“Why is financial education so hard?”

Hi there, credit union friends,

Do you feel like you’re constantly playing catch-up this time of year, or is it just me? I suddenly find myself juggling family obligations, holiday preparations, and my two-year-old’s social calendar. (Apparently a birthday party at a location filled with nothing but inflatables is now a thing. 🤷) In between this madness, I scheduled some time to tune in to “The Remarkable Credit Union” podcast hosted by PixelSpoke CEO Cameron Madill.

The December 2021 episode, “Reimagining Financial Education in the Human + Digital Era,” caught my attention. (Did I mention I was playing catch-up?) In it Madill and Evan Siegel, the Vice President of Financial Services AI at eGain, tackle the following question:“Why is financial education so hard, and why do so many credit unions fail to move the needle when it comes to helping their members achieve financial wellness?”

Siegel proposes three solutions to this conundrum: advice, guidance, and coaching. So, you guessed it! This month’s “Marketing Manatee Musings” will focus on how your credit union colleagues are tackling these tactics in the youth education sphere. I hope their strategies serve as inspiration for your own branches, for as Siegel relates, “When your members […] do well, you do well.”

— 1 —

Advice, Advice, Baby: During his “Remarkable Credit Union” podcast appearance, Siegel lets you in on a little secret. Specifically, he shares, “The way you can compete [with banks and other financial institutions] is giving advice […] to your members.”

Rhode Island-based Westerly Community Credit Union has taken this advice to heart. (Pun very much intended! 😉) Its Instagram page is filled with financial tips and tricks aimed at young members. Let’s take a look at some of the clever content it shares!

Meet the Staff Monday posts obviously introduce the friendly faces found in Westerly’s branches. But they also encourage younger members to take the advice offered by these featured employees, as a level of trust has already been established online.

Tip Tuesday posts build on the trust in the Westerly team by providing money-smart pointers for tweens, teens, and young adults. Their copy also includes calls to action to explore the credit union’s other educational resources, thereby encouraging branch and site visits.

Website Wednesday posts generate even more site traffic for Westerly by referring members to specific pages for advice. This particular post even highlights the credit union’s commitment to youth financial literacy!

Clearly, Westerly’s social strategy helps it share financial advice with its young members in an age-appropriate fashion. Leveraging Instagram allows users to access content when and where they need it, and themed posts provide a fun approach to the seemingly boring subject of finance.

— 2 —

Guiding Mic: Another pillar of Siegel’s approach to financial wellness is guidance. When I was considering which of our partners to feature in this section, the Bayou State’s Louisiana Federal Credit Union (LFCU) came to mind, as its mission is “Helping You Get There”™.

LFCU takes what Madill refers to as “a human plus digital approach” to guidance with a live Q&A series on Facebook. Its members can submit questions in advance or ask them in real time on topics ranging from funding a college education to surviving on a reduced income.

Chief Mammal John Lanza was even a featured guest during April’s National Credit Union Youth Month. He fielded questions from parents about setting up their kids for financial success, such as:

At what age should children start handling money? 💵
Should allowance be tied to chores? 🧹
How and at what point do you introduce investing? 📈

You can watch his full episode here.

The convenience of Facebook coupled with the human element proves Siegel’s point that “You need to back up your digital solutions with off ramps to human beings.” And with over 8,000 followers, LFCU’s series is clearly making an impact!

— 3 —

Put me in, coach!: According to Siegel, the third and final key to financial education is coaching. New Hampshire-based Service Credit Union is a prime example of this strategy, as it utilizes its own Fin-Life app to help its young members achieve financial wellness.

This resource’s tagline, “Financial Planning for the Next Generation,” is a not-so-subtle nod to the fact that it is powered by Pocketnest, a platform designed by and for millennials.

Users are coached through 10 themes of financial wellness, including budgeting and planning for the future. And in keeping with the millennial lifestyle, modules are completed on a smartphone in under five minutes each week. Fin-Life even has a “To Do List” feature, which highlights content to help Service’s young members reach their goals.

These personal touches highlight what Siegal calls the concept of active choice. He explains, “People are more likely to achieve, to believe in an action plan if they helped create it.” And just one coaching win can impact the financial health of your members, for such success paves the way to self-empowerment.

To close this edition of “Marketing Manatee Musings,” I’ll allow Siegel to drop a 💣TRUTH BOMB💣 in regards to your institution’s members:“

Win them while they’re young, while no one’s paying attention to them. And then you’re with them, you gain their loyalty. Give them the advice and guidance so they can hit their financial targets and then you’ll get them when they’re affluent and they won’t switch.”

Engagement drives generational membership, which is key to the growth of your credit union. Because before you know it, your young members will have young ones of their own who will look to your institution for the same advice, guidance, and coaching. So let’s set the stage for this next generation.

And until next month, here’s to putting our best fin lit flippers forward!

Erin Prim

Marketing Manatee