According to Nedbank, in the wake of successive interest rate hikes and the soaring cost of living, many South Africans have found themselves turning to debt to supplement the shortfalls in their buying power.

Responsible lending and disciplined money management are therefore key to avoiding becoming over-indebted in the current, high-pressure economic climate, says the brand.  

Nedbank says that driven by its purpose of using its financial expertise to do good, it has long been committed to driving a positive change, using marketing tactics and mediums that speak the language of the modern consumer.

Its most recent campaign; aimed at prompting people to take proactive steps towards financial wellbeing, spread the message that it's 'never too late to see money differently'. 

Tackling the debt dilemma 

The inaugural NedFinHealth Monitor report was launched in 2023, as the first of many insightful overviews of what financial health means for the nation as well as the factors that drive it, according to the brand. The report found that in terms of their financial wellbeing, South Africans scored a low 53 out of 100. 

One of the greatest concerns raised by the report was feelings of embarrassment around talking about their financial status and a reluctance to seek help, says the brand. 

According to Nedbank, the report also revealed a growing trend of using debt to cope with the financial strain of living through a prolonged economic downturn. The need to address this very evident need for awareness around the importance of responsible lending and debt management practices was the driving force behind Nedbank's latest influencer marketing campaign. 

Additionally, the brand realised a surge of content being created on TikTok by non-financial adviser content creators producing reels around avoiding loan payments and creating misinformation leading to customers falling into debt traps and adverse credit scores.

To circumvent this, Nedbank collaborated with PR and influencer agency, MSL, to help consumers make better financial decisions to protect their financial wellness and credit profiles.  

Putting the 'fun' back into finance fundamentals 

"In light of the shifting landscape of information consumption, the campaign strategically leveraged TikTok as the primary platform for disseminating the message and to counteract the misinformation being created on the platform," says Buli Ndlovu, executive head of marketing for retail and business banking. 

"User-generated content has proven highly effective in communicating messages in the form of authentic content, with TikTok in particular, being one of primary platforms used to access information," adds Ndlovu. 

To bring the campaign to life, Nedbank and MSL chose 10 South African influencers who specialise in finance, lifestyle and property content, and who were best suited to teach practical lessons on how to avoid some of the most common debt pitfalls.

The brand says the influencers were tasked with countering some of the misconceptions and myths surrounding personal debt management over a two-month campaign period.

"It was important for us to ensure we collaborate with influencers who would create authentic content that would resonate with their audiences as well as people who are searching for more content around personal financial management on the platform. TikTok's search engine is one of the strongest for people seeking information," says Michael Constantinides (Cost), senior account director: influencer at MSL. 

"Secondly, it was crucial to ensure that the influencer content is relatable, authentic, simply communicated the campaign messaging is understandable as people are more likely to trust influencers," Constantinides adds. 

"It is said that people now go to TikTok instead of Google as a source of information, I know I do, It was, therefore imperative for us to ensure that when South Africans search for loans on the platform that our influencer's content pops up, giving the campaign long-term relevance and impact for our client," says Constantinides. 

Impactful engagement gets the job done 

The campaign's impact was almost immediately evident, garnering over 350 000 organic video views and 25 000 engagements, according to the brand. The content also had an impressive engagement rate of 7% on TikTok alone — exceeding the industry standard of 3.5%.

This overwhelmingly positive response was a clear indicator of the growing demand for financial education, particularly in an easily consumable and accessible format, says Nedbank. 

Central to the success of the campaign was the careful selection of content creators whose style resonated with a diverse South African audience. The brand says that the creators delivered the campaign's message authentically, ensuring that complex financial concepts were communicated in a clear and relatable way.  

"Through the strategic use of platforms like TikTok, we aim to reach and resonate with a broader audience, breaking down barriers and fostering a culture of financial literacy. At Nedbank, we believe it's never too late to see money differently and take charge of your financial future," says Ndlovu.

"This campaign reaffirmed Nedbank's commitment to empowering individuals to make informed financial decisions and confidently navigate economic challenges. Nedbank continues to set the standard for proactive and impactful financial advocacy in South Africa using influencer marketing," Ndlovu concludes. 

The campaign's content can be viewed using hashtags '#NeverTooLate' and '#SeeMoneyDifferently' on TikTok.

For more information, visit www.personal.nedbank.co.za. You can also follow Nedbank on Facebook, LinkedIn, X or Instagram. 

*Image courtesy of Facebook