International Women’s Day marks a point in the year for us all to take stock and think not only about the progress that has been made, but also where we still need to go to achieve equity. And this year, amid a cost-of-living crisis that is disproportionately impacting women’s finances (Living Wage Foundation) it’s clear that there is still plenty more to do.

At Teamspirit, we are privileged to have so many role models and allies committed to ensuring we are a diverse and inclusive agency, and in this white paper we hear from seven voices from across the agency on what embracing equity means to them, both in their work and home lives. 

We hope that it proves thoughtful and inspiring reading!

[DOWNLOAD THE WHITEPAPER](https://assets.ctfassets.net/sxw14dxmazhg/597hivaJkZy8udB9jqfHii/87296cfc2345ddaa4c62b3c22a4418b9/6286_2264_TS_Whitepaper_Concept_AW2.pdf)

### __Intro from Filipe Zuluaga, Kaleidoscope lead at [Teamspirit](https://www.teamspirit.co.uk/)__
Actions, Not Words – this year’s theme for Black History Month – is not merely a nice frame of reference to inspire people, but a pressing need facing the financial services industry.

Challenges range from those within the sector, evident in surveys that show two thirds of Asian, Black and other ethnically diverse finance workers have suffered discrimination in the workplace, to its underserving of sectors the population (the FCA reports that BAME consumers have fewer savings, pensions and investments on average than White consumers). Simply put, financial services must do more to better serve the Black community.

Everything we do at Teamspirit is guided by our mission to transform the world of finance for the better and this applies just as much to working with our clients to ensure the work we produce is guided by true allyship and empowerment. This is why we have created this guide, to help clients navigate the topic of race & ethnicity in their comms campaign, from planning & strategy through to advertising, PR, and social media.

### So, what should businesses be thinking about to ensure their marketing & communications are inclusive when it comes to race and ethnicity? 

<br>

## Planning & Strategy

### Sam Ward, Senior Strategist at Harvard

__Ground your strategy in inclusive insight__

A good strategy lays the groundwork for marketing and creative work by understanding a brand’s wider cultural context. It’s a plan that’s based on real human and cultural truths. As agency strategists, we have a responsibility to use that opportunity and push brands to engage with the important issue of inclusivity and diversity.

But in the spirit of “actions not words”, it’s not enough to say that a campaign should be diverse or inclusive. As with any strategy, this must be grounded in insight. We need to do the work and explicitly call out why and how inclusion of underrepresented groups is integral to a brand’s objectives and the success of its campaigns.

### Alex Waring, Junior Strategist at Teamspirit

__Use diversity as a lens in your research__

Basing strategy in inclusive insights starts by researching and understanding the audience. We often read reports segmented by demographics such as age, gender and salary but less often race. As such, the opportunity to understand some of the cultural nuances between behaviours and attitudes is often lost.

As a financial services agency, we know the potential for positive change that engaging with your money has for everyone. It’s our business to know. But if we’re missing insights on underrepresented ethnicity segments, then we’re also missing the true breadth of solutions for them and our clients.

That’s why when going into research, using diversity as a lens, checking common thinking against inclusive data, and making sure to source inputs from Asian, Black and other ethnically diverse voices is important to remember. You might discover something that really changes your audience truth.

## Advertising

### Efe Otokiti, Editorial Director at Harvard

__Counter stereotypes through inclusive language and narratives__

Inclusive language is a way to make sure that you’re talking or referring to people the way they would prefer. It shows that you respect that community enough to care about informing yourself on its preferences and can have a positive impact on how a brand is perceived. 

When it comes to Black people, aside from obviously never using racist or derogatory language, I think counter-stereotyping is one of the most powerful ways we can use language to make an impact in advertising. It falls to comms professionals to help society let go of tired clichés by creating new narratives that show wide the spectrum of interests and personalities Black individuals can have by putting them in more human positions and situations.  

