SEATTLE — Before the financial collapse of 2006, only 35% of American consumers were interested in financial education. Seven years later, that number nearly doubled to 65%.

“So what that really means is that two out of three people are interested in some sort of financial education,” Steve Rice, a financial education executive, told a packed room at CUNA's American Credit Union Conference Monday. “From an entrepreneur's standpoint that is a huge opportunity.”

Rice, an executive vice president of product development at EverFi, said he is convinced financial education is also a huge opportunity for credit unions. The Washington-based firm is an education technology provider.

Research has shown that consumers are more likely to buy a product if education precedes it. For example, Seattle-based camping gear cooperative REI found that after it began educating customers about backpacks and helping them decide which one fits their specific needs, the company saw its sales increase 29%, according to Rice. What's more, REI's referral rate increased by 93%.

Though consumers want financial education, a lot of them say it is boring, according to research.

In his presentation, Rice provided best practices his company developed from the 1 million adults and 2 million children that uses Everfi's technology platform that may help credit unions improve their financial education strategies.

1. Keep It Super Short

“Is financial education really effective? Does it really affect peoples' outcomes and behaviors?” Rice asked. “My answer to that is if your solution is putting out a lot of texts and PDFs, that is not going to be effective. But look at the power of technology and the internet and the opportunity for interactivity. You will see gains and behavior changes through financial education, but it has to be short.”

Short means each topic needs to be no longer than a minute or two for a member to watch a video or for a member to read. This is particularly important for adults because their attention span is less than children, he said.

2. Just in Time

Rice said he has found a lot of organizations want to post a library of topics on their sites, but that is intimating for consumers. It's the principle of the paradox of choice. When you give customers too many choice, they freeze and won't engage, he said.

Providing members with six to eight financial education topic seems to be the sweet spot, Rice said.

It's also important to make the topics relevant to what members are doing at the time. For example, when a member wants to learn about auto loans, focus on auto loan topics, not a mortgage or other financial products.

Rice pointed out that the $625 million University of Kentucky Federal Credit Union offers members a quarter of percentage off their auto loan rate when they complete three financial educations modules that are each about two minutes long.

After the Lexington-based credit union began offering this incentive, about 30% of its 64,237 members became engaged in its financial education program, according to Rice.

3. Provide Unbiased Information

It's important for credit unions to post unbiased and relatable financial education, particularly for young members.

“You don't want to be pushing product when you are doing education, especially among the millennial generation where there is a lot of skepticism,” Rice said. “And people can pretty quickly see when you're pushing product.”

In other words, make the financial education information all about them, not about the credit union.

Rice pointed out the character and value of credit unions can lead to market opportunities because millennials want a relationship with their brands as they have with Starbucks, Google, Facebook and Apple. In addition, millennials are saving more money than Gen X and baby boomer generations. Young people also want to support their local businesses.

4. Make It Interactive

Rice suggested each educational module have a quiz, survey or poll. This information can tell credit unions how engaged their members are. The interactive tools also measure the financial health of members, which is can be a value add for cooperatives that serve SEGs because employers want to know about the financial health of their employees, he said.

Additionally, Rice said a call to action at the end of each financial education module is another important component.

That call to action, for example, may encourage a member to contact the credit union to apply for an auto loan or simply call a representative to get more information. Another call to action may suggest to a member to start a spending plan to help reduce debt.

5. It's Got to Be Mobile

Unquestionably, the use of mobile phones is ubiquitous and just about everyone works and lives from their smartphones, especially the millennial generation. That means a credit union's financial education program needs to be mobile friendly or mobile optimized.

“Any credit union that doesn't have a robust, interactive and mobile friendly financial education program is doomed to fail,” Rice said.

CUNA's ACUC will continue at Seattle's Washington State Convention Center through Wednesday.