November 17, 2023
In an era where financial complexities are growing, the need for financial literacy has never been more critical. This is especially true for the younger generation, who are entering a world of credit, investments, and financial responsibilities without adequate preparation. Financial institutions, particularly modern mutuals, have a unique opportunity to bridge this gap and build lasting relationships with this demographic. One effective way to achieve this is through financial literacy programs, and platforms like Doshi are leading the charge in this domain.
The younger generation faces a myriad of financial challenges, from student loans to the complexities of digital transactions. A lack of financial literacy and confidence can result in poor money management, leading to debt, bad credit, and a lifetime of financial instability.
A shocking statistic revealed by United Way NCA states that young adults in America are $1 trillion in debt as well as living pay-check to pay-check. Even more shocking is that a 2022 study done by the FINRA Foundation disclosed that 26% of adults between the ages of 18-34 (in the United States) had to withdraw money from their retirement account while 38% had been late with mortgage payments.
With costs increasing at an alarming rate every year and household income rising nowhere near quick enough to close that gap, educating the next generation about financial best practices is a necessity in order to equip them with the tools to navigate these challenges but also instils a sense of financial empowerment.
As the younger generation becomes increasingly uncertain on how to deal with their finances it is imperative that modern mutuals are able to assist them, however, how can they target students and Gen Z? Doshi offers a comprehensive approach to financial literacy through its outreach programs targeted at schools and universities. These programs include tailored workshops, engaging competitions, and insightful tutorials, all under the brand of the partnering modern mutual. This not only educates the younger generation but also introduces them to the credit union's services, building brand awareness and trust. But how else does Doshi make financial education engaging and invaluable to credit unions?
Doshi's platform allows credit unions to offer unique content that helps students achieve their specific financial goals. Whether it's understanding credit scores, budgeting, or investing, Doshi's expert-validated modules provide a wide range of topics that can be customised to fit the needs of each learner.
One of the standout features of Doshi's program is the local rewards system. Students are incentivized to complete modules and engage with the platform, deepening their bond with the modern mutual. This not only makes learning fun but also encourages a continuous relationship with the financial institution.
Doshi's platform also provides valuable insights into what the community values, their fears, and aspirations. This data is invaluable for modern mutuals as it allows them to tailor their services and products to meet the specific needs of this younger demographic.
When a modern mutual invests in the financial education of its community, it sends a powerful message that it cares about the well-being of its members. This is particularly impactful for younger members who are just beginning to form opinions about financial institutions. By providing them with the knowledge and tools to succeed financially, modern mutuals are not just educating them but also earning their trust.
Financial literacy is not just a skill but a necessity for the younger generation. Credit unions have a golden opportunity to fill this educational gap and, in the process, form lasting relationships with this demographic. Doshi's outreach programs offer an effective and engaging way to achieve this, making it an invaluable partner for any credit union looking to invest in the future of financial literacy.
By leveraging platforms like Doshi, modern mutuals can not only provide essential financial education but also build a foundation of trust with the next generation, ensuring their own sustainability and relevance in an ever-changing financial landscape.