News & Opinion

Banks compete for Over 45s’ investments

Banks compete for Over 45s’ investments

The competition for term deposits and investments is heating up, leading to a surge in print ads in recent months.

Print newspapers are a powerful medium for getting your message across, as demonstrated by the flurry of recent bold and eye catching ads from the major banks promoting term deposits.

Banks need deposits to help fund their lending and in recent times lending growth has been far exceeding retail deposits on the back of New Zealand's booming property market.

In a recent NBR article, BNZ acting director of retail and marketing David Bullock said, "banks get their ability to lend from a few sources, most of which are getting more expensive and putting pressure on margins."

He says there are more people wanting home loans than there are people saving. "To encourage and attract more deposits – people’s savings and terms deposits – we need to pay a sharper return to savers."

Recent research from Colmar Brunton has shown the Over 45 market represents attractive levels of wealth and affluence in New Zealand, and it’s this audience that banks are reaching out to with their term deposit campaigns.

Newspaper media plays an important role for the Over 45s, helping them stay connected and informed.  When it comes to newspaper advertising, more than 8 out of 10 (83%) agree that if a newspaper ad catches their eye they usually want to read it. 

Advertising in newspapers also drives brand engagement, with the majority (71%) visiting a website to find out more about a product or service advertised.   

Source:  Colmar Brunton Over 45s Research

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