25 Y/O FEMALE 25 Y/O
We wanted to gain deep understand of attitudes → conducted focus group
Diverse group
Expectation gap → lack of engagement/interaction
Employer’s Fund
Self-managed
Employer’s Fund
Employer’s Fund

8. Focus Group Insights EXPECTATION GAP LACK OF ENGAGEMENT
LACK OF COMMUNICATION
LACK OF RELATIONSHIP
FEELING UNDERVALUED
Communication → trust – fees
Focus group had similar experiences → feel less valued/less money
Had to make first interaction → negative impact on involvement
Individual rep to provide info
25 Y/O
MALE

9. If you’re paying for a gym membership, they don’t check
up on you. If you haven’t been for two months, they just keep taking the money…
Gym membership

10. Secondary Research
Focus Group Findings
Gen Y & super: the story isn’t all bad Report Findings
Don’t care about retirement because it doesn’t affect them right now
“We can’t use that money before 65…”
Gen Y is first considering superannuation at age 24 around time of their first ‘real job’
Commissioned by Australian Institute of Superannuation Trustees (AIST)

11. Living for today: the Gen Y mindset Investor Daily Article
“…understand this generation is different. They are far more short-term driven because they have the attitude that everything will be okay later on.”
FPA CEO Dr Deen Sanders

12. Short-term Saving Goals

13. Short-term Saving Goals
CURRENT TARGET PUBLIC ATTITUDES

14. Only 29% of young people save a regular amount of money each month
Saving Behaviours
“Gen Y believe in living and working at the same time.
They don't want to wait until retirement to do all the fun things.”
63%
of young people plan to use their super as a retirement income stream
Only 29% of young people save a regular amount of money each month

15. Where do young people start? Why is it important to them now?

16. “I Am The Client” Mentality
SUNSUPER COMMUNICATE WITH ME
SUNSUPER REWARDS MY LOYALTY
SUNSUPER BUILDS RELATIONSHIP WITH ME
I FEEL VALUABLE
“I Am The Client” Mentality

17. Closing the Expectation Gap
Strategy Development
Improve the sense of trust between Sunsuper and young members
Initiate communication with young members
Continuously provide engaging education and advice
Develop loyalty by making young members feel valued

18. “Yay! Our young members are actively choosing to stay with us!”
AWARE
ACTIVE
APATHETIC
LATENT
DESIRED OUTCOME
“Yay! Our young members are actively choosing to stay with us!”
MID TWENTIES
From this research on “Millennials”, “Gen Y”, “Young People”, we decided we needed to narrow the focus. Which “young people” are Sunsuper really trying to reach? We found correlating data that suggests our generation’s monetary attitudes and behaviours shift considerably between the ages of 18 and 30, and we were then able to categorise your target public – young people – into stages of life. The public transitions from latent (they share an issue with superannuation but don’t yet realise its potential) in their teens, to apathetic (they know about superannuation but simply don’t care) in their early twenties, to aware (they recognise the issue and perceive the consequences of as being relevant, but are not organised enough to act yet) in their mid-twenties, which is the age a lot of young people start to enter their careers and develop specific long-term saving goals. We think Sunsuper’s efforts and resources would be most effect in achieving real attitudinal and behavioural changes in its aware publics specifically, those young people in their mid-twenties looking to embark on their career journeys and start making some serious money.
EARLY TWENTIES
LATE TEENS

19. 66% Target Age Group AWARE MID TWENTIES
QUT Business School Survey (18-30Y/O’s):
66%
of Gen Y default to their employer’s recommended fund.
Industry Super Australia CEO David Whitely:
AWARE
“Disengagement in younger life is a natural by-product of a compulsory superannuation system.”
But wait – just because this age group are focused on making some cold hard dosh, doesn’t mean they’re going to pay any attention to super – the data said so: “…competing priorities, like buying a house, travelling or starting a family, can overshadow their focus on super.” That means all Sunsuper has to do is make super equally as relevant to them. How do you do that? Well, even if this aware age group is starting to think more positively about financial security, according to Industry Super Australia CEO David Whitely, “disengagement in younger life is a natural by-product of a compulsory superannuation system.” And you know what? Every single one of our focus group attendees felt the same way – superannuation is a compulsory safety net for the future. Now there’s an opinion we can challenge.

20. Australian Electoral Commission (AEC)
Educating and engaging with young people on the unpopular topic of voting
I don’t know if any of you have noticed, but leading up to federal election time, there are posts and videos clogging up Facebook’s news feed surrounding the importance of young people’s involvement in voting. This may seem irrelevant, but suddenly we were all slapped in the face. Voting: another compulsory system in Australia that struggles to engage with its younger audiences. So, we investigated. Take this comic, for example: it’s been shared by our friends, Young Greens and AEC pages and is absolutely hilarious, but totally educational at the same time, on why, as young people we are actually do have value and do need to be actively involved in the voting system.

