Why Should Your CU Invest in Digital Financial Education?

There is a unique opportunity to engage the next generation of credit union members while helping them make responsible and informed financial decisions. 

by Sydney Mayer, Content Writer at Zogo

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 3 reasons why your credit union should invest in digital financial education programs:
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1. Because a need exists that other businesses aren’t 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.
2. 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!
3. 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? Join DakCU for a FREE demonstration of the Zogo financial education platform on Tuesday, June 14th at 2:00 p.m. (CT). During our one-hour webinar: Zogo – on a mission to promote financial well-being for all, we will show you how the app works and why it is becoming such a popular educational tool.

AND – don’t forget the Dakota Credit Union Foundation is awarding five $1,000 grants to support financial wellness and education! These grants can be used for one of two options: the Zogo financial education app; or the CUNA Financial Counseling Certification Program (FiCEP). Both programs support the mission of “Financial Well-Being For All” and enhance the options for Dakota credit unions to further engage members in support of that goal. If you are ready to apply for a grant now, click here to get started! For more information, click here.