How We Used Gamification to Reach a Young, Resilient Generation

The pandemic shook the world and upended our everyday lives. From health and safety to finance and technology, this time of national uncertainty left no stone unturned. Nearly two years later, we are still trying to make sense of the pandemic and its long-term implications.

When it comes to finances amid the pandemic, each generation faced its own unique challenges. But as the economy recovers, new opportunities emerge for credit unions to provide thoughtful, engaging and innovative financial tools to a younger audience.

The Hays Company recently released a generational study on the lasting impact of COVID-19. They found that baby boomers were the least financially impacted, with only 16% reporting a negative impact on their financial security. Gen X, on the other hand, struggled during the pandemic, as nearly one-quarter of this generation saw an income decrease of 50% or more in 2020. Roughly 40% of millennials lost their job or reduced their income during the pandemic, many reporting a great sense of financial insecurity. Gen Z, the youngest generation of our era, is drowning in $1.57 trillion worth of education debt, but they report a great sense of optimism about returning to the workforce.

We know that despite this troubling data, credit unions stepped up to help rebuild their members’ financial lives – no matter what generational category they fell in. This year we put our stake into the ground on financial well-being for all and recognized our call to improve people’s financial health, especially during uncertain times.

From my perspective, we’ve given some much needed attention to baby boomers, Gen X and even millennials. But what have we done to reach Gen Z, a generation that is more financially conscious than their predecessors?

Young adult members of Gen Z are emerging from the pandemic with a true desire to learn more about their money. In the past year, they have added to savings, mapped out financial goals, contributed to a retirement account and invested in the stock market, as Yahoo Finance reported, citing a study from Bank of America’s financial education website Better Money Habits. A teachable group of innovators, Gen Z is known for their willingness to discuss finances and seek out financial resources.

In a post-pandemic world, credit unions need to shift their focus and give more attention to this often-overlooked generation. That is not to say we abandon our members that have been with us for a long time. But it is to say that we must establish greater awareness among a generation that may not be familiar with credit unions and the benefits they provide.

There is no shortage of information out there about how credit unions can reach Gen Z and provide them with the financial literacy tools they need. During my own search, I came across a conference lecture about an app that uses gamification to teach financial literacy tools. Curious to learn more about this trend, I discovered that 67% of students found gamified learning to be more motivating and engaging than traditional courses. I thought this was exceptional since our credit union wanted to meet members of our community where they were spending most of their time: On their phones.

Our credit union decided to invest in the future and partnered with the creators of the app, Zogo, who were Gen Zers themselves! In just a few short months, we established a thriving online community of users who were eager to learn about ways they can improve their financial health – all through interactive gamification.

As a small marketing team, we knew we needed help to launch a successful financial literacy program. We customized modules for users by conducting surveys amongst our younger members and by finding out what’s most important to them. To our surprise, we found that Gen Zers don’t know what credit unions are. So, for our first module, we created a learning tool that featured the benefits of joining a credit union. The great part about leveraging an app is that we can reach a younger demographic, even if they are not a member of our credit union. Ultimately, our goal is to help young people in our community improve their financial wellness.

If there’s one thing the pandemic has taught all of us, it’s that you never know when the next crisis will hit and we’re back in a period of great uncertainty. What is most inspiring about this “life lesson” is that our country’s youngest generation has grabbed ahold of its meaning. As a credit union employee, I love empowering young people to leverage financial literacy tools to achieve their financial goals – whether it’s investing in cryptocurrency or finding a savings account with a high annual percentage yield.

Financial education apps like this will help a young, resilient generation come out even stronger on the other side of the pandemic.

Dawn Clark is Vice President of Marketing and Community Engagement at We Florida Financial, a $648 million, Margate, Fla.-based, low-income designated credit union with membership in 46 counties in Florida.