[Series #15] We asked college students a few questions about their financial institutions…

Name: Victoria
Age: 18
Major: Political Science
Hometown: Raleigh, NC
Grade: First-Year at UNC
Fun Fact: Grew ¼ of an inch last summer and is now 5 feet tall
Financial Education Experience
How did you learn about personal finance in high school?
Not through the school. Mostly I learned it from my parents, like how to budget and stuff like that. My dad was a financial advisor, so he helped me.
Do you remember anything from that experience?
He really emphasized the importance of learning good savings techniques at a young age, because as you go to college and start to enter into adulthood, you never really know what’s going to happen.
Short Personal Finance Quiz
How can a person increase their credit score?
If you own things in your name and if you make payments on time, your credit goes up.
Do you know what an insurance deductible is?
I know the words, but I don’t really know what it is. I can’t explain it to you.
Banks
Can you describe banks to me?
They’re institutions that keep your money and loan you money.
Who do you bank with?
State Employees Credit Union.
Do you have a favorable or unfavorable opinion of your credit union?
It’s pretty neutral. It’s nothing too personal, it’s just who I happen to bank with.
Do you feel loyal to your bank?
Yeah, just because my family has been with them so long. It’d be weird to go to another bank, it’s all I know.
Credit unions
Can you describe credit unions to me?
No.
Do you know how they’re different from banks?
No.
Credit unions are like banks, but they’re non-profit. When you open an account at a credit union, you become a member and own part of the credit union. So while traditional banks are run by shareholders whose goal is to maximize profits, credit unions return all profits to their members in the form of reduced fees, higher savings rates and lower loan rates.
After hearing this description of credit unions, how has your attitude towards credit unions changed?
It’s more favorable than banks, since they’re doing things for your benefit as opposed to the benefit of a small group of people.
What are some things that a financial institution can do to make you feel loyal towards them?
They could increase my awareness about things that would be important to me as I continued to bank with them, things like interest fees, things that could better my credit score, or the dos and don’ts of how to go about getting loans. Stuff like that. Just like keep me aware and educated about things.

Here’s the team behind Zogo. We built Zogo to help financial institutions attract and gain trust from GenZ. In just a year and a half, Zogo has won over ten national awards including the “Best of Show” at FinovateFall 2019 & NACUSO Next Big Idea Competition. As GenZ ourselves, we know how to get it done.
Visit www.zogofinance.com to see how our solution fits your organization and to schedule a demo to learn more from one of our committed onboarding specialists.

