How Getting Political Can Help Credit Unions Reach Gen Z

Gen Z is well on its way to becoming the most educated, racially and ethnically diverse, digitally savvy generation yet. In fact, 97% of Gen Z uses a major social media platform, according to a Pew Research Center survey. They are more connected than ever and thus more aware of social justice, environmental and political issues than any other generation – and they are more inclined to take action.

This passion for equality and justice creates a willingness to fight for both, whether it be through protests, calling government officials or taking over hashtags on Twitter. Or being more mindful about where they spend (and store) their money. Because for Gen Z, it’s not just about expecting more from each other and the government; they expect more from brands and companies, too.

And that includes financial institutions.

Luckily, as not-for-profit, member-owned financial institutions, credit unions already have a leg up. Credit unions were founded on the idea of wealth distribution and community. So how can credit unions use that to their advantage in their marketing?

Be Vocal About Wealth Inequality

Gen Zers are the realists. In fact, they can be downright cynical – for good reason. You’ll probably never hear a Gen Zer say, “just pick yourself up by your bootstraps.” Why? Because they understand the way things like privilege, race, gender and class affect one’s ability to succeed. No wonder the penny-pinching advice of boomers and Gen X doesn’t resonate with them! Penny-pinching can only get you so far when everything else is working against you.

Credit unions can’t fix every single one of these issues, but they do encourage wealth distribution. And since Gen Z is looking for any way to take action, credit unions are a natural choice – they just don’t know it yet!

If wealth distribution is only mentioned on your About Page, it’s time to spread that message further. Share stats – not just about wealth inequality itself but about how banks contribute to wealth inequality. For example, did you know Tim Sloan, CEO of Wells Fargo, made $18.4 million in 2018? That’s 283 times the median pay of his employees. Meanwhile, the average salary of a CEO of a credit union with over $1 billion in assets made around half a million in 2019. That’s a huge difference, and one that will get Gen Z talking.

Be Authentic, Not Performative

That Gen Z cynicism we talked about? It gives them a kind of superpower: The ability to sniff out inauthenticity. Really. They’re very good at it. They know when a brand is being performative for the likes.

Just take the Black Lives Matter movement, for example. When brands started outwardly supporting it, Gen Z was quick to expose any brand that talked the talk but didn’t walk the walk. Former employees went public about racism they’d experienced within the company. Others scoured the internet to expose companies’ diversity stats.

Gen Z doesn’t just want companies to talk about social justice, environmental and political issues – they want companies to do something.

The solution: Support important causes year round. Donate, host volunteer days or fundraisers, develop diverse teams, give members the opportunity to give to causes they care about, and be vocal about social and environmental issues before they start trending. Don’t do it out of a feeling of obligation – do it because it’s the right thing to do. That way, the next time a cause trends, your audience will know you’re speaking out because you truly care and are making an effort every day, not just one month out of the year.

Do Your Research

One mistake many companies make is talk about issues without doing their research. This can often lead to out-of-touch or even problematic statements, even if the intentions were good.

There is a wealth of information out there – books and studies to read, activists to follow and documentaries to watch.

If many Gen Zers learned about social justice and environmental issues through social media, you can, too! Find out what activists Gen Z follows. Many Instagram accounts, like @soyouwanttotalkabout for example, provide a wealth of information about all kinds of issues like LGBT allyship, anti-racism and wealth inequality. Accounts like this can give you the resources you need to ensure your marketing is helpful, not harmful.

What About the Others?

Just because Gen Z is the newest addition to your audience doesn’t mean millennials, Gen X and boomers have suddenly disappeared. And you might be worried about how being vocal on these issues will affect your older audience.

In truth, you don’t really have to worry about millennials. They hold a lot of the same values Gen Z does. Gen X and boomers, though, are more optimistic, still believe in “The American Dream” and are less inclined to be vocal about social justice issues. They’re also less connected on social media, which means they don’t always have access to the same information Gen Z does.

First, it’s important to remember that human rights issues shouldn’t be bipartisan. Caring about others, and wanting equality, justice and wealth distribution are things everyone should want, no matter their party.

Second, remember that Gen Z and millennials are more active on social media than previous generations are. That means when you’re vocal about these issues in your social media marketing, you’re reaching the right audience. Credit unions should, of course, be consistent with their values on every platform to avoid inauthenticity. But because the majority of those on Twitter and Instagram are Gen Z (only 17% of boomers are on Twitter, according to Statista), the risk of ostracizing the rest of your audience is low.

Lastly, remember that there are many Gen Xers and boomers who align with Gen Z values. The majority of Gen Zers, millennials, Gen Xers and boomers believe, for example, that more women running for office is a good thing, according to the Pew Research Center. The majority of Gen Zers, millennials and Gen Xers agree racial inequality exists in the U.S. and see increased diversity as a good thing. And 70% of all consumers, a Markstein and Certus Insights survey found, want to know the organizations and brands they’re supporting are addressing social and environmental issues. So speak up!

Maggie Marshall Content Manager, FindCreditUnions.com Oklahoma City, Okla.