Little wonder that consumers are beginning to question government bailouts of banks and other financials. News today and over the weekend from CNBC that billions of dollars of bailout money for AIG ended up being paid straight to banks such as Goldman Sachs and Deutsche Bank is likely to fan the flames of perceived injustice.
Compounding the issue it is also being reported that AIG is in the process of paying millions of dollars in bonuses to retain staff.
It is sad to reflect on the fact that incidents such as these are in no way isolated. And yet many of my peers in the investment community are wondering why consumers are not saving for their future. By simply looking at recent history you can understand why the ordinary ‘layman’ is at best cynical and at worst downright mistrustful of financial services brands. The impression now held by a lot of people is that only the lucky few who work for these firms are the ones making any money out of investing.
Financial marketers need to be aware of these issues and ensure that this increasingly common ‘worldview’ is reflected in campaigns. Trust needs to be regained – saving for your and your family’s future is incredibly important – I know I would rather do it myself than rely on politicians to take care of me; after all look where we are now…
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