No demographic is as stressed about finances as Gen Z, especially young women. Procter & Gamble’s Secret deodorant wants to see them sweat less about money, so it’s launching a new program to provide in-depth education on personal finances.
Called #SecretMoneyMoves, the social-media campaign targets young women between 18 and 25, just as they are striking out on their own -- paying especially close attention to young Black and Hispanic women, who face additional challenges in financial literacy.
The brand says the effort grew from growing evidence that the current economic turbulence is hitting Gen Z especially hard. It cites data from the American Psychological Association that 85% of Gen Z are significantly stressed about finances.
Secret convened an advisory board of multicultural financial pros to shape the program, including experts like Berna Anat, author of “Money Out Loud -- All the Financial Stuff No One Taught Us,” and Carmen Perez, who created the MUCH budgeting app.
It is also working with Seneca Women, a leadership platform, and Prosperity Now, the leading racial economic justice organization, to focus on amplifying grassroots solutions.
A P&G spokesperson tells Marketing Daily the effort is pegged to the start of Financial Literacy Month. The multiyear effort will last for several years. It includes a TikTok push and a Snapchat effort using an augmented reality lens with an interactive quiz.
“The goal is to drive awareness to the financial literacy gap between men and women while also educating young females on finance 101 topics, whether credit scores or emergency saving funds,” she tells Marketing Daily via email.
Secret is also providing free access to financial courses and training resources.
Other brands are also focused on Gen Z money angst. In a recent survey of 2,000 young adults aged 19 to 26, Rocket Mortgage found that many faced employment and income disruptions due to the pandemic. About 43% say they have sometimes spent more than they earned, and 40% haven’t done any investing. Only half have a budget.
The good news? They’ve got plenty of financial dreams, with 45% saying they have a home ownership-related goal, with 69% currently saving money.