2. Our mission at EverFi is to drive lasting, large-scale change to the financial capability of learners of all ages.
We help banks and credit unions make a transformative impact on the livelihoods of their communities, consumers,
and employees through online education, data and services.
Steve Rice, Executive Vice President, EverFi
Steve has built a career around the union of technology, education, and finance.
His diverse background includes teaching and serving on school boards, working
for innovative technology companies like LivingSocial and AOL, and serving as a
tech consultant for Coca-Cola. At EverFi, he combines his savvy tech skills with his
experience as an educator to generate financial literacy for learners of all ages.
srice@everfi.com
About the Authors
About EverFi
Learn More About EverFi and Using Financial Education as Content Marketing at
EverFi.com/FinancialEd
3. 3
Financial Literacy:
A Need and a Benefit
The Need for Financial Education
As the growth of online and mobile banking diverts consumers away from traditional
face-to-face interactions with bankers at their local financial institutions,1
the need
for financial literacy grows. And this gap is something that consumers are aware of.
Between 2006 and 2013, the percentage of respondents in an Allianz study who
reported wanting more education surrounding investing and financial decisions rose
from 35 percent to 65 percent. Further, two-thirds of respondents say they have unmet
financial education needs, but 68 percent avoid financial literacy programs because the
educational materials they’ve seen fail to hold their attention. Bottom line? The need is
present, but the solutions are falling short.
The Benefit of Financial Literacy to the Financial Institution
Regardless of what industry you’re in or what you’re selling—free checking, investment
services, lawn care, or laptops—only about 3 percent of people are generally ready
and willing to buy at any given time. Another 7 percent might be somewhat open to
what you’re offering, but the remaining 90 percent just aren’t interested in a pitch or a
purchase of any kind.2
In this challenging environment, educating prospects and account holders sets you
apart from the competition, positioning you as a trusted advisor. When the time is
right—and it eventually will be—research shows that your prospects will be ready to
act on everything you’ve taught them. A 2014 FICO survey found a strong correlation
between financial literacy and customer engagement, including more use of bank
services and greater loyalty to financial institutions.3
Even better, educated banking
customers become advocates for their banks. According to recent research by
Powered, Inc, customers who purchase banking services due to online education are 93
percent more likely to tell their friends about the experience4
—turning customers into
salespeople at no additional cost.
Between 2006 and
2013, the percentage
of respondents in an
Allianz study who
reported wanting
more education
surrounding investing
and financial decisions
rose from 35 percent
to 65 percent.
Financial Institutions (FIs) need new account holders to survive and grow, while the
communities they serve—particularly young adults—need a better understanding of investment
and finance. With the right tools, these two critical needs can be addressed simultaneously—
providing the next generation of account holders a leg up, and future-minded FIs opportunities
for engagement and growth.
1. LaPonsie, Maryalene. (2016, January 7). 10 Banking Trends for 2016. Retrieved from http://money.usnews.com/
money/personal-finance/articles/2016-01-07/10-banking-trends-for-2016
2. Kincade, S. (2015, September 14). Stop Selling and Start Educating. Retrieved from http://aspirekc.com/stop-sell-
ing-and-start-educating/
3. Credit unions and financial literacy. (2014, October 16). Retrieved from http://www.rexcuadvice.com/blog/cred-
it-unions-and-financial-literacy
4. Credit unions and financial literacy. (2014, October 16). Retrieved from http://www.rexcuadvice.com/blog/cred-
it-unions-and-financial-literacy
$
4. 4
Quick, to-the-
point lessons
are crucial
for reaching
multitasking
millennials, as
well as their busy
parents.
Connecting with Millennials
In the previous sections, we laid out the reasons why financial education is important
for both financial institutions and the communities they serve. But how to bridge this
gap—particularly within the large millennial demographic that scores lowest on financial
literacy tests and rarely seeks professional financial advice—but who also save more
money than Gen Xers or Baby Boomers?5
The answer is technology.
Financial Institutions must meet this demographic on its own turf by embracing the
online and mobile technology that millennials have woven throughout their lifestyles,
with tools tailored to fit their financial needs, technology expectations, and lifestyles.
FIs that truly grasp this concept will find multiple opportunities to acquire and build
loyalty with millennial clients, as well as cross-selling them on relevant products and
services. Below are five points to address as you develop a financial education solution
for your organization.
5 Ways to Connect with Millennials
through Financial Education:
Make it short. Period.
Technology and mobile devices have changed the way we digest information:
the average YouTube view is 9 seconds, while a tweet is limited to 140
characters. Today, few of us have the time or desire to listen to long lectures
or to digest massive amounts of information. Quick, to-the-point lessons are
crucial for reaching multitasking millennials, as well as their busy parents.