### James Maxwell, Executive Creative Director at Teamspirit

__Lean on the experts__

The biggest action I’d like to see brand owners implement is to push or demand agencies AND their own marketers to include Black people in their decision making with regards to content creation and testing. 

That means not just to demand teams are more representative and diverse, but also ensuring the ads you want to run, brands you’re pushing out and design you’re elevating, is shown to different groups for research. 

Want to take a proper action? Consult organisations such as the Diversity Standards Collective with your agency – either in the creation or the testing phase. Have people from those communities as part of the production process and it will make your content more dynamic and truly authentic. It’s the only way to gain true understanding of the cultural codes of the community in question.

## PR 

### Sandy Downs, Account Director in the PR team at Teamspirit

__Include diversity as a thought leadership topic in your PR__

Everyone knows that stories about gender – gender pay gap, behavioural differences, attitudinal shifts – land well in the UK media. There’s no reason stories about race & ethnicity should be any different, but companies tend to shy away from the topic. 

To fix this, consider including race in your demographic cross breaks when doing consumer research, and then don’t be afraid to talk about the findings with journalists or in your wider communications (so long as it’s relevant and appropriate!). If there are differences between how certain communities think and behave, offer an opinion on how your audience (e.g., businesses, consumers, or government) can navigate these discrepancies. Finally, take your stories to a wide range of target titles – your audience might be reading the Jewish Chronicle, subscribed to Vice, or watching YouTube – so coverage there can be just as valuable as hitting the national papers. 

### Shanil Nayee, Senior Account Manager in the PR team at Harvard

__Do the reading and have the conversations__

Education is vital for having open conversations around race, ethnicity and religion. For instance, organisations can create a book club to learn about and experience different backgrounds; one that's truly reflective of the various cultures in the UK. Having these kinds of conversations can then change how managers approach working with talent – putting empathy and understanding at the heart of line managing, reviewing work, campaign planning, etc.

## Social & Digital

### Sarah Lewis, Senior Social & Content Strategist at Teamspirit

__Use the best imagery and copy choices to promote inclusion__ 

A study from Psychology in Action showed that under-representation of ethnic minority groups in the media can result in feelings of unworthiness – particularly in children. It’s therefore crucial that brands’ image choices reflect societal diversity where possible. The good news is, there are a wealth of free stock photo sites such as Nappy and UK Black Tech which specialise in imagery depicting those from ethnic minority backgrounds while avoiding tokenistic stereotypes that are often seen in more generalised online image libraries.

And hopefully it goes without saying that any polarising semantic choices should be avoided in your social copy. If in doubt, there are several free online tools such as alexjs.com, which help to identify any inconsiderate words and phrases in text.

### Laura Cahill, Associate Director at Harvard

__Work with influencers who represent the diversity of your target audiences__

Reflect on the diverse make up of your audience group and ensure the influencers you choose to work with can bring lived experiences, ideas and insights that will resonate. All too often, our social media accounts are biased towards people who look like us or hold the same views, which is why it’s important that one singular person isn’t responsible for curating an influencer network. Working with agencies that use influencer identification platforms can be a helpful way to remove bias from this process, as these platforms surface accounts based on factual requirements.

## Video

### Mika Szymanska, Video Producer at Teamspirit

__Make representation visible__

Data on the diversity of the UK’s media industry is patchy, but there’s a general lack of representation from minorities working on and off the screen. Although campaigns such as Media For All (MEFA) are helping to close the representation gap, much more needs to be done. And this starts with increasing accountability and striving to learn what works (and what doesn’t) by keeping track of diversity initiatives. 

In addition, the sector must redress its excessive focus on young talent, which has left older cohorts behind in terms of training and development. As is the theme across this guide, work in video must not only continue to ensure it reflects true diversity but must also monitor itself to remain accountable in order to pre-empt manifestations of racism.

Kaleidoscope, VCCP’s Affinity Network, is proud to focus this year’s Black History Month around Actions, Not Words. Find out more on what that means in practice. 

