Oriental Bank bets on youth for this year’s IRA push
Oriental Bank is kicking off this year’s IRA push with a multimedia campaign focusing on changing the younger population’s perception of the savings tool, which is usually associated with the older customer.
The “Prepárate” (Prepare yourself) campaign uses humor to drive the importance of starting to save and prepare for retirement early on in life.
“According to a recent independent study of the industry’s total unbanked sector in Puerto Rico, only 40.6 percent have a savings product,” said Alexandra Lopez-Soler, Oriental’s senior vice president of marketing and public relations.
“This motivates us to educate young professional about IRAs, a tool that encourages saving for retirement while providing tax relief. We have identified an area of opportunity in the young adult population that which is always connected, lives in constant evolution, and seeks to improve its current status, which is in line with Oriental’s philosophy. Everyone ages and we must prepare for the future.”
As part of this season’s IRA strategy, Oriental is offering customers the ability to open an account with $250. IRAs are instruments that facilitate retirement savings, which in turn serve as deduction on the income tax return.
“We want to simplify the decision to purchase an IRA and make it accessible to all, clearing up the misperception that a large amount is required to open it. Any person who wishes to start planning their retirement, should start today and can do with just $250 and can continue adding an amount monthly to maximize their investment when filing their tax returns,” said López-Soler, adding that this year, Oriental is offering up to $50 to cover transfer fees when moving an IRA account from other banks.