No-one likes getting less, so why do we accept it when it comes to our savings? In a bid to emotionally engage consumers to confront their attitudes toward spending and saving, Sanlam Personal Finance recently launched a digital campaign that demonstrates the effectiveness of saving tax-free.
The campaign features a series of filmed experiments at a restaurant, a bookstore and an ice-cream shop. In each experiment, unsuspecting subjects are getting less than they bargained for. The videos aim to make people aware that they generally don’t like to accept less in life – and to get them thinking about why this attitude should also apply to their savings, especially with solutions like tax-free savings accounts around.
Head of Growth Market Solutions, Karin Muller, says Finance Minister Pravin Gordhan, in his Budget Speech in February, shared the news that more than 150 000 South Africans have already considered the beneifts of tax-free savings accounts and have opened accounts.
She says, parallel to the take-up of tax-free savings, the 2015 Finscope survey showed that South Africa, for the first time in ten years, has seen an increase in savings.
“While there are positive signs, we cannot yet outright say that the savings culture as a whole is improving. The survey also indicated that 64% of South Africans are still not saving. Part of the reason could be because savings are an intangible concept and we do not spend enough time to think about the long-term benefits of our savings habits, or lack thereof, and tend to fund our lifestyle through debt. “
“We hope that this awareness drive will help further the call to start saving.”
King James Group Executive Creative Director Matt Ross explains the thought process behind the video experiments: “In today’s world, we expect to get more in all areas of our lives. From shopping to friendships to our very selves, we demand the fullest amount. So, we wanted to create a scenario in which people were forced to confront their attitudes and actions when it comes to what they do with their money and to consider why they sometimes accept less from their finances.”
“People work hard to save for their goals. We hope this campaign will make them think about how they can get more value out of their finances and, in turn, encourage more people to start saving –tax-free,” Muller concludes.