After its [global user base increased by 1,157% between 2018 and 2020](https://blog.hootsuite.com/social-media-trends/), TikTok grew from [689m users to surpassing 1bn in September 2021](https://blog.hootsuite.com/social-media-trends/), making it the 7th most popular social network in the world. Whilst you may think it’s an app catering for a younger demographic, with [25% of its users in the U.S being 10-19](https://thesocialshepherd.com/blog/tiktok-statistics), 20.3% of users are 40-49, and 11% are 50 and over. Proving that TikTok is grabbing the attention of audiences of all ages. 

We understand that when it comes to the world of finance, there are often several compliance and risk hurdles to climb when activating any new social platform, which has led to financial firms playing it safe with those that feel suitably ‘tried and tested’ and often being the last to adopt new channels. So, we certainly don’t blame the world of financial services for disregarding TikTok as simply a social media network for teenagers to dance on and perform challenges. Whilst this might be a fun pastime (new office TikTok Thursday challenges?), the app has proven itself to be more than just a social platform for creating entertaining content - it’s an engaging tool that has been shown to inspire and educate audiences.

__The rise of TikTok in Finance__

NatWest and RBS, two of the largest retail banking names in the UK, partnered with TikTok to reach out to their younger demographic. Through in-feed ads they promoted their student account and the incentives alongside them. [The result was 6.8m Impressions, a 5.57% engagement rate and a 1.13% click-through rate](https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166), showing that their TikTok strategy was reaching their intended audience. All that was needed were a few well-positioned ads leveraging a recognisable social trend, such as the ‘Expectation vs Reality’ concept, below.
![TS-Blog-TikTok1](//images.ctfassets.net/sxw14dxmazhg/6I2QLDDqFo2XqtgwZVBDuo/47f1d04c20770b492c80621137edb3ea/TS-Blog-TikTok1.png)
It's clear to see how TikTok presents one of the best opportunities for these brands to appear more accessible and demonstrate their products and services through innovative tactics. But what else can it do?

__Power of the hashtag__

The hashtag has come a long way since its popularisation by Chris Messina on Twitter in 2007. Originally serving as a beacon for users to find topics in which they are interested, they have become a social media strategy essential, helping influencers gain more followers and providing marketers with a way to gain more exposure for their brand. TikTok has taken the hashtag further, not only using it to build marketing campaigns, but also to involve and challenge users.

For example, in 2021, Sage, a business management software platform, launched the #BOSSIT2021 campaign. It invited SMB owners and entrepreneurs to create short videos showing how they had been thriving that year, despite the challenges brought on by the pandemic. Within a month, [1 million people](https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/) had shared the #BOSSIT2021 challenge, showing the amazing recognition social media can give a business, but also the respect and consideration a brand can show their clients. 

![tik tok article 3](//images.ctfassets.net/sxw14dxmazhg/35uwPQPuS51h36Ih1hq4X2/74605255510222bea39a9d12027132b3/tik_tok_article_3.png)

__The Creators__

Having seen how they can support a marketing campaign, let’s have a look at the innovative force that makes the Tik, Tok: Creators. 

Since the pandemic, the number of content creators has soared, with more than [50 million people worldwide considering themselves creators](https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0). No longer is influencing reserved for semi-celebrities on yachts. People across all sorts of industries are creating content, from make-up artists to footballers, from dancers to bakers. Video recording device? Check. Social network account? Check. Let's make some content! 

Businesses have caught on to the rise of creators and have begun utilising them in their marketing strategy. According to [Hootsuite](https://blog.hootsuite.com/social-media-trends/#6_You_will_outsource_at_least_some_of_your_engagement_tactics_to_a_Creator), businesses are set to spend $15bn on influencer marketing in 2022, so there is clearly a lot of potential for creators as promotional devices. But, how can a group of people who are known for selling products and aspirational lifestyles be applied to Financial Services? 

