Westpac, Australia’s first bank and oldest company, had three clear campaign objectives:
- Grow mass awareness of Westpac’s separation service offering
- Be helpful to individuals going through separation or divorce
- Increase perceptions of Westpac as a warm, approachable, helpful brand
The consumer need and Westpac's offering
Divorce and separation are increasing in Australia (+5.2% YOY*), with a disproportionately negative impact on women’s financial and mental health. Divorced mothers have 37% less super (pension) than divorced fathers and 68% less than married mothers. While asset levels of divorced women five years after divorce are only 79% of married mothers**.
Despite the prevalence, two thirds (65%) of Australians who had been through or were currently going through the breakdown of a relationship didn’t know where to start**. More than half (58%) of those considering a separation procrastinate looking into financial matters.
Westpac could offer to provide genuine support for customers going through separation via:
- An online separation hub housing a range of free, easy to use checklists and resources developed with divorce experts
- Extra breathing space for customers to decide what to do with their jointly-owned property after separation by pausing or reducing home loan repayments in the short-term.
Sources:
Australian Bureau of Statistics, 2018
AMP.NATSEM Income and Wealth Report, Issue 39, Dec 2016
The Westpac Finances and Separation Report, January 2019