PGIM India Mutual Fund Launches Retirement Planning Campaign
Featuring a stand-up and a series of six quirky animation films highlighting the importance of achieving financial freedom
MUMBAI, India, Dec. 21, 2020 /PRNewswire/ -- PGIM India Mutual Fund has launched a set of six animation films and a 2 minute stand-up satire film to encourage people to start planning and saving for their retirement, a need that has been felt even more strongly due to the uncertainties brought in the wake of the ongoing Covid-19 pandemic. The films, focused at India's youth, aims to instil an appreciation among them towards the need to save and plan for their future, an act which will not only ensure financial freedom, but also mitigate the high amount of concern and anxiety that they carry because of their inability to plan for retirement.
PGIM India was inspired to make these films due to the insights gained from the recent 'Retirement Readiness Survey 2020,' it had commissioned with Nielsen, to gauge attitudes towards retirement readiness among urban Indians. The study found a nation in flux, with an increase in lifestyle aspirations, needs and cultural changes compelling people to focus more on current expenses and other priorities and less on retirement planning. Retirement was a priority closer to the end while planning finances; However, urban Indians increasingly did not want to depend on their children for their retirement years.
A revealing statistic from the research showed a very large number of Indians start planning for retirement only at an average age of 51, which experts opine is too late to build a comfortable corpus for a comfortable quality of life post retirement.
To address this, PGIM India Mutual Fund realised that younger people needed to be alerted to the need for planning and financial freedom early.
Sakshi Dalela, Head - Marketing and Communications, PGIM India Mutual Fund drives home the point further, by saying, "We observed that among youth, retirement often feels so distant and old world that they don't plan for it at all. Today's lifestyle, where celebration of the individual is a powerful narrative - to live carefree, to enjoy the one life we have, to live like there is no tomorrow - could lead to trouble later because there is a tomorrow. The film tackles this dilemma head-on through the story of a character who is cheered for living worry free, until we see the pitfalls that await the character. The earlier one starts planning for retirement, the better. Which is why, this film is deliberately designed to appeal to - and awaken, in a sense - the young."
A 2 Minute Stand-up Poetry to Address the Youth
The film, conceived to appeal to audiences in their 30s and 40s, therefore, adopted a contemporary format and portrayed a beat poet speaking at a nightclub. A single microphone, a riveting narrator bathed in the brand's signature blue light, speaks to the audience about the danger of not planning early. Supported by sympathetic and gentle music, the poet talks about a character who seems admirable at first. A character who lives in the moment, follows his heart and lives life to the fullest. He is the 'mast maula' (carefree soul).
However, soon after, the poet changes his tone and talks about the pitfalls of living life in this manner. He talks about how, soon, responsibilities catch up with the Mast Maula and he finds himself at a loss and unable to cope. It is only then that the Mast Maula realises that he is to expect even more hardships when it is time for him to retire.
The beat poet ends his poem and then looks straight into camera, talking to the audience at large, and asks if it is prudent to continue to live like the mast Maula or to start planning for retirement as soon as possible.
The film ends with the finding about how late people begin to plan for their retirement, driving home the point. The film was conceptualised by Rediffusion agency.
Six Animation Films
PGIM India has also launched a series of 6 animation films conceptualised by Rediffusion - continuing the theme of alerting people of the need to plan for retirement based on the eye opening research findings of its #PGIMIndiaMutualFundRetirementReadinessSurvey2020.
Using a quirky, animated approach, the campaign draws attention to the importance of achieving financial freedom through a series of 6 films through which, insight-driven stories are told in the most engaging, simple and vibrant way.
The decision to use animation was aimed at making these stories universal, agnostic of community and culture. The style and type of animation has been chosen with great care and thought. Modern and approachable, they are not comical in nature, but feel very real and relatable. Further, they are reminiscent of the great illustration styles often used by leading financial and other media houses across the world - current and relevant. These snappy films are also complemented by a unique signature music style - both familiar in tone and yet new. The music of the film has been kept easy and at the same time upbeat to capture the essence of the film - that even after retirement, if planned well, one continues to live a happy and a fulfilling life. One could even say that the musical notes are like brush strokes that enhance the story by painting a complementary aural picture. One might even say it also is a character in the film - unseen, but not unheard.
