Reasons your credit union should invest in digital financial education

Published by: Jose Ortiz

July 13, 2022 | Community & Networking, CUNA Mutual Group

By Sydney Mayer
Financial literacy is crucial to consumers’ ability to make responsible, informed financial decisions. Unfortunately, younger generations rarely learn about personal finance in school, and the few that do report the lessons to be boring and confusing. This dearth of accessible, engaging financial education has left the majority of millennials and Gen Z financially illiterate.

Credit unions have the unique opportunity to invest in digital financial education, thus supporting the financial literacy of future generations through innovative education, while still strengthening their own businesses.

Here are three reasons why your credit union should invest in digital financial education programs:

  1. Because a need exists that other businesses are not fulfilling.

Millennials and Gen Z are struggling to find the engaging, reliable financial education they need. While many Gen Z-ers turn to social media for financial education, at least 39% say they would prefer to learn from an accredited financial institution. Credit unions are in an ideal position to fill this need and serve as the reliable financial experts younger generations crave. This will also help credit unions stand out as the only ones offering this critical service.

  1. Because younger generations expect digitally savvy, seamless solutions.

Simply offering education is one thing but offering it on a digital platform is a whole new ballgame—one that lets next-gen members knock it out of the park! From Gen-Z forward, these are digitally-native generations that have grown up with technology synthesized into every aspect of life. They prefer digital experiences and education, which can be more accessible and engaging. Not only that, but a digital platform allows you to stay connected with your next-gen members anytime, anywhere!

  1. Because it helps cultivate your next generation of members.

While providing digital financial education pays off by helping the consumer, the benefit boomerangs right back to credit unions. Investing in education is a great way to cultivate trust and a sense of community by becoming a partner and teacher in members’ financial journeys, rather than just a place to stash members’ money. This forges a bond that can create lifelong members of your credit union.

Interested in learning more about how your credit union can engage the next generation of members through digital financial education? To request a Zogo demo and join the 200+ partners who have benefited from Zogo’s digital financial education solutions, contact Sr. Business Solutions Manager Jose Ortiz.

Contact Jose Ortiz for questions or assistance.

Jose Ortiz
Jose Ortiz Sr. Business Solutions Manager E: jortiz@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Connecting with credit union champions is a hole-in-one

With summer recess fully underway for the Ohio General Assembly, election season has kicked off, which means golf outings, barbecues, ice cream socials, and other in-district events. These events provide […]
Regulatory

Expanded telemarketing rules impact member outreach

The credit union difference is best activated when credit unions can freely connect with their member-owners without regulatory inference. That's why your League responded to a recent Federal Trade Commission (FTC) notice of proposed rulemaking (NPRM) proposing expanded call records and record retention requirements that would inhibit credit union member outreach efforts. As prudentially regulated, member-owned financial cooperatives, credit unions already comply with a federal and state regulatory framework wrapped around member outreach.
Member Benefits

Save $ by utilizing HR Suite

Instead of paying your paycheck company to manage your employee handbook, utilize HR Suite a complimentary League member benefit.