Financial service brands looking to get the most bang for their advertising buck might be best served by turning to radio. Seven consumer studies have found that radio listeners are significantly more engaged with financial services than TV viewers.
Over the past eight years, the Cumulus Media/Westwood One Audio Active Group has tracked research highlighting the impact of AM/FM and podcasts on financial service advertising.
The research identifies a group of consumers labeled as “financial thrivers” – individuals who actively invest, take financial risks, and prioritize financial growth. This group is 44% more likely to be heavy radio listeners than the general population. These consumers view investing as essential and see their careers as long-term investments, making them an ideal audience for financial marketers.
One key finding from MESH Experience shows that heavy radio listeners with $500,000 or more in investable assets are three times more likely than heavy TV viewers to be in the market for financial services. Another study from MARU/Matchbox found that radio advertising campaigns led to double-digit increases in brand awareness, favorability, and consideration among consumers with at least $1 million in investable assets.
A MARU/Matchbox study found that heavy AM/FM listeners are also more likely than TV viewers to invest across various asset classes, including stocks, bonds, mutual funds, and retirement accounts. Beyond individual investors, over-the-air radio has also proven effective in reaching business-to-business financial segments. An October MARU/Matchbox study found that financial plan sponsors and consultants exposed to an AM/FM campaign developed stronger brand associations with financial firms compared to those who were not exposed.
These findings stack on 2024 data concerning radio’s underrated value for banks that advertise.
However, despite these opportunities, Vivvix data shows that financial service brands allocate just 5% of their media budgets to radio, compared to 50% for TV and 44% for digital – missing a key opportunity to engage valuable financial consumers. With its strong engagement among financially active consumers and proven effectiveness in brand-building radio remains an underutilized but powerful tool for financial service marketers looking to reach high-value audiences.
The Audio Active Group has more results, including details on financial advertising’s high performance during sports broadcasts.
