The Swiss are also famous for their banking and finance providers, with a long history of excellence and stability going back to the 13th century. Most likely, you and I don’t need a Swiss bank account, but we may be familiarised with their worldwide investment and superannuation services.
Zurich Financial Services has been in Australia since 1961, providing insurance products, property management, and investment and fund management services. They have more than 1,000 employees around Australia. They commissioned us to conduct multicultural research regarding their new superannuation products.
Researching new markets
Superannuation has been mandatory in Australia since 1992, but recent immigrants are unfamiliar with it. For example, mention “super fund” to someone from China and India, and you will get suspicious questions. While traditional Chinese and Indians are honour-bound to care for their aging family members, they have historically saved money on their own, with no employer contributions. They often distrust anyone who claims to be able to increase their funds for just a small fee. We’ve seen hostile attitudes even among college-educated computer professionals from other countries. Thus, reaching out to newer immigrants requires cultural skills and sensitivity.
We’ve also seen many persons who don’t want their superannuation funds invested in companies that conflict with their religious or ethical beliefs. For example, animal rights supporters may not want to invest in companies that do not treat their animals well, and Muslims and Jews might not want to invest in pork food products.
Now, how do you research these groups without being offensive?
- First off, start by using native-born cultural consultants from migrant groups in order to develop questions for focus groups and surveys, wording them in culturally respectful ways. In some languages and cultures, using the wrong form of “you” can be disastrous.
- Next, use experienced native-born researchers to lead focus groups and conduct interviews. The participants are more likely to be open with someone who is a fellow immigrant – for example, a fellow Muslim immigrant from Afghanistan, a Punjabi speaker from India, a Mandarin speaker from mainland China, and an Aramaic speaker for Syrian Christians.
- Lastly, have these cultural researchers assist in evaluating the research results, and write or review the reports and recommendations. They are bound to understand the nuances and needs of people from their own culture.
Often, a cultural group will have sub-groups. For example, Muslims can be divided into two main religious branches, Sunni and Shia – and also divided by countries, including the growing Australian Muslim community. There are two varieties of Aramaic spoken by Christians in Iraq, Turkey, Iran, and Syria, and many of them are seeking refuge in other countries. English-speakers in Singapore may speak standard English or “Singlish,” which is a mixture of English and other languages.
Australian laws require employees to have a minimum level of contributions to their super fund and requires employers (even small mom-and-pop businesses) to pay into a super product for employees. Therefore migrants need to understand this complex subject. While the government reaches out with general information, any company that wants superannuation business from migrants must reach out to them in their own language, using native-born consultants who know how to appeal to them.
In Australia, many adults who migrated here are trying to save for their own retirement and still take care of their aging parents, who are here or “back home” in China, India, etc. They are interested in investment information – if you speak to them.
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