Engaging Generation Alpha: How financial literacy will help
Credit unions need to get to know Gen Alpha now
Photo by Max Fischer
In today's financial landscape, much attention is given to Millennials and Gen Z, but there is a cohort that is poised to make a significant impact on the economy—Generation Alpha, or Gen A. Born in or after 2010, Gen A is set to become the largest generation in history, with a projected global population of over two billion by 2025, according to McCrindle Research. In Canada and the U.S., Generation Alpha currently sits at 43 million individuals. With 4.3 million of them turning 13 years of age in 2023, credit unions have a unique opportunity to engage with this cohort, leveraging their size, financial potential and shared values to build lasting relationships.
Why focus on Gen Alpha?
Gen A's unprecedented size and future spending power, estimated by Forbes to exceed $2.5 trillion annually, make them an enticing target for credit unions. Despite their young age, Gen A members are already making financial decisions and actively seeking opportunities to learn, manage, invest and budget their money. By catering to their financial needs and offering educational support, credit unions can establish lifelong relationships and gain a competitive edge in serving this cohort.
Shared values and differentiation
Credit unions have a distinct advantage over other financial institutions when it comes to appealing to Gen A. The values that drive Gen A's consumer choices—transparency, authenticity, diversity, inclusion and mutuality—align closely with the core principles of credit unions. By actively promoting and embodying these values, credit unions can capture Gen A's attention and differentiate themselves as institutions that genuinely share their social values.
Photo by RDNE
Taking Action
To effectively engage Gen A, credit unions can implement comprehensive financial education programs tailored specifically for this cohort. At Currency Marketing we offer It's a Money Thing Junior, a fun and engaging program with modules covering essential financial topics for children aged 6 to 12.
We've also designed our educational programs to facilitate collaboration between credit unions and schools, ensuring that these valuable educational resources are readily available in classrooms. This partnership enables credit unions to reach a wider audience of Gen A students and provide them with essential financial literacy education.
Furthermore, we understand the significance of social media in engaging with Gen A. Our content library includes more 75 animated videos, dozens of infographics and hundreds of social media graphics ideally suited to share on social media platforms. According to Morning Consult, utilizing social media is essential when engaging with Gen A, as it is a primary channel of communication and information for this generation. Our social media resources will help credit unions enhance their reach and impact when connecting with Gen A.
If you'd like to learn more about how we can empower Gen A with the tools and knowledge they need for financial success, please get in touch. We want to support you in your efforts to engage with this influential and socially conscious generation.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
