Photo Credits: Ili Nadhirah Mansor / TODAY
The pandemic has been a time of great reflection for all of us, upending our models of work and life. Yet, new generations have long been questioning what it means to be successful, fulfilled and rich.
In the 2000s, the social contract was clear: You get an education, you work hard, you get a good job, you can take care of yourself and your family.
But my younger friends are telling me the social contract is being voided for their generation. They are increasingly realising that the rewards of hard work are uninteresting, insufficient, or simply not what they want.
Hailing from the advertising industry, I believe these changing ideals are a necessary challenge our sector needs to reckon with.
Recent anecdotal research by The Drum magazine finds that on average, each of us see close to 100 ads a day, many of these ads encouraging us to purchase something.
Globally, money spent on advertising is looking to exceed US$1 trillion (S$1.34 trillion) next year, projects The World Advertising Research Center.
With this kind of reach and impact, the sector now has an opportunity to rethink the way we are approaching our work.
In Singapore, for example, we used to tout the 5Cs — a handy term for the material possessions the average Singaporean aspires to own. However, the attractiveness of these tenets is quickly eroding.
The incoming political leadership has also sought to refresh the social compact through the Forward Singapore consultation exercise.
Deputy Prime Minister Lawrence Wong in October launched the Forward Singapore report which found that the notion of “a good life” for many Singaporeans has evolved beyond material success.
As such, advertisers and marketers now have a new responsibility to promote wealth in the most sustainable way possible — from improving financial literacy to promoting products that would better serve consumers’ needs and expectations.
People’s relationship with money has transformed.
Wealth is no longer simply about accumulating more money in the bank account. What does this mean for the very companies helping us keep and grow money in accounts?
When we think of financial success, for example, many of us still see stereotypical images that evoke success with men in business suits shaking hands, women enjoying sips of champagne, luxury cars and handbags, and first-class seats on planes.
But more and more banks are reframing the idea of abundance, understanding that people today may not perceive or pursue wealth in the same way that previous generations have.
Citi recently adopted this new redefinition of wealth with the More to Wealth campaign for its wealth management arm Citigold.
The bank presented a digital documentary series showcasing people who are living rich lives by their own definitions — from a collector of Singaporean memorabilia for a private heritage museum, to a competitive free diver who traded her corporate job for the ocean.
For these individuals, wealth means a lot more than net worth: It means finding freedom, being close to loved ones, building a legacy and making a difference.
Instead of peddling unrestrained consumerism and growth, financial institutions and the advertising industry have a responsibility to tweak the messages we promote to be more positive and inclusive, in a way that accommodates changes in people’s attitudes about financial wellness and makes them comfortable with pursuing their goals.
We are seeing a broad shift towards what wellness circles call “mindful abundance” where people place emphasis on knowing when is enough for the moment, take stock of their lives, and move again when it’s time, as opposed to constantly running against their peers in a never-ending rat race.
Businesses, especially financial institutions, should retool their approach to frame financial abundance as something that helps people achieve their chosen purpose.
This could include providing more content on financial wellness, reframing financial calculators to add sustainability guardrails based on prevailing domestic inflation and projected salary increases, as well as representing alternative perspectives and modes of living that could create more inclusive ideas of wealth for consumers.
Beyond financial wellness, people are looking for brands that align with them on purpose, whatever this may be.
In a Black Friday campaign in the United States, reputable clothing brand Patagonia made waves for their counter-intuitive ads featuring the tagline “Don’t Buy This Jacket”, asking shoppers to consider the carbon footprint of consumerism.
Closer to home, the annual Singapore Tourism Board’s Wellness Festival has shifted from its conventional presentation of Singapore as a haven for shopping, food, and indulgent spending.
This year’s iteration of the festival presents Singapore as a place to “find yourself”, with activities and experiences prioritising physical, emotional, and mental well-being.
Over the next few years, the changing social contract will continue to redefine what we owe to each other, what companies owe to employees and customers, and what we owe to ourselves.
Advertisers and marketers must position themselves ahead of this shift, and recognise that true abundance no longer develops from scarcity through material comparison, but instead grows out of a space where we are all confident of our own abilities to choose a narrative consistent with our values.