Financial institutions have traditionally been proactive in providing essential financial education to their consumers. These efforts not only help improve financial literacy in the fundamental sense but can also provide a competitive advantage. Offering personalized financial tools will assist in attracting new Consumers – specifically Millennials and Gen Z who are in the midst of making major financial decisions for the first time.

As the financial landscape continues to grow more complex, financial institutions need to consider evolving their financial wellness programs based on current trends – like digital financial health tools and mobile accessibility, and important issues – like data security and privacy.

Educational efforts are being further complicated by societal and demographic changes. How we work, play, and interact have all been altered by the recent pandemic, and many of these changes are likely here to stay. To address these issues, financial institutions need to move their financial literacy programs beyond in-person lectures and into agile educational programs that successfully blend proven instructional principles with new content, new techniques, and new technologies.

Consumers are requesting more digital in-app tools to improve not only their overall financial well-being, but improve the daily management of their finances as well. Tools such as budgeting, understanding and improving credit scores, personalized spending insights and savings plans, and digital financial education resources.

If your looking to establish or improve their financial literacy program, download our E-Book, “The Critical Need for Financial Literacy” to take a deep dive into the top five (5) areas you should consider in order to improve business vitality.