Build Trust with Millennials by Teaching Them How Money Works

And why credit unions have a moral responsibility to teach their members financial literacy


Credit unions sell trust and relationships as core values. Yet, so many are facing member loyalty dilemmas that have never been industry problems before. While you may think it’s the latest new tech luring customers away, you’d be only half right. The other half is education, or lack thereof.

Credit Unions are not giving members the one thing that they can never run out of. A strong financial education and tools to understand how best to work with your credit union.

Financial literacy has been in the consumer media non-stop in the past few years.

Have you ever thought about why? Simple.

America doesn’t teach any of its citizens how to
manage or save money.

It’s true. We don’t teach compound interest or how to invest money in high schools. We don’t teach how to manage credit cards or how to save 15% of our earnings. How to budget, manage bills, or even how to create a simple cash flow system for ourselves when we change jobs.

That means most of Americans are winging it. Learning by failing, paying countless fees and destroying their credit. Most times, it’s banks that excessively overdraft consumers right out of the financial service industry. Making them unbanked. That unfortunately includes some of your employees.

The results have been economically catastrophic. Americans are one emergency away from financial collapse with no way to recover from it.

Question: If no one has ever taken the time to teach your members about basic financial concepts, how can you reasonably expect them to understand the mechanics or consequences of the products you are selling them?

Commercial banks count on customers limited financial education to rob them blind.

But, aren’t credit unions supposed to be different?

What if your credit union delivered something different? Something more human? What if you helped your members make better decisions, big and small? And not just because someone told them what to do. But because they acquired the knowledge to safely plot their own course.

What can help them get to that point is exactly what your credit union’s main mission is;

Be “community-oriented” and “serve people, not profit”.

Serving people in today’s economy means giving them what they don’t have. Since we all know you aren’t going to write a $200k check to your members, why not do something that can have a generational effect and build a powerful emotional connection to your future customers.

Your members need your help.

75% of your members are living paycheck to paycheck. How can this even be possible in the year 2016?

What do they need help with?

They need someone, anyone, to understand that they could use a little education. Simply step up, stop talking and teach them. Not advanced financial subjects. The basics. Remember…

America doesn’t teach any of its citizens how to
manage or save money.

Teaching your customers and their children about how to save for college, plan for retirement, manage credit and recognize the need for an emergency fund is not just a nice thing to do — it also makes good business sense. Building a membership of savers will keep more money in our economy, make responsible credit more accessible and improve resiliency when setbacks occur.

Digital technology built with empathy, can strengthen your member relationships and let their children see what their parent’s credit union values most.

People. Not profits. That’s how you build trust with millennials. Do what everyone else refuses to do.

Teach them how money works and earn a customer for life.

cite: http://www.motherjones.com/kevin-drum/2009/07/overdraft-scam


Schooold teaches children in the 9th-12th grade everything they need to know about money before they leave high school. Parents are connected to their progress.

We help credit unions to connect a customized curriculum directly to their members and employees who are parents to assist in providing generational financial education.


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