Make it just-in-time.
To be effective, financial education must meet a current need and must be
available at the appropriate milestones. Your account holders don’t need to
know about saving for college right after they’ve graduated, or about buying
a house when they’re nineteen. Educational content must be available to your
members and their families as they make relevant life decisions.
Make it mobile.
Today, much of our down-time is spent on mobile devices. It might be hard to
find time to hunker down at a laptop for a financial lesson, but while riding to
work or school, standing in line, or just while bouncing from app to app, mobile
education is easier and more palatable to millennials who are accustomed to
having the world at our fingertips.
Make it authentic.
Millennials, with their strong support for local businesses and social causes,
but their often-jaded attitudes towards traditional media and marketing,
can be described as “cynical do-gooders.” They value authentic relationships,
and once they choose a brand, they tend to be loyal and enthusiastic,
recommending it to friends and even endorsing it on social media. The
rewards for connecting meaningfully with them can be substantial—for your
FI and for them.
Make it relevant.
Educating your prospects provides an excellent opportunity to upsell
related products and services—but there’s a fine line between helpful and
pushy. To encourage marketing-savvy millennials to become your brand
ambassadors, ensure that you upsell carefully, connecting them to products
that are relevant to their interests and needs, and providing content that is
informative rather than salesy.
1
2
3
4
5
5. 5
By measuring the
actions taken by
users following
courses, you can
better target your
financial literacy
content to reach
those participants
most in need and
most receptive to
learning more.
Using Financial Education as
Content Marketing
Unlike traditional marketing, which tends to be promotional and sales-oriented,
content marketing avoids the hard pitch and instead educates audiences with valuable,
informative content that helps build credibility with their audience. An FI that educates
its audiences will establish itself as a thought leader. But not just any content will do; to
contribute to thought leadership, content must be relevant to its audience, address a
need, and be of high quality.
Financial education fills every one of the content marketing criteria listed above, but
it’s critical to be effective. FIs should find a provider that employs the best educators,
researchers, and subject matter experts in the field—and understands the best ways
to connect with your audience. Here’s what to look for when choosing a financial
education partner:
„„ Research
Curricula should be carefully planned to address specific challenges, trends, and learners.
Does the provider consult experts, assess social need, and review national and state
standards around potential materials?
„„ Design and Development
All educational materials should be developed by the best and brightest educators, software
engineers, and instructional designers, and tested for effectiveness—by subject matter
experts, students, and teachers.
Interacting and Staying Relevant
Development is just the first step in connecting with and educating the next generation
of financial services users. Content that addresses yesterday’s needs won’t contribute
effectively to your marketing efforts. To keep learners engaged, the materials must
stay relevant. To ensure relevancy and effectiveness, here’s what providers should
be offering:
„„ Interactivity
Interactivity increases learning and retention far beyond traditional “book learning.” Does
the provider keep learners actively engaged by offering interactive learning tools? The
financial education program should also reach beyond the lesson and into real-life scenarios—
encouraging learners to engage more deeply in their financial health with their newfound
knowledge.
„„ Evaluation & Data
You’ve implemented an online financial education program—but is it working? And how
do you know your provider is staying relevant as technology, needs, and attitudes change?
Measuring is the only way to know for sure. Your provider should collect and share data
around effectiveness and relevance through quizzes and surveys, listening labs, focus groups,
and curriculum summits, helping you understand account holders’ behaviors and their overall
financial health. By measuring the actions taken by users following courses, you can better
target your financial literacy content to reach those participants most in need and most
receptive to learning more.
One of the most powerful features of content marketing is that your prospects self-
select as they engage with your educational materials. This is especially true for banks
and credit unions that offer financial literacy programs, and the investment pays off
down the road when younger students grow up and need to access financial services.
The timing isn’t always right for audiences to reach out—but when they do reach out,
you’ll already be established in their minds as a thought leader and trusted advisor.
6. 6
With digital
programming at
their disposal,
underbanked
populations
can achieve
greater, larger-
scale financial
independence.
Conclusion:
A Changing Landscape
Our communities—and particularly the younger members among them—learn and bank differently
than they did just a few short years ago. From ATMs to mobile deposits, technology has changed
how FIs and their account holders connect. FIs with no digital branch, or with a substandard
e-banking experience, can no longer compete—much less grow. And yet this same technology has
reduced attention spans and made it difficult to connect meaningfully. Without traditional face-to-
face interactions, how can FIs engage existing consumers and win over prospects?
The answer lies in that same technology. Personalized education experiences can manage the
tension between short attention spans and in-depth learning, as well as that between mere digital
interaction and meaningful connection.
Learn More About EverFi and Using Financial Education
as Content Marketing at
EverFi.com/FinancialEd
