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The Three Secret Superpowers of Financial Education

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By Sydney Mayer, Zogo
February 28, 2024

Financial education is something that’s often lauded for empowering individuals and helping them not only financially survive but thrive. And that’s both true and amazing! But it’s also only the tip of the iceberg when it comes to the copious benefits that financial education can offer your community and your credit union itself.

While it’s incredibly valuable to support members in their financial wellness journeys, financial education programs have the potential to offer many more benefits to credit unions themselves. In fact, these benefits can be leveraged for more than just your financial wellness goals and actually advance other initiatives such as increasing brand awareness, creating more active and loyal members, and even supporting new member acquisition. However, it’s important to note that financial education programs that exist to merely check the box of having one will not yield these impactful benefits. To unlock the full spectrum of benefits financial education can offer, your credit union should partner with experts like those at Zogo who specialize in launching effective financial wellness programs.

Take a peek at a few of the other benefits your credit union can earn by partnering with Zogo to launch financial education in your community:

1. Increase Brand Awareness

Credit union-sponsored financial education programs in your community have the potential to increase your brand awareness by introducing your credit union to new folks, especially Gen Z or next-generation individuals, and creating positive associations. But not all financial education programs make this possibility a reality. At Zogo, we customize the branding of our digital education solutions to feature your credit union up-front and center. That way, when members and non-members alike learn using Zogo’s innovative products, their gratitude for their increased financial empowerment will extend to your credit union specifically.

In addition to increasing your community’s awareness of your credit union by leveraging co-branded education solutions, you can also increase positive associations and bolster your brand’s reputation as a trusted community leader. This can help expand member loyalty, and even help with new member acquisition down the road.

2. Create More Active and Loyal Members

Providing financial education to members helps them improve their financial literacy and live more responsible, prosperous lives. In turn, by increasing your members’ financial literacy and overall financial wellness, you unlock their ability to become more active members who responsibly utilize your products and services. This natural flow of more-informed members becoming more active members can be harnessed with a variety of financial education approaches but can be taken to a whole new level by integrating financial education into your mobile banking experiences.

For example, Zogo offers a seamless mobile banking integration that enables your credit union to educate members on financial topics and incentivize them to take responsible financial actions on your platform all in one place.

3. Collect Critical Insight and Data

All credit unions need to collect data on their members and wider community to make informed decisions, which is often costly and time-consuming. But it doesn’t have to be! Financial education is often overlooked as a channel that can yield valuable insights and data from users that your credit union can use to shape programs and decisions — even insights you may never have thought to collect before. Hit two birds with one stone, as it were, by leveraging your financial education program to harness meaningful data.

Financial education offers meaningful data such as measuring changes in financial literacy, changes in confidence levels, and even user interests. These can be used to shape decisions ranging from marketing strategy to product and service development, and even a repository of impact-driven data for stakeholders and boards. At Zogo, we make these insights easily accessible through our Partner Portal equipped with robust data analytics and user feedback.

Connect with Zogo to learn more.

About Zogo

Zogo helps credit unions educate, engage and attract young people. Backed by behavioral science research at Duke University, its gamified financial literacy app teaches sound financial fundamentals and rewards users for learning. Their mission is to make personal finance fun, simple, and social. Founded by Gen Zers, Zogo understands what it takes to reach the younger generation.