The concept of financial freedom holds varying meanings for Cameroonians, encompassing their individual financial aspirations and goals. According to the results of the financial freedom survey conducted by Kasi Insight, half of the respondents view financial freedom as a key milestone on their journey towards accomplishing specific objectives, such as owning a house or establishing their own business. However, the younger generations, particularly Gen Z and Millennials, perceive financial freedom in a broader sense. For them, it goes beyond merely meeting basic expenses; it also entails feeling in control of their day-to-day finances, which they consider an essential aspect of being financially free. On the other hand, respondents tend to attach less significance to adaptability to lifestyle changes or the ability to endure financial setbacks as defining factors of financial freedom.
In the pursuit of financial freedom, diverse generations and employment categories have unique perspectives.
Millennials pursue this goal by seeking surplus disposable income, allowing them the liberty to indulge in non-essential expenses and pleasurable experiences without encountering the burden of financial strain. Meanwhile, for Gen Zers, attaining financial freedom is synonymous with the serenity that stems from maintaining steady savings, serving as a powerful buffer against life’s uncertainties. Conversely, Baby Boomers find liberation and empowerment in financial freedom through the freedom from debt, be it clearing mortgage loans, credit card debts, or other financial obligations, which grants them a profound sense of independence and stability.
For business owners and the self-employed, homeownership stands as an emblem of success and freedom, signifying their accomplishment and contributing to an overall sense of fulfilment. In contrast, salaried employees, stay-at-home dads, and the unemployed find their financial freedom in having leftover disposable income, offering them the flexibility to address unforeseen expenses and enjoy a degree of financial comfort, alleviating concerns about immediate monetary challenges. Moreover, for stay-at-home individuals, financial freedom is achieved when they break free from the constant anxiety arising from an uncertain income source, experiencing profound relief and tranquillity.
Banks need to understand and adapt to the varied definitions and aspirations of financial freedom in order to meet the needs and expectations of their customers effectively.
Banks can develop products and services that align with the different goals of financial freedom identified. This may include providing tailored savings and investment options for millennials who prioritize disposable income or offering debt management solutions for Baby Boomers seeking to eliminate financial obligations. By catering to the specific needs and aspirations of different generations, banks can position themselves as partners in helping customers achieve their financial goals.
Furthermore, understanding the distinct preferences of various employment categories is crucial for banks. They can design products that address the specific requirements of business owners, self-employed individuals, students, salaried employees, stay-at-home parents, and the unemployed. This may involve offering specialized mortgage or housing finance solutions for business owners and self-employed individuals or creating flexible financial products for those with irregular income sources.
Contact our team today to explore how our consumer intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub
Comments