Why now is the time to get creative about financial literacy

For brands, it’s a way to nurture trust and connect with their users. For customers, it can be an important tool to understand their finances better. 

But when it comes to financial literacy, research suggests there is a disconnect between the content brands are offering and what customers need.

What customers need

Tanya Levina is Financial Services Consumer Research Lead at Facebook, and says that customers want more when it comes to financial advice from the companies they engage with.

“Our research shows that consumers across the world want to see and hear more from brands when it comes to financial literacy,” she says. “However, when we spoke to banks and other financial services brands, they felt they were already communicating to consumers around these issues.”

What’s more, the need to repair this disconnect has grown in importance since the COVID-19 outbreak. “For many consumers, the pandemic has meant financial uncertainty,” says Levina. “The need for greater financial literacy has been compounded.”

With this in the mind, the question of how brands can better communicate with their customers is an urgent one.

Why creativity is key

Rodrigo Lebrun is a Creative Strategist at Facebook—and for him, the answer lies in brands using creative methods to make sure their financial literacy messages land effectively.

“To ensure financial topics deliver cut-through, we have to use the full force of our imaginations,” he explains. Customers are eager to learn—“they want to have a good grasp of their finances and make good decisions,” Lebrun says—and creativity can “act as a facilitator” for that learning process.

“Being imaginative with how messages are delivered helps break down complex subjects into information that can be easily understood—making the learning process easier, quicker and more engaging.” 

Case study: HSBC UK’s Financial Fitness campaign

A perfect example is HSBC UK’s Financial Fitness campaign, which ran across Facebook and Instagram between 01 Feb - 31 March.

Colourful, dynamic video ads played on common fitness goals—getting stronger, for instance, or eating more healthily—to playfully encourage customers to explore their financial fitness score.

As Annette Whalley, Senior Financial Wellbeing Consultant at HSBC UK, explains: “The 5-minute questionnaire aims to help people understand their spending, saving and borrowing habits and the tool generates a personalised financial fitness score—as well as providing tips to help set achievable goals. Knowing where you stand can help work out the steps you can take to improve your financial position.”

Users who were ready to “give their money a serious workout” could swipe up to visit HSBC UK’s website and access their score, get tips on how to improve their financial fitness and plot their progress.

“Facebook enables us to reach a broad audience with our message, and helps us get people thinking about how they can build their financial resilience,” says Whalley.

Tips for creative campaigns

The different Facebook products give brands a range of options. Getting creative with products like polls on Instagram stories, Facebook playable ads and instant games can drive active engagement from customers. 

With research showing customers like to hear from people they relate to when it comes to financial literacy, Lebrun also suggests Facebook and Instagram live sessions and influencers partnerships as great ways to connect.

“Live Q&As with financial experts is another way to educate customers, with a proven track record for success,” Levina adds. “We know that consumers really want one-to-one interactions with a financial expert—but this doesn’t need to happen in a physical setting.”

In fact, research found that 62% of those aged 18-34 who use Facebook platforms weekly expressed an interest in groups that provide financial content—and a majority of those young people were also comfortable receiving financial information and advice over messaging apps.

For Lebrun, not being afraid to experiment is key. Campaigns on Facebook and Instagram are trackable, meaning brands can test different approaches and “get to know their audience quickly.”

“There’s an urgency to how consumers consume information in our digital age and we need to reflect that in how we communicate with them,” he says.