An advert by Goldman Sachs uses a humorous video of a suburban father to encourage people to explore their options and earn interest on their money. The spot also seeks to address people's fear of financial institutions and bring accessibility to the world of banking. We explore the insights behind this and why Goldman Sachs is aiming to raise awareness around monetary issues.
The investment banking company uses the phrase 'You Can Money' to inspire financial confidence in consumers while educating them in regards to money-related options that they may not have explored. With over a third of Gen Y suffering from FOFO (Fear Of Finding Out) regarding their finances, the advert is a reminder that consumers can save money by engaging with banking. Alex Holder, author of Open Up: The Power Of Talking About Money writes: “Money plays a huge role in our lives and relationships, yet we're often too polite or embarrassed to talk about it.” The humorous advert from Goldman Sachs demonstrates an understanding of the extent to which money affects consumers, making the brand relatable to a wider audience.
With 64% of Americans saying that money is a source of stress, the success of banking apps such as Monzo indicates that a consumer-centric approach to developing financial options is required if consumers are not to ignore money management products. The anxiety-driven consumer needs brands to give them the confidence to explore banking in ways which are explained clearly and simply, with high transparency to increase trust in both the products and their own financial capabilities.
Sophie Robinson is a Junior Behavioural Analyst at Canvas8. She studied social anthropology at the University of Manchester and is fascinated by truth and illusion, deconstructing stereotypes of normality and enjoys writing screenplays.
