Can we get real for a moment? If your credit union’s social media posts consist of nothing more than “Wacky Wednesday’s” and re-posted financial articles from national networks, you’re missing the boat. Which boat, you ask? The one that gives you the opportunity to become a trusted, respected advisor to your community’s next generation.
If you’re wondering whether those community members actually need guidance, let me share a few personal finance statistics gathered from a recent Financial Brand article:
- Savings rates are at an all-time low.
- Almost twice as many Americans have credit cards (76%) as have retirement accounts (47%).
- Almost 20 million Americans have a shopping habit that jeopardizes their relationships or careers.
- American credit card debt hit an all-time high of $1.02 trillion in January 2018.
- 44% of Americans couldn’t handle a $400 emergency without borrowing.
- 33% of non-retired Americans have nothing at all saved for retirement.
- 71% of Americans are stressed by money.
And then there’s that “M” word that surfaces at every credit union conference and strategic planning session: Millennials. The previously mentioned Financial Brand study also noted that 28% of Millennials admit to intentionally making themselves look wealthier than they really are in their social media posts. While this tendency to exaggerate exposes an underlying financial issue, it also highlights the power of social media in today’s society.
Now is the perfect opportunity for you to utilize your social media, email list, website blog, and other digital tools to provide the help your members and potential members so desperately need. In the study referenced above, many consumers indicated their current financial institution is not providing adequate financial education. Because of that, they would be open to receiving financial education in the following areas:
- How to maximize their salary at their current job
- Knowing if they’re being paid fairly (particularly important to women)
- Monthly budgeting advice to ensure they’re saving enough
- Right-sizing their debt
- Planning affordable vacations
- Having someone to talk to holistically about their financial life
- Dealing with the spending pressures of social status
The current financial climate gives your credit union the chance to be a hero—especially when you consider the response of one banker who, when asked about the subject of financial education, candidly responded, “That’s not our job.” If banks are thinking like that, the opportunity is clear.
Now through the end of the year, uncommn marketing partners will be looking for 13 credit unions to beta test a brand-new financial education content marketing program. If you’re credit union is chosen to participate, the test program will be offered to you at no cost. All we ask is that you provide timely feedback on the content you receive. For more information about this exclusive opportunity, CLICK HERE.