Banks provide Millennial-friendly financial education resources
As addressed in Cassandra’s Self Made Report, only 41% of Trendsetters aged 14-34 trust banks. However, all hope is not lost for financial institutions. Young consumers want money management help—just from brands that are accessible and that educate them. Several financial companies have launched online resources for young consumers to better understand money matters, which in turn creates more trust towards their brand.
In February, startup BankMobile launched Paradigm Money, a website aimed at helping young consumers better manage personal finance through news, opinion pieces, interviews, and advice. In creating the content platform, the company seeks to offer greater transparency and show the people behind its brand; some articles feature employees’ own perspectives on personal finance and topics in the news. Rather than overtly promote its products, BankMobile instead seeks to build a relationship with consumers by empowering them with information. The company hopes to grow the site to include more regular features and opinion pieces, content from student writers, and videos and podcasts.
To build brand affinity among Millennials, Santander Bank launched Prosper and Thrive, an online hub delivering financial guidance in a relatable way. The site addresses everyday scenarios and helps young consumers make informed decisions whether it’s a small or large financial matter. Prosper and Thrive focuses on three areas: Save Up, Master Debt, and Live Live. All content offers advice, such as how to ask for a raise or how to build a capsule wardrobe on a budget, which is reflective of Millennials’ style and spending preferences. Since launching in 2016, the site has driven more than 1 million visits, and Santander correlates its popularity with an uptick in customers.
Microinvesting app Acrorns has entered the financial education realm with Grow, an online magazine dedicated to building financial confidence among young consumers. Grow covers everything from the basics of finance and what’s next, such as cryptocurrencies, to financial news and how it can impact consumers. The site also features how-to content, including budgeting and taxes, interviews with experts, such as C-suit executives, money gurus, and celebrities, and even people’s personal accounts of their financial experiences—a shift Cassandra spotted years ago, in which people have made their personal finance a more public topic. Much like competitors’ content platforms, Acorns seeks to build trust by not promoting its services through its educational resource.