There are creators with accounts solely dedicated to financial literacy, aptly named ‘fin-fluencers’. Creators such as [@aashsthapa](https://www.tiktok.com/@aashsthapa?lang=en) on TikTok or [@meaningfulmoney](https://www.youtube.com/c/MeaningfulMoneyUK) on YouTube use their social presence to educate and guide on various financial topics, from how to avoid bad credit to investing. Arguably, this is helping to bridge the Advice gap, resulting in younger audiences (who may not be in a position to seek the help of a financial adviser), being able to improve their financial literacy. They aren’t selling products but are instead educating; an incredibly difficult and much-needed role in the world of finance. This creates an excellent opportunity for people to learn about the types of financial services available to them, and from which firms. 

For example, Investment advisers Wealthfront partnered with 15 fin-fluencers such as [Haley Sacks](https://www.tiktok.com/@mrsdowjones?lang=en), to sponsor them on TikTok by promoting their services, and the benefits. The hashtag for Wealthfront has now amassed 4,449 views on the platform, giving them a wide range of exposure to potential, and otherwise missed clients. And while not all financial content creators are of a high quality, employing or influencing them in turn is a significant new option for the industry.

Kate Wauck, Wealthfront’s chief communications officers, said; 
*“Quite frankly, they’re just better at telling our story than we are”*

![tik tok 4](//images.ctfassets.net/sxw14dxmazhg/1yihFUPVxiTyuZyt8NlTK5/012b529ef8990093a35f2c2d0ab196ee/tik_tok_4.png)

__Signing out__

It’s difficult these days to be awake without being online. In the UK, internet users from 16 to 64 are online for an average of [6 hours and 12 minutes](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02). Globally, the average is 6 hours and 58 minutes. Social network platforms are becoming increasingly integrated into the everyday online life of users and those platforms, with 4.70 billion social media users around the world, spending an average of 2 and half hours a day logged on. TikTok is increasing in popularity, slowly becoming the platform of choice for audiences of all ages. On average, users spend almost 24 hours in a month on the platform.

As one of the fastest growing platforms, and a place where users spend so much time, TikTok could be the perfect place for financial firms to reach out to new audiences. It is evident that it can be an effective marketing tool, and with fin-fluencers gaining increasing credibility and reach, they can act as the perfect spokespeople that financial firms can lean on to increase brand awareness and build trust.

![tik tok 5](//images.ctfassets.net/sxw14dxmazhg/L3PqGspGwMgeXUjWvE7ia/7eca7018dcc8a45b5ebb4bf329df90ad/tik_tok_5.png)

Source: [Hootsuite and We are Social, Digital 2022 - July Global Statshot report](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02) 

![tik tok 6](//images.ctfassets.net/sxw14dxmazhg/7G4GGJzLEc2FeKKN9CEA52/fb9285b8b0556c0dfe0a4e94f3aa769a/tik_tok_6.png)

Source: [Hootsuite and We are Social, Digital 2022 - July Global Statshot report](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02)

