5 of the fortnight

“If 18% of Gen Z investors are more likely to be influenced by social media, then that’s where the great advisers and educators in the financial advice industry need to be” – Robyn Allen, Partnership Development Manager at The Openwork Partnership.

Nearly half (48%) of Gen Z learn about investing and financial topics on social media, while less than a third (30%) turn to financial professionals.

The Chartered Financial Analyst (CFA) Institute reports that cost is a major barrier to accessing a personal financial advisor for Gen Z investors. As a result, they are turning to ‘finfluencer’ (financial influencer) content as an affordable alternative. 

With cost being a significant barrier to accessing professional financial advice, there is an opportunity for brands to step in and offer free or low-cost financial education to younger consumers. Brands can play an active role in educating Gen Z by presenting employees as financial experts on social media. Employees can be a trustworthy source of accurate information and unbiased advice. Reddit is one of the most popular social media platforms that Gen Z uses to learn about finances. Brands can tap into online communities to encourage financial literacy among younger audiences.

Bon Voyage: 70% of Irish Youth Plan to Leave Within 3 Years

A survey by Eurofound (the European Foundation for the Improvement of Living and Working Conditions) found that 70% of young people in Ireland want or intend to leave the country within three years, the highest rate among EU countries compared to the EU average of 40%.

Our research at MCCP shows that emigration has become the plan for many young adults. Young people aged 25-35 feel there is no hope for the future with the high cost of living, housing, and the increasing political division. They see fewer opportunities for their generation in Ireland. Frequent departures from within their social groups is re-enforcing the feeling that emigration will lead to a better quality of life

However, that’s only one side of the story. Research we’ve conducted on this topic shows that many that have left are reluctant emigrants. After the novelty of a new country subsides often an inflection point is reached, particularly for those aged 30+, when questions like “do I want to raise a family here?” or “do I want to put roots down here?” are asked.

There’s also a prevailing view across emigrants that a return to Ireland is complicated, bureaucratic and slow. Furthermore, the issues that forced them to leave are still present (housing crisis, cost of living).

Thought needs to be given on how best to effectively communicate with this audience, addressing their concerns and demonstrating that coming home to Ireland can be appealing and easy.

Attracting the Eco-Conscious Generation

The urgency of climate action is resonating deeply with the younger workforce, as a recent Deloitte survey reveals that over 40% of Gen Z and Millennials are willing to switch jobs if their employers’ environmental commitments do not align with their values. This sentiment underscores a pivotal shift in the professional landscape, where ecological responsibility is becoming a decisive factor in career choices.

It is a clear message to organisations that the integration of robust climate strategies is not just a moral imperative but a business one too. Companies that proactively embrace this change, innovating beyond mere sustainability, will not only attract and retain talent but also lead the charge in a climate-conscious economy.

At MCCP, our research has shown that brands should consistently demonstrate the impact their practices have on the environment. Consumers are understanding, and do not expect change overnight or perfection – but they do expect transparency, and want to know the steps that brands are taking. It is also crucial for brands to communicate sustainable messages in a way that is easy to understand and feels tangible.

AI: Embrace it now, or fall behind

There is a risk that marketers are not deploying AI technology at speed and that instead they are engaged in “stargazing”, according to the global CEO of media agency PHD.

Speaking at the 2024 Cannes Lions International Festival of Creativity, Guy Marks envisioned “fully autonomous marketing ecosystems” by 2030 that will liberate people from the day to day, but there needs to be preparation for that future, including education and reprofiling talent, because there is a large knowledge gap.

While we are not sold on the idea of Marketing becoming fully autonomous (just yet!), MCCP does recognise the massive opportunity AI brings to our industry. Over the last few months, our team, led by Research Director Olga Murphy, has quietly being upskilling and testing AI’s functionality and how it can be incorporated into our day-to-day work and delivery of projects.

Watch this space!

“How are you voting?”

Marketers need to consider consumers’ politics alongside other more traditional factors such as income, education, gender and race, according to the CEO of Edelman.

“Politics has become a fundamental part of the challenge for marketers,” Richard Edelman told the Cannes Lions International Festival of Creativity. “Politics has gotten into the bloodstream, ideology has become identity.”

• Edelman’s research has found that 80% of people say brands are acting in a politically motivated way, from their choice of social networks to their choice of influencers.
• Sixty percent say they buy brands based on their own politics. 
• A majority of consumers say brands have to take a stand: on climate (by five to one), on fair pay (by four to one), on race and diversity (by two to one). 
• There has been a jump in nationalism, with eight in ten people choosing not to buy brands from particular markets – for example, Americans not buying Chinese brands, or vice versa.

“Politics is not something to run away from as marketers; politics is something to wade into,” Edelman stated. “It is a competitive advantage if you understand who your audience is.”

Politics becoming part of the consumer identity and decision making process will necessitate that brands know where their audiences stand on the political spectrum and what their prevailing beliefs are. This will most certainly impact on approaches and methodologies for conducting market research and has broader implications for communications with a move from homogenous messaging to local market specific audiences, depending on their audiences’ beliefs.