Dive Brief:
- HSBC Bank USA has teamed up with DoSomething.org on a campaign starring "Black-ish" star Marcus Scribner that promotes smart saving for college students during Financial Literacy Month, according to a press release shared with Marketing Dive.
- The effort centers around a video titled "Would You Rather?" that features Scribner as both host and contestant of a game show that takes questions about personal finance. The questions are intended to provide tactical advice on how college students can save money from small lifestyle changes.
- Consumers can sign up to take the quiz at DoSomething.org/money or by texting MONEY to 38383. Through April 30, those who take the quiz will be entered for a chance to win a $2,500 scholarship from DoSomething.org. Social media influencers in the personal finance space will also promote the message.
Dive Insight:
Even before the coronavirus pandemic, personal finances were a source of stress and anxiety for 72% of college students, according to research cited in the press release from HSBC and DoSomething.org. Recognizing that financial stress is likely greater than ever with the health crisis shutdowns causing a significant jump in unemployment, the two organizations are on a mission to help young people better manage their finances — and reduce their stress — with a fully digital campaign, in recognition of the fact that millions of people are under lockdown and practicing social distancing.
In the video, Scribner is asked to make lifestyle choices that will help him save money. For instance, he must choose between his barber and new clothes. He chooses to share a wardrobe with his grandma rather than give up the relationship he has with his hairdresser. By illustrating these kinds of dilemmas through an entertaining video starring an familiar TV actor, the bank and the non-profit aim to educate young people through entertaining digital content.
The campaign also pushes the message through social influencers. Partners include "financial hype woman" Berna Anat, known for paying off $50,000 in debt in 2017; Katherine Berry, a YouTuber that gives work advice to young people; and Jade Darmawangsa, a Gen Z podcaster that gives advices on how entrepreneurs can use social media to increase business. The bank has an opportunity to reach targeted audiences that care about personal finance through these partnerships.
