According to Nielsen Ad Intel, the finance industry is the third-largest spender on advertising in the UK, reflecting its efforts to maintain visibility. 79% of Brits recall seeing adverts for financial products and services in the last year, highlighting the extensive reach of these campaigns. Despite this, over half of consumers remain sceptical of brands that heavily rely on advertising.
One challenge for financial services providers is the lack of emotional resonance in financial advertising, with only 23% of respondents feeling ‘understood’ by such campaigns. This highlights a disconnect between messaging and consumer emotions, particularly among older adults, who often find adverts out of touch with their needs. Ensuring advertising truly resonates with this group might need a more considered approach that reflects their diverse experiences, needs and aspirations.
Digital channels offer substantial potential for creating tailored, relatable content, particularly for younger audiences who are highly active in digital spaces such as social media. By focusing on life milestones, practical solutions and emotional storytelling, brands can differentiate themselves, educate and empower consumers, thus building trust.
Financial advertising suffers from scepticism and a lack of emotional connection, but opportunities remain to enhance engagement and build consumer trust.
Stefania Apostol, Senior Financial Services Analyst
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