Many young consumers rely on the Internet and social media as their main source of financial information in today’s digital-first world. In fact, 41% of Gen Z use social media to get financial advice. As younger generations’ expectations continue to evolve, financial institutions must meet them where they are — online — by delivering reliable, engaging financial education directly within the digital experiences they already trust.
Why Financial Literacy Matters
To stay competitive, community financial institutions need meaningful ways to engage younger audiences. Embedding financial literacy into digital banking experiences is a powerful way to help Gen Z and millennial consumers make informed decisions while also laying the foundation for long-term financial confidence and wealth building.
Financial education matters because:
- It helps drive self-service for financial tasks: Given that consumers have moved away from traditional branches toward online and mobile banking, they are often left to make independent financial decisions. When you provide financial literacy tools through digital banking, your institution supports younger generations as they navigate major life decisions such as managing debt, saving for college, or investing for the future.
- Education improves financial decision-making: Without access to proper financial education, consumers may rely on credit, incur fees, or make choices that negatively affect long-term wealth. When you provide financial tools, consumers get the necessary resources to help them pay bills on time, invest wisely, and plan strategically for their future.
- Financial literacy helps navigate complex investment and savings options: Educational tools can help young adults and teens understand savings strategies, explore investment options, and prepare for complex transactions like financing education or buying a home. By providing financial literacy resources, you set up your account holders for success and secure lasting relationships with them.
Strengthen Relationships with Money Management Skills
Today’s parents face steep challenges in teaching money management. Over half of parents rank money as their top source of daily stress, according to a study from Greenlight. Additionally, 38% say teaching children about money is the most difficult life skill to impart.
Financial institutions can play a pivotal role by providing family-focused tools and education that help younger consumers learn about money. While account holders gain critical knowledge, institutions build stronger relationships that support long-term retention and loyalty.
Why Invest in Family Financial Literacy?
Demand for financial education resources is rising: 88% of institutions report increased requests for educational tools, and 70% have received direct inquiries about family-focused financial products, according to the Greenlight study. This trend highlights an expectation that banks and credit unions serve not just as service providers, but as trusted partners in their customers’ financial lives. Offering the educational tools your customers demand allows you to position your community institution as a partner invested in your account holders’ overall financial health.
Build Loyalty Across Generations
Financial literacy tools are no longer a “nice to have”— they should be a strategic priority. By equipping families with the knowledge and tools to make informed financial decisions, your institution can deepen relationships, increase engagement, and stand out in a competitive market. Institutions that lead in financial wellness today are building the trust and loyalty that will last across generations.
Learn more about the financial wellness options available through Apiture’s Consumer Banking solution by contacting Apiture today.
