PGIM India Mutual Fund has rolled out its latest digital campaign #SaveTaxCreateWealth with a set of two films to drive investor awareness and the adoption of ELSS Mutual Fund amongst Indian Millennials. Conceptualised by FCB Interface the film urges youngsters to choose a facility that allows them to save tax and hence maximise their take-home income and several other benefits.
PGIM India was inspired to create its latest ELSS awareness campaign based on data and insights emerging from recent studies focusing on young consumers. According to the MTV Youth Study 2019, for instance, Gen Z and millennials both want to pursue wealth, but in a way that does not compromise their current lifestyle needs. They prefer smarter and new-age ways of saving but a lack of awareness comes in the way and leaves them vulnerable to tax shocks and lower take-home incomes.
Based on these insights, PGIM India conceptualised the two films that introduce young potential investors to the Equity Linked Savings Scheme (ELSS) as a smart solution to saving taxes and building an investment that provides returns.
ELSS mutual funds are the only class of mutual funds eligible for tax deduction from total income of up to Rs. 1.5 lacs under Sec 80C of Income Tax Act 1961. One can save up to Rs 46,800** a year in taxes by investing in ELSS, and through steady investments in ELSS, one can create wealth in the long term.
Sakshi Dalela, Head-Marketing and Communications, PGIM India Mutual Fund, explained, “While most promotional imagery for mutual funds seems to target slightly older population, syndicated research has consistently shown a growing appetite for exploring investment options among the 23-35 years age group. We are creating products and investor education around this insight to make mutual fund investment an exciting and relatable option to this new category of investors.”
A boss, a junior and a great deal
Young people these days are quite adept at using their smart phones for buying things online, and being aware of various promotional offers/ schemes, they manage to save some costs as well. Tapping into this online behaviour, PGIM India created two films.
The first film shows a boss admiring his young colleague’s habit of ordering groceries from his phone. The junior replies that it lets him get great deals on all kinds of things. Just then, the young man gets a text informing him that salary has been credited to his account. He is shocked to find that the salary has been cut. The boss then explains to him that if he doesn’t want his salary to be cut for tax, he should invest in ELSS.
Continuing in the same vein as the first film, the second film too features the same boss seen in the previous ad, this time with a different young colleague. The boss orders a biryani from a food delivery app on his phone. The youngster notices that he hasn’t added a coupon code and tells him he could’ve saved some money that way. Just then, the young man’s phone buzzes with a text informing him that salary has been credited to his account. He too, is taken aback to see how little salary he is receiving this month. When he shows the amount to his boss, the boss explains that tax has been cut from his salary. He then advises the youngster to invest in ELSS, to avoid such a situation in the future.