millennials and moneyAt dinner the other night, I asked my five-year-old daughter MacKenzie to tell me about her day at school. Her face lit up and she said, “Mommy, Ms. Melissa gave me the coolest lesson ever. She was showing me addition and did you know that one plus two is three?” Her beaming face, tone of voice and the true bliss she found in learning blew me away. It wasn’t work. It was joyful and fun.

As credit unions forge a path to attracting and retaining the next generation of members, we have to make learning fun. According to the Millennial Disruption Index, 71% of millennials would rather go to the dentist than listen to what banks are saying. This is particularly troubling, when juxtaposed with Filene Research Institute’s recent research on the millennial generation’s financial capabilities titled, “Gen Y Personal Finances: A Crisis of Confidence and Capability”

The findings highlight that Gen Y is overconfident and under informed as it relates to their finances. When asked about their financial knowledge, almost 70% of millennials surveyed rated themselves as having high financial knowledge. When given a financial literacy quiz, 8% answered all five questions correctly.

millennials and money

How might we engage millennials to learn more about their finances in such a way that they light up like MacKenzie did about addition? It seems one way is to create entertaining education or “edutainment.”

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Tansley Stearns

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