They are not going to take your word for it.
This is a truth I learned a long while back and have re-learned as a father of two strong-minded teenagers: If you aim for young people to take a lesson to heart, they typically need to see it in action. Often first-hand.
Each year, credit unions across the country launch new products and initiatives with the goal of attracting younger members. And the following year, many of these same organizations will debate why these latest rollouts of tailored tools, and focus group designed resources have not had the desired impact on engaging Gen Z and younger millennial consumers. Still, recent research shows the opportunity for reaching these groups is there.
The responsibility of driving a car only starts sinking in for most teenagers when they first get behind the wheel with their learner’s permit. Similarly, where I have seen the most financial literacy engagement from teenagers and young adults in my time at Addition Financial is through our student-run High School Branch program. These students come in looking for a unique way to earn credits, and leave with first-hand financial expertise, professional work experience, and new career paths and opportunities.
Hands-on financial education
Credit union leaders talk often about “meeting members where they are”, and for about 180 days out of the year, teens are spending most of their time at school. Since 2009, Addition Financial has launched 11 fully student-run branches inside high schools across Central Florida. We are not alone. A growing number of credit unions across the U.S. are investing resources in similar programs, to provide students a unique hands-on money management experience they are unlikely to get anywhere else on campus.
High school students working part-time jobs in food service or a grocery store can gain beneficial experience in a workplace and earn a first paycheck. However, an in-school credit union branch can provide something more valuable: Hands-on money management skills students can apply wherever their learning and career journeys take them.
While they are supported and trained by credit union staff, students enrolled in Addition Financial’s High School Branch program have proven over 15-plus years, they can run the show themselves and run it well. The student employees open and service real accounts, with real money, for other students and school staff on campus during lunch breaks and open class time. Students can read about APY and compound interest in a textbook, but it really sinks in when they are explaining it to a peer who is opening a savings account during 7th period.
Tomorrow’s workforce in training
Ask team members at Addition Financial who support and train students in the High School Branch Program about their favorite part of the job, and nearly all will tell you they love seeing the dramatic growth and development of the students during their time at the branch.
These mentors will smile thinking about a shy sophomore they remember from an initial nervous interview, now confidently leading the campus branch as a senior and head teller. Those same trainers remember students who might have once struggled counting back a member’s change, only to be able to clearly break down the benefits of different checking account products just a few short months later.
Aside from the gains in financial literacy, working in a high school credit union branch prepares students for the workforce while never having to leave campus. Students applying for the program can learn what makes a good resume and how to prepare for a job interview. On the job, essential skills such as time management, teamwork, and following direction are part of keeping the branch running smoothly. Empowering young adults while providing ample support allows them to develop into the employees, teammates, and leaders of tomorrow. In other words—give them the car keys but keep the driver’s ed passenger brake connected.
Member (and team member) growth
A tough morsel of truth for credit union leaders to swallow is that most Gen Z students are not banking with a credit union; In fact, many likely do not know what a credit union is. Getting that message out, seen, and heard by young people is a consistent marketing challenge. The visual alone of a credit union branch students walk by every day on campus can be more effective in reaching that demographic than the flashiest of billboards.
By nearly all accounts and studies, authenticity is paramount in reaching Gen Z consumers. Creative TikTok campaigns can be effective marketing, but when it comes to credibility to Gen Z, it is hard to compete with the word-of-mouth from their peers working in their high school’s credit union branch. Having students advising other students when it comes to their money can create a pipeline not only of future credit union members from a younger demographic, but lead to a new stream of talented, experienced employees for your organization.
You can see students’ ears perk up when Taylor, the High School Branches manager at Addition Financial, tells them she got her start in the company exactly where they were: working in her high school’s credit union branch. Many credit unions expand their high school branch programs to offer more opportunities to working students, including jobs in full-service branches on Saturdays and during the summer as a paid intern. High School branch tellers at Addition Financial have gone on to work in branches and departments all over the credit union, including leadership positions.
I am encouraged every time I read another credit union is expanding their high school branch program or launching one in their community. It is among the most rewarding investments an organization committed to financial literacy and wellness can make.
Educating young people and engaging them early with a credit union can pay dividends to growing Gen Z membership and more importantly, in those students’ financial futures.
