Community banks and credit unions that can deliver magnetic, memorable, and actionable financial literacy content find these five tools work best. Let’s dive into the strategies that can help you engage and educate your members effectively.
- Monetary Rewards
Imagine earning money just by learning about money! Some innovative apps are now paying users to boost their financial literacy. Whether it’s reading an article on buying your first home or learning how to raise your credit score, users earn a small sum of money deposited into a savings account. This approach not only incentivizes learning but also helps users start building their savings, creating a positive reinforcement loop.
- Gamification
The Wordle craze that took off in December 2021 shows how an engaging online game can quickly become a daily habit. Gamification uses game-design elements in non-game contexts and is being successfully implemented in financial literacy apps. The stats are compelling: according to Zippia, roughly half of American workers are casual gamers, and 67 percent of students agree that gamified learning is more engaging and motivating than traditional classes. By turning financial education into a game, you can make learning about money fun and habitual.
- Digestible Lessons
Think about the appeal of apps like Duolingo or Noom, which break down information into short, snappy lessons. These bite-sized chunks of content provide users with a sense of accomplishment early and often, making learning more manageable and less overwhelming. By offering financial education in similarly brief sections, you can help users quickly grasp complex concepts and stay motivated to learn more.
- Progress Trackers
Visual progress trackers are another effective tool. Selecting engaging, eye-catching graphics to illustrate a user’s progress over time is something apps do particularly well. Imagine a piggy bank that gradually fills up or a dynamic pie chart showing how close customers are to achieving their goals. Such visuals not only make progress tangible but also encourage continued effort and engagement. When users see that they’ve improved their financial literacy scores or made tangible steps toward a savings goal, they’re more likely to keep coming back for more.
- Positive Reinforcement
The best online apps focus on positive reinforcement. They congratulate users for answering questions correctly and use colorful graphics to celebrate even small amounts of progress. This all-carrot-no-stick approach helps maintain user enthusiasm and motivation. By consistently highlighting their successes, you can help users build confidence in their financial knowledge and decisions.
- (Bonus) Social Media, Particularly TikTok
Born between 1997 and 2012, Gen Z is clear about their preferences for financial education: they want it via apps and popular social media sites. A 2022 Credit Karma study found that 61 percent of Gen Z participants seek financial information online, nearly twice the one-third of overall respondents who said the same. TikTok, in particular, has become a hotspot for financial tips and education, making it a platform you can’t ignore if you want to reach younger audiences.
Consumers Seek Financial Wellness Content Through a Variety of Providers
Community banks and credit unions that can deliver magnetic, memorable, and actionable financial literacy content find these five tools work best. Let’s dive into the strategies that can help you engage and educate your members effectively.
- Monetary Rewards
Imagine earning money just by learning about money! Some innovative apps are now paying users to boost their financial literacy. Whether it’s reading an article on buying your first home or learning how to raise your credit score, users earn a small sum of money deposited into a savings account. This approach not only incentivizes learning but also helps users start building their savings, creating a positive reinforcement loop.
- Gamification
The Wordle craze that took off in December 2021 shows how an engaging online game can quickly become a daily habit. Gamification uses game-design elements in non-game contexts and is being successfully implemented in financial literacy apps. The stats are compelling: according to Zippia, roughly half of American workers are casual gamers, and 67 percent of students agree that gamified learning is more engaging and motivating than traditional classes. By turning financial education into a game, you can make learning about money fun and habitual.
- Digestible Lessons
Think about the appeal of apps like Duolingo or Noom, which break down information into short, snappy lessons. These bite-sized chunks of content provide users with a sense of accomplishment early and often, making learning more manageable and less overwhelming. By offering financial education in similarly brief sections, you can help users quickly grasp complex concepts and stay motivated to learn more.
- Progress Trackers
Visual progress trackers are another effective tool. Selecting engaging, eye-catching graphics to illustrate a user’s progress over time is something apps do particularly well. Imagine a piggy bank that gradually fills up or a dynamic pie chart showing how close customers are to achieving their goals. Such visuals not only make progress tangible but also encourage continued effort and engagement. When users see that they’ve improved their financial literacy scores or made tangible steps toward a savings goal, they’re more likely to keep coming back for more.
- Positive Reinforcement
The best online apps focus on positive reinforcement. They congratulate users for answering questions correctly and use colorful graphics to celebrate even small amounts of progress. This all-carrot-no-stick approach helps maintain user enthusiasm and motivation. By consistently highlighting their successes, you can help users build confidence in their financial knowledge and decisions.
- (Bonus) Social Media, Particularly TikTok
Born between 1997 and 2012, Gen Z is clear about their preferences for financial education: they want it via apps and popular social media sites. A 2022 Credit Karma study found that 61 percent of Gen Z participants seek financial information online, nearly twice the one-third of overall respondents who said the same. TikTok, in particular, has become a hotspot for financial tips and education, making it a platform you can’t ignore if you want to reach younger audiences.
Consumers Seek Financial Wellness Content Through a Variety of Providers
Consumers today are seeking financial wellness content from multiple sources. They’re not just looking for traditional banking advice but are also interested in practical tips and self-care strategies. To build strong relationships and support your bottom line, you need to meet savers where they are. Offer a mix of media to cater to different learning styles and generational preferences, and reflect their savings priorities in relatable ways.
How Can You Provide Financial Wellness Education That Builds Relationships and Helps Your Bottom Line?
- Go Where the Savers Are
Engage your audience by being present on the platforms they use most, like TikTok and other social media sites.
- Offer a Mix of Media
Cater to different learning styles and generational preferences by providing a variety of content formats, from videos and articles to interactive games and quizzes.
- Reflect Their Savings Priorities
Show that you understand their goals and challenges by providing relevant, practical advice that speaks directly to their needs.
- Add Energy and Enthusiasm
Make your content as engaging as possible. Think of it as the hot fudge sauce and whipped cream on your reliable vanilla ice cream of trustworthy content.
- Partner Up
Collaborate with partners who can bring your ideas to life and help minimize the resource load. This can lead to greater engagement and more innovative educational content.
By implementing these strategies, community banks and credit unions can create compelling financial education programs that not only educate but also build lasting relationships with their members.
