Generation Z have had a difficult journey into adulthood, which appears to make them more interested in protection than their older counterparts.
Those that went to university had a largely virtual experience with limited opportunities to socialise. Those at the start of their careers entered the workforce at a time of enormous change, as remote and hybrid working were introduced.
So it’s no coincidence that stress and anxiety for Gen Z employees – those born after 1997 – is higher than for other generations and one-in-five rank their generation’s mental health among their leading societal concerns, according to a 2022 report from Deloitte.
This is a generation that knows how precarious good health can be and how life can change completely overnight.
As a result, the Association of Mortgage Intermediaries' 2023 Viewpoint report found 78 per cent of Gen Z think it’s important to have protection – higher than for any other generation.
But how can the industry tap into this interest?
Simpler messaging
Education is key, but if the industry is serious about reaching younger people it needs to listen to their concerns, understand how they consume media and provide engaging information that is relevant to their lives and their values.
This is the smartphone generation, the device through which they express themselves and find their communities.
More than half spend more than five hours a day using them. If the industry is to reach Gen Z, it must produce information that can be easily consumed via this medium.
To grab initial attention, content needs to be bite-sized and snappy. It must hit the mark straightaway.
Research indicates the average adult’s attention span is just 8 seconds. That means in a world of scrolling on platforms like Instagram and TikTok, videos must have the power to make consumers stop and watch.
Protection products are often complex. The industry has traditionally been nervous about simplifying their messaging for fear of misleading consumers.
There’s been a tendency to provide as much information as possible, listing every benefit. While this is comprehensive it can also be off putting.
Marketeers and compliance need to work together to find a way to find simple messages that are compelling, relevant and true to the product.
The two functions need to have a much better understanding of each other’s aims and work in a more collaborative way.
Marketing teams need to know how young people consume media, the language they use and what they want from life.
Agility is key as trends shift quickly. In an industry dominated by process and regulation, this can be difficult, but it's essential if younger people are to be targeted successfully.
Thirst for knowledge
While social media has an important gateway role, it is not the only answer.
There is growing evidence that many younger people want longer form content too.
