Getting up close and digital with next gen’s financial and mental well-being
How Manulife Philippines found new ways to engage with its customers during the pandemic, recognizing their challenges while encouraging them with building financial independence and mental toughness.
How it started
Manulife is one of the largest financial-service companies in the world, with operations in Asia, Canada and the United States. They have a mission to make customers’ everyday better. In the Philippines, many of Manulife’s customers are Millennials and Gen Z. During the pandemic, Manulife shone the spotlight on the challenges, attitudes and behaviour of these generations, to understand how the company can serve them better and help them achieve a healthy and financially secure future.
How we inspired change
A two-stage approach helped uncover the financial attitudes and habits of Gen Z and Millennials during the pandemic. First, we used The Green Room, Manulife’s online insight community, alongside desk research, to develop qualitative themes on Gen Z. Second, we conducted an online quantitative survey to validate these learnings. Key findings included:
- Gens Y and Z have become more financially conscious during the pandemic, recognizing the role that financial education and preparedness play in building a more financially secure future.
- Gen Z expressed a heightened concern about declining mental health, showing the importance of taking active steps to achieve mental wellness, especially when they are rooted from financial worries and insecurity.
- Millennials have become more focused on growing their money, empowering themselves to be more financially savvy and to take charge of their future, through a balanced approach to risk and protection when it comes to their investment choices.
How it lives on
Findings from this study were published as a white paper through Manulife’s website and social-media channels. It formed part of a range of ongoing marketing and product launch initiatives encouraging young people to build financial resilience during the pandemic, e.g., Money and life advice from Millennial women on top of their game: Hidilyn Diaz, Sarah Geronimo, and Heart Evangelista.
“Listening to customers through our online insight community has allowed us to deepen the trust of our customers, with insights on their everyday needs ultimately helping us deliver more flexible solutions.”