Singapore's insurers NTUC Income is encouraging parents to plan for their retirement as that's the best gift they could give to their children.
The campaign titled 'The Best Gift For Your Child' conceptualised by BBH Singapore begins with the son on his wedding day, accusing his parents for being the worst. He goes on to give instances where he perceives himself worse off than his peers in his younger days, only to thank his parents later for giving him the best gift by sorting out their own retirement.
The campaign was done after a recent study commissioned by Income and conducted by Nielsen with over 400 parents (aged 30 to 55 years old) and some 200 youths (aged 19 to 25 years old) in Singapore.
The study further revealed that youths have low confidence that their parents can rely on savings for retirement, and as a result, they foresee making personal sacrifices to support their parents financially.
Only 20% of youths surveyed indicated that their parents can rely on personal savings to finance their retirement, while 66% of parents surveyed were most concerned about having insufficient funds and inability to afford health care and medical expenses.
The Income campaign will be active until 30th November and In addition to digital and social components, the media mix will also include cinema, TV and outdoor.
Marcus Chew, chief marketing officer of Income, said: “We believe that it’s extremely important for parents to invest in their children and help them build a secure future, and one of the best gifts they can give their children is saving for their own retirement. The campaign aims to drive home this message through story-telling via an engaging film set in the backdrop of a wedding.
"We hope that this initiative will encourage Singaporeans to think more deeply about their retirement plans and, in so doing, take a step towards securing their own financial future so that their children can be future ready.”
Thomas Wagner, planning director of BBH Singapore, said: “Parents spend a lot of money on their children so they can enjoy the best possible life now and in the future. However, in doing so, they sometimes forget about themselves and the impact their own financial future has on the life they want their kids to have. This is the tension Income wants to start a conversation about and help solve.”