Sun Life says ‘It’s Time’
Recent stock market volatility, natural disasters, economic and political unrest have spurred a great deal of anxiety among Filipinos. Concerns about quality of life, uncertainty of events and financial well-being have continuously disturbed the Filipino psyche, further intensifying a feeling of insecurity when it comes to financial affairs.
As these disruptive events continue, a change of perception is critical. It is not simply riding out the storm, but seizing the opportunity that comes with the crisis. After all, there is no better time than today.
It could be wrong to assume that Filipinos are not involved with their finances. But misconceptions and passive responses hinder the effective means by which to react to these anxieties.
It is on this premise that Sun Life Financial-Philippines conceptualized It’s Time!, a financial literacy campaign designed to further educate Filipinos on how to effectively prepare for the future.
According to SOLAR (Sun Life’s Study of Lifestyle, Attitudes and Relationships), 86% are concerned and very concerned about inflation. However, 67% think savings and time deposits give the best returns in the long term.
The same study stated that health ranks among the top concerns for Filipinos. Thus it is not surprising that 76% are concerned about paying for health treatment. Still, an overwhelming 85% will rely on savings as opposed to 35% who depend on health insurance.
On retirement, studies have indicated that of 100 Filipinos who retire, 45% are dependent on their relatives, 30% are dependent on charity, 22% are still working and only 2% are financially independent. This just goes to show how lacking Filipinos are when it comes to retirement planning.
It is also not surprising that insurance penetration remains low: 45% of AB market; 30% of C1 market; and 17% of C2 market. And though 50% say they are likely to buy either life or health insurance in the next 12 months, the historical growth rate of insurance sales per annum is a mere 3%.
“There is this great disparity between the perception of Filipinos and what they actually want to happen. We want them to be pro-active, instead of passive! Fortunately, Sun Life has the answer for them,” declares Sun Life Financial Philippines (SLFP) chief strategic marketing officer Greg Martin.
It’s time!
Pursuing its mission of providing a secure and stable future, SLFP latches on the urgency of current conditions to educate the market on how to manage and grow their hard-earned money.
“We named our financial literacy advocacy ‘It’s Time!’ to compel everyone to action. Basically, we want every Filipino to assume an active role when it comes to his/her financial needs,” explains Martin. Through the advocacy, the market can take a pro-active stance in their financial resources.
It’s Time! also counters the usual objection of “no money, no need, no hurry.” For Martin, these are mere excuses to delay the meticulous task of putting one’s finances in order. Images of endless receipts and slouched-on-the-chair-until-midnight often terrify even the most purposive clients.
“What’s great about It’s Time! is that we do not want to overwhelm our clients. Financial planning is both a process as well as a lifestyle change. It can’t happen overnight, but Sun Life can make it easy for them,” said Martin.
To bring all these insights and lessons to fore, the advocacy was launched last July 2009 with a tri-media campaign featuring Pia Magalona and Bam Aquino. While Pia Magalona drove the point of the importance of insurance from her personal experience upon losing Francis, Bam spoke about the importance of starting the habit of investing early and regularly. Six months upon launch, the company introduced new advocates, James and Baby James Yap. This time, the new advocates highlight the lesson of planning for one’s retirement.
The celebrity status of these advocates has certainly attracted more attention to the advocacy message. To ensure that the message gets acrossAnd to bring the advocacy closer to the people, an on-the- ground activation, dubbed the It’s Time! Challenge, was launched last Feb 5. The activation aims to encourage participation of the target public and to help transform awareness of the advocacy into action.
The It’s Time! Challenge Mall Campaign kicked off in Shangrila Mall last Feb 5 and has toured different malls in Metro Manila. It’s Time! Mall Booth at SM Iloilo was last April 30 to May 2.
