Reaching Millennials Through Financial Education

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Reaching Millennials Through Financial Education

Millennials are currently the hottest target market for most businesses (credit unions included), and for good reason-- Millennials are tastemakers and influencers, and $200 billion in spending power doesn’t hurt either. Every company has a strategy to reach millennials, be it quirky ad campaigns or tech innovations. Credit unions often showcase their digital services while targeting millennials, as mobile banking features are expected amongst the demographic. But with that expectation comes messaging clutter, as the Millennial attachment to technology is widely-known. However, another known fact about Millennials that isn’t quite as capitalized on is their unfortunate lack of financial knowledge and literacy.

This creates the perfect opportunity for credit unions to reach Millennials and better serve and expand their member community. Consider a few key statistics:

 

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Millennials are a proud, independent generation, so it’s not surprising that, despite their financial discontent and lack of financial knowledge, the majority of them have not reached out to financial advisors. This means it’s up to credit unions to take the first step. The creation of a financial education/advisory program targeted specifically towards Millennials can lead to a roster of benefits:

  • Reach Millennials on an issue they require assistance on, creating a deeper relationship than mobile apps/remote deposit ever will.
  • Build brand credibility and reputation as a financial institution that goes the distance for its members.
  • Grow as a brand with a branded financial education program that communicates key brand attributes.
  • Create self-propagating growth-- as Millennials continue to grow and learn financially, they’ll require an increasing number of financial services.
  • Boost trust among members and improve the local community in the long term by creating more spending power through wealth management.

The development of such a program could go a number of directions-- a paid service may bring in revenue if marketed correctly and still reap a number of the suggested benefits, but will not be as endearing, or bring in as many new members as a complementary service. Credit unions that can’t support a financial advisory staff may consider developing a digital program that Millennials can undertake at home or on a mobile device. Regardless of the avenue, the potential for branding and growth is undeniable.

If your credit union is considering creating a financial literacy program, contact The Pod Advertising for Blooming Creative advice to bring it to life!