We’ve read the articles imploring banks and credit unions to provide guidance to Millennials who are looking for help navigating complicated first steps into owning their finances. And nearly every financial institution has jumped on the bandwagon of marketing financial education. Just look at these leading banks:
- Suntrust: “Financial Confidence Starts Here” https://onupmovement.suntrust.com/
- Bank of America: “Better Money Habits” https://bettermoneyhabits.bankofamerica.com/en
- Regions: “Financial Fitness Fridays” http://ir.regions.com/releasedetail.cfm?releaseid=889797
- Chase: “Find your personal financial balance with Blueprint” http://www.chasefinancialwellness.com/
- Alliant Credit Union: “The Money Mentor” http://www.alliantcreditunion.org/money-mentor/
The problem with this trend is that it assumes that if the FI provides the education, Millennials will find what they need and choose them. Financial education has become the marketing and the customer service, and in some cases, another product. This approach couldn’t be more wrong.