The first film is on a retirement party where not everything is as it seems. We see older employees giving their much younger colleague a retirement send off. The film urges viewers to start saving early for retirement to follow one's dreams and pursuits and become master of their own destiny and not remain caught in a regular 9-5 job!
https://www.youtube.com/watch?v=2ZspqFY0GqU
The second film illustrates how a very large percentage of Indians don't include retirement in their top five priorities. The story is told through a woman who plans her future, but something changes her mind.
https://www.youtube.com/watch?v=MbViFA11UJc
The third film addresses a common issue highlighted in the survey - expecting children to take care of retired people and the emotional and practical challenges it brings. In this film, a son in the prime of his career goes to a bus stop to receive his ageing, retired father, who has come to visit. It is here that the father demonstrates a confident independence that helps the son gain even more respect for his father than he already had. It is a moment of great joy and pride to both parties.
https://www.youtube.com/watch?v=fkDqWghbTfo
The fourth in the series explains how Indians relate to money. What it means to them, how they choose to spend it and reveals some very insightful patterns. Told through the story of balloons in the hands of people, representing their perception of money, we arrive at the suggestion that perhaps at least one such association - or balloon - should represent saving for retirement.
https://www.youtube.com/watch?v=sQEVHg1kp1o
The fifth film deals with a somewhat unsettling research finding. The fact that many people neither have savings nor a backup plan for retirement. This is depicted by the story of a two-wheeler, which has a puncture on the road. If that weren't bad enough, it immediately blows the second tire too. However, fate intervenes and the journey continues, now with a retirement plan in place.
https://www.youtube.com/watch?v=JALPEZSz3ZU
The sixth and final film in this series reveals the research finding that, even when some do indeed plan for their retirement, they often fail to take into account the effects that inflation will have on their lives once they retire. This is told through the story of a pole vaulter who, it seems, executes the perfect jump…until the bar suddenly rises and he falls short. Another pole vaulter, however, is helped by his foresight in anticipating the moving target.
https://www.youtube.com/watch?v=ywashAJRkAU
Sakshi Dalela elaborates, "As global financial advisors, we realised that retirement as a space has not been given due importance in India. People are cognizant of the need for a retirement corpus, but don't seem to take the necessary steps to transition to retirement. We felt it's necessary to make people aware of this discrepancy with clear, insight-based and research-backed facts, told well. We hope our films will help in putting retirement planning and achieving financial freedom on everyone's radar."
PGIM India Mutual Fund through this campaign, believes that investors should think about retirement as a goal separately and suggests PGIM India Age Linked Asset Allocation Facility as an option to build a customised path to retirement.
About PGIM India Mutual Fund
PGIM India Mutual Fund is a wholly owned business of PGIM, the global investment management business of the US based Prudential Financial, Inc. (PFI). PGIM India Asset Management is the full service investment manager of PGIM India Mutual Fund, offering a broad range of equity and fixed income solutions to retail and institutional investors throughout the country. We manage 20 open-ended funds operated by 17 investment professionals. In addition to managing our investors assets through domestic Mutual Funds, we also offer Offshore Funds and Portfolio Management Services. The fund house leverages the strength and stability of PGIM's 140-year legacy to build on its decade long history in India.
Headquartered in Mumbai, PGIM India Mutual Fund has a presence in 27 cities across the country including branches in Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Pune. PGIM India Mutual Fund brings a rich blend of global resources, intellectual acumen and local investment expertise and is committed to designing superior and meaningful, wealth-building solutions for our investors. PGIM India provides unique training and educational programs for building exceptional capabilities and best business practices for its business associates. For more information, please visit http://www.pgimindiamf.com.
PGIM
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than US$1.4 trillion in assets under management as of 30 June 2020. With offices in 15 countries, PGIM's businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. PGIM manages 79 of the largest 100 US pension funds and 162 of the largest 300 global pension funds. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
*As ranked in Pensions & Investments' Top Money Managers list, June 1, 2020; based on PFI total worldwide institutional assets under management as of March 31, 2020. Assets under management (AUM) are based on company estimates and are subject to change.
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