Times are changing! It was an exciting #AmericaSavesWeek Feb 27-March 4 and much was learned. Check your socials for #ASW17 or #ASW2017 for loads of financial wisdom and motivation from a variety of institutions. If you ever wonder if it’s making an impact, remember a new generation “Gen-Z” grew up in the “Financial Crises” era with a different view of money not seen since the Great Depression, so get ready to roll out even more financial literacy content to support their goals and share prosperity!
“Yet Gen Z were shown to be a generation of savers having grown up post-financial crash, with 25% saying they would rather save for the future than spend money they don’t have and 22% saying they never spend on “unnecessary, frivolous things” because saving is so important. These attitudes were shared with the Silent Generation, with 43% and 25% of respectively.”
The study also notes that this is a generation that grew up with the internet and is accustomed to information being made available quickly on any modern device. It’s a long way from the dial-up modem days!
Feel old yet? THINK AGAIN! Traditional institutions like banks, credit unions, educational non-profits and 529 providers are in position to grow using a combination of new technology and time tested wisdom already present in your culture. Technology is more socialized with Gen Z to where expectations for simple online tools has grown. They have goals and want to move forward. Will your organization help or hinder this process? Here’s a few ideas:
What is your narrative? Even if you think your organization doesn’t have one, or maybe it’s to “maximize shareholder value” (No small feat), your group’s goals are a piece of the greater story Gen-Z is living through. Are you helping them get where they want to be? If the answer is a resounding “YES” then stick to it and continue to empower Gen-Z with your traditions adapted up to new technology. Yes, you can promote financial literacy to a new generation of savvy savers and they want to engage your organization to do so!
Your content can provide both sides of the story: Let’s face it, it’s a noisy environment on social media. There appears to be a storm in every news cycle, and the cycles are happening faster than ever! The good news is your organization does not need to pick sides on hot media topics (Education, Healthcare, Government are astoundingly media driven at times), it just needs to know both sides of the story. If you are sticking with a principled narrative, you help people guide themselves through any situation using your concepts and ideas. Gen Z is very aware that a single story may be interpreted in many different ways, so instead of pushing an agenda, keep it simple and show both sides of the story while promoting honest dialogue. Keep your comments section open to allow different views to participate and communicate perspective on your content.
Help with decision making first: There’s a lot of options! We’ve learned this first hand at Invite Education with software covering the financial variables related to college attendance. With over 4,000 institutions of higher learning plus a huge scholarship database, the best thing we can do is provide transparency and financial literacy fundamentals to help families make smart decisions. We realize there is no perfect “one way” for everyone, so we take a “Consumer Reports” approach to the question of college choice. This way anyone can use the resources and find what they need. Just let people make their own personal decisions with your organization’s assistance. This is far removed from the days of pushing product first on radio or tv. It’s about targeting the goals of your audience first and providing value with products/services supporting those goals featured second. Gen-Z is ready to move their life forward, are you ready to help?
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