"In 2023, over half of surveyed Singaporeans (55.2%) said they considered themselves financially illiterate. Four in ten respondents said they did not understand financial concepts, even ones as simple as compound interest. The survey further highlighted a concerning passivity among youths, with 60% taking a passive approach to their financial goals due to their knowledge gaps. These statistics suggest a significant "knowledge deficit" in personal finance management among Singaporeans."
"For Singapore's largest bank, DBS, a brand that encourages people to "Live More, Bank Less," this was not ideal. The focus of the bank was to ensure that banking-at-large wouldn't stand in the way of people living their best lives. With a pool of potentially uninformed customers, DBS took it as its responsibility to educate young adults and help them become financially savvy."
"To better connect with their youth customers, DBS initially turned to TikTok as part of its employee branding strategy to showcase the fun side of the brand. However, a global TikTok survey revealed that 54% of young adults preferred consuming finance content on TikTok over other platforms, and viewership for this content grew 2.7x faster than any other category in Southeast Asia."
In 2023, a majority of Singaporeans reported low financial literacy, with 55.2% self-identifying as financially illiterate and 40% not understanding basic concepts like compound interest. Youths showed notable passivity, with 60% taking a passive approach to financial goals due to knowledge gaps. DBS aimed to address this by educating young adults and guiding them through their financial journeys. The bank selected TikTok to reach youths because the platform showed rapid growth in finance viewership and a preference among young adults for finance content, allowing DBS to deliver authentic, entertaining, and digestible qualified financial advice.
Read at The Drum
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