Legal & General
‘Building The Bank of Mum and Dad’ for Legal & General
Rostrum’s Bank of Mum and Dad campaign for Legal & General, the FTSE100 financial services group, is one of our flagship campaigns which has created powerful brand awareness and driven measurable revenues for L&G.
The concept was to see how important the Bank of Mum and Dad is in terms of lending to first time buyers in the UK market, and to contextualise that in terms of the Council of Mortgage Lenders’ “Top 10 lenders” list, which includes all of the big high street banks and mortgage lenders, and which is the defining guide to how much market share each mortgage lender has.
To bring the Bank of Mum and Dad to life for L&G, Rostrum built a model for quantifying the size, impact and prospects of the ‘Bank of Mum and Dad’ by commissioning a YouGov consumer survey and economic modelling by the Centre for Economics & Business Research (Cebr).
Key findings of the research included:
- The Bank of Mum and Dad (BoMaD) was the equivalent of a £5bn+ mortgage lender in 2016, rising to £6.5bn in 2017. If it were a real bank, it would enter the Top 10 mortgage lenders list from the CML
- The Bank of Mum and Dad underpinned 1 in 4 of all mortgages in the UK in 2016 and 2017 – a quarter of the UK’s entire mortgage market is at least partially-funded by families and friends
Rostrum engaged YouGov to survey 2000 UK adults – 1000 ‘lenders’ i.e. parents and 1000 ‘borrowers’ i.e. young people/first time buyers. Cebr then analysed this data and produced an economic model to demonstrate the size, reach, role and prospects of BoMaD in the UK housing market. Rostrum used this data to create a research report, two infographics, an interactive map, a series of press releases and social media content for Instagram, Twitter and LinkedIn.
The Bank of Mum and Dad campaign received blanket press and social media coverage and continues to drive the media agenda today. In total, the BoMaD campaign generated enough media coverage for the entire population of the UK to see it 7 times each. Rostrum’s work for L&G achieved over 5,000 pieces of coverage, and the phrase “Bank of Mum and Dad” was trending on Twitter on the day of launch. The campaign generated the most amount of positive media coverage that Legal & General has ever had in a single day.