Is your credit union teaching Gen Z these 6 things?
A great article from On the Mark Strategies (via CUInsight) showed up in my email inbox, and I had to share it.
Three data points caught my eye before I got to the meat of "Six Money Habits Gen Z Wishes You'd Teach":
More than 40% of Gen Z are working full-time, part-time or freelance
Bank of America already has a relationship with 1 in 5 Gen Zers
Anyone 20 years old and younger are Gen Z. The article puts this number at 90,000,000, but according to the U.S. Census Bureau, the 10–19 year old population*–the portion of Gen Z who are most likely to have spending money–was 41,845,041 or 13% of the total population in 2017. In Canada, it was 11% of the 2016 population†.
If you're not at 1/5 Gen Z market penetration, how can you catch up?
While the article isn't clear on how and when Gen Z told them about the 6 things they want to learn, it provides some solid tips on how you can execute teaching these to Gen Z.
These 3 were most interesting to me:
Make finances fun—Create an experience that shows finances can be fun. The article suggests gamifying your CU's banking app, but something that might be more doable (i.e. affordable) is to conduct a regular poll on your CU's Instagram Story or Facebook Page. Position it as a way to test their knowledge with a "Yes" or "No" question, then post the answer in the comments.
Show Gen Z that where they bank can make a difference in their communities—The article's cheeky tip on a regular showing of "It's a Wonderful Life" made me smile, but I'd take their suggestion of infographics one step further and say create animated .gifs to show how your CU harnesses the power of cooperative finance where Gen Z lives.
Provide basic product education—The article suggests "did you know" sections on your website, or pop-up blurbs in online banking, which are fun, low-barrier ways to communicate essential financial education facts.
Which of the 6 caught your eye?
Nala
* FactFinder.census.gov. This is an estimate with a margin of error of +/- 0.1% (Link: https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=CF)
† Statistics Canada. In Canada, 10–19 year olds comprised 11% of the country's total population in 2016 (Link: https://www12.statcan.gc.ca/census-recensement/2016/dp-pd/prof/details/page.cfm?Lang=E&Geo1=PR&Code1=01&Geo2=&Code2=&SearchText=Canada&SearchType=Begins&SearchPR=01&B1=All&TABID=1&type=0)
Nala Henkel-Aislinn heads up new business development at Currency Marketing and is passionate about spreading the word about 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.