__Sources__

[https://tearsheet.co/marketing/why-banks-prefer-twitter-to-other-social-channels/ ](https://tearsheet.co/marketing/why-banks-prefer-twitter-to-other-social-channels/)
[https://sproutsocial.com/insights/social-media-trends/](https://sproutsocial.com/insights/social-media-trends/) 
[https://www.raconteur.net/finance/financial-services/what-are-the-opportunities-in-messenger-based-banking/ ](https://www.raconteur.net/finance/financial-services/what-are-the-opportunities-in-messenger-based-banking/)
[https://www.tiktok.com/business/en-GB/inspiration/postfinance-102 ](https://www.tiktok.com/business/en-GB/inspiration/postfinance-102)
[https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166 ](https://www.tiktok.com/business/en-GB/inspiration/natwest-+-royal-bank-of-scotland-166)
[https://blog.hootsuite.com/social-media-trends/ ](https://blog.hootsuite.com/social-media-trends/)
[https://www.tiktok.com/business/en-GB/blog/how-your-small-business-can-grow-with-tiktok ](https://www.tiktok.com/business/en-GB/blog/how-your-small-business-can-grow-with-tiktok)
[https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0 ](https://influencermarketinghub.com/state-of-the-creator-economy/#toc-0)
[https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/ ](https://www.sage.com/en-gb/blog/bossit2021-on-tiktok-you-smashed-it/)
[https://www.tiktok.com/business/en-GB/inspiration/ocbc-nisp-bank-indonesia-163 ](https://www.tiktok.com/business/en-GB/inspiration/ocbc-nisp-bank-indonesia-163)
[https://www.tiktok.com/@aashsthapa?lang=en](https://www.tiktok.com/@aashsthapa?lang=en) 
[https://www.youtube.com/c/MeaningfulMoneyUK ](https://www.youtube.com/c/MeaningfulMoneyUK)
[https://www.gate39media.com/tiktok-invades-finance-how-financial-marketers-can-leverage-the-social-media-platform-to-reach-young-investors/ ](https://www.gate39media.com/tiktok-invades-finance-how-financial-marketers-can-leverage-the-social-media-platform-to-reach-young-investors/)
[https://www.tiktok.com/tag/wealthfront?lang=en](https://www.tiktok.com/tag/wealthfront?lang=en) 
[https://www.bloomberg.com/news/articles/2021-09-17/social-media-influencers-income-advertising-wall-street-products ](https://www.bloomberg.com/news/articles/2021-09-17/social-media-influencers-income-advertising-wall-street-products)
[https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02 ](https://www.slideshare.net/DataReportal/digital-2022-july-global-statshot-report-jul-2022-v02)

A quick look into the application of TikTok, a rising social media platform, in the world of financial services.

How can there be more plastic than fish in the sea?

How can we let this manifest and continue to be?

Our planet is suffering through our greed and our need

To accumulate unnecessary stuff to satisfy our greed

<br>

For our planet to heal we have to say enough is enough

Recycling is vital and we must all be tough

To ensure the way we live and recycle is at the top of our list

We have done our little bit, updating recycling facilities and I must insist

<br>

That when eating and drinking please be mindful to ensure

You recycle responsibly and I therefore implore

That you wash and dry plastics, and if you have any doubt

About what can and cannot be recycled just give me a shout

<br>

We can no longer continue and allow there to be

More plastic than fish in our beautiful seas

Our planet needs to be protected so she can continue to be

The life force for all life, future generations, for you and for me.

How can there be more plastic than fish in the sea?
How can we let this manifest and continue to be?
Our planet is suffering through our greed and our need
To accumulate unnecessary stuff to satisfy our greed.

Financial Independence, Retire Early as it’s also known is a relatively modern concept. However, it’s working its way into our lexicon more and more.

Popularised by a book published in 1992, and further kindled by a [subreddit](https://www.reddit.com/r/financialindependence/) with around 370,000 subscribers, the idea aims to free people of their financial worries fast. No longer would they have to wait until retirement to enjoy life – instead they could squirrel away more now and [retire at a much earlier age](https://www.theglobeandmail.com/investing/personal-finance/gen-y-money/article-financially-stressed-millennials-playing-with-fire/).

This seems to be especially attractive to disgruntled millennials who are unhappy with their financial situation. It gives them a sense of control over their future, and usually involves investing money earlier as well as cutting back dramatically on materialistic stuff. This leads to being able to quit working and still have enough to live comfortably while exploring new opportunities in the big, wide world.

It’s a tough road and certainly not for the faint-hearted. Sacrifices must be made, and for some it simply isn’t worth it. As awareness of this radical plan grows though, it’s something financial institutions should be aware of and even preparing for. Is there a niche to be explored, or a helpful product to be launched that would help the brave on their journey? It’s worth thinking about. 


Where’s the F.I.R.E?

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