21. Just because money is automatically contributed to your superfund does not mean you’ll have enough of it when you reach retirement. You can waste your super money by not being educated about the superannuation system.
Even though voting is compulsory, people waste their votes by not being educated about the voting system.
The moral of the story: Even though voting is compulsory, people waste their votes by not being educated about the voting system. And we could absolutely link that back to superannuation: Just because your money is automatically contributed to your superfund does not mean you’ll have enough of it when you reach retirement. You can waste your super money by not being educated about the superannuation system.

22. Your money is worth your attention.
SUPERSEDE
YOUR EXPECTATIONS
It is compulsory to contribute 9.5% of your salary to superannuation; if you already have it, it’s up to you to make the most of it.
Your money is worth your attention.
And thus the idea was born: “SUPERSEDE YOUR EXPECTATIONS” – It is compulsory to contribute 9.5% of your salary to superannuation; if you already have it, it’s up to you to make the most of it. Your money is worth your attention.

23. How will Sunsuper communicate this message to it’s target public?
From a 2014 study by Tumblr, Yahoo and Razorfish:
“In terms of strategy, brands need to take the opportunity to help millennials get a sense of escape, discover things they didn’t know, and achieve their aspirations – all things millennials desire from the content they consumer and share. If marketers can advise, entertain or inform millennials, then they stand a real chance at converting these valuable consumers to loyal, powerful brand ambassadors.”

24. Facebook
Instragram
Twitter
YouTube
37%
of millennials feel like they’re “missing something” if they are not on Facebook or Twitter
Australians aged use social media to interact with people rather than in person (news.com, 2014)
of millennials get news or information from Facebook (Americanpress, 2016)
1 in 2
88%

25. Social media behaviour is always changing – evolve with it
86%
believe is a platform for them to read news, find job and different kinds of information
Posting photos and leaving comments

26. Social Media Strategy
CREATING MORE ENGAGING, ENTERTAINING & SIMPLIFIED RESOURCES
ENCOURAGE THEIR INVOLVEMENT IN THEIR OWN SUPERANNUATION FUND
THIRD STEP: because millennials trust their friends and communicate with friends via social media (research said)
PROMOTE SUNSUPER VIA WORD OF MOUTH & SOCIAL NETWORKS

27. CREATING MORE ENGAGING, ENTERTAINING & SIMPLIFIED RESOURCES
Present information in simple language through their channels (be a part of their community)
Be native, not deceptive; transparency leads to trust
Deliver on an emotion and know that humour rules
Post less sales driven content, including fun and easy-to-understand illustrations of financial concepts
Strategy guided by concepts from Direct Marking News (2014)

28. You can see what the attitudes are on social media from the memes that currently exist: it’s a popular form of communication. Humour about serious things is relateable.

29. ENCOURAGE THEIR INVOLVEMENT IN THEIR OWN SUPERANNUATION FUND
Able to “share”, “like” and “follow” what they learn about and are interested in

30. Facebook Twitter YouTube
Social Media Strategy
Learn on
Facebook
Converse on
Twitter
Watch on
YouTube

31. Trust Building Strategy
Sunsuper’s Social Media
Two Way Communication
Education
Engagement
Long-term Relationships

32. eDM Development Set the mood Help millennials escape
About the future and achieving your dreams
Help millennials escape
Escape into the possibilities your future holds when you’re actively involved in creating it
Fuel creativity and play
Turn an series into an educational game
Spotlight popular culture
Relatable memes on social media can be brought across or referenced in s
Help millennials succeed and help them discover
Sunsuper’s entire mission!

33. eDM Overview The Idea Initial Contact Follow-up Series
An series to span over the first six months of membership.
Initial Contact
60 second animated video visually explaining the basic financial concepts of superannuation AND why it’s important to be involved with your fund from a young age.
Follow-up Series
Six quests that encourage and promote active participation in super.

34. Congratulations on joining Sunsuper
Congratulations on joining Sunsuper! You are on your way to becoming a SUPERHERO.
Complete the following missions (should you choose to accept them) to learn the ways of the fund, young Padawan.”

35. 1. Log into your account. Time to complete: 1 minute.
2. Check your super balance. Now remember to keep checking it throughout the year to see how your money is growing! Time to complete: 1 minute.
3. View a couple of different plans. Need some advice? Hit us up! We want to make sure you’re getting the most bang for your buck and can help you pick the best option to suit you now and the lifestyle you dream about having in the future. Time to complete: minutes.
4. Like us on Facebook. Saw that one coming, didn’t you? Time to complete: 1 minute.
5. Find out where your money is being invested. Don’t understand the figures? Give us a ring; we’ll address any concerns you might have about what we’re doing with your money. Time to complete: minutes.
6. Have a play with the Retirement Forecaster calculator and set yourself a goal! It can be short-term and ever changing, just like you and your dreams, but it’s good to know where you’re at. Maybe give it another crack when you’ve switched jobs or gotten a promotion? Time to complete: 5 minutes.