How CUs Can Foster a Successful Financial Mindset Through Innovative Programs

How did you first learn about managing money? Many of us stumbled through our early financial experiences, making mistakes along the way. Now imagine having access to a robust financial education program when you’re young that could guide you through those crucial first steps. Becoming equipped with the knowledge and skills you need to make informed decisions would allow you to be set on the path to a secure financial future early on in life.

Studies have shown that individuals with a solid understanding of financial principles are less likely to experience financial stress and better prepared to handle unexpected financial setbacks. And it’s not just about teaching young people to save or spend wisely; it’s about preparing them for real-life financial challenges and opportunities. By introducing these principles at a young age, we can encourage and instill confidence in a generation that would not only be financially intelligent but also capable of achieving long-term financial stability.

As community- and member-focused institutions, credit unions are uniquely positioned to lead the way in providing essential education to young students. For more than 10 years, I have worked to bring new financial education programs and revamp existing ones to our members at Gesa, and in that time, I’ve learned a lot about what it takes to make these kinds of programs engaging and successful for young people. Here are some of the key things that stuck with me along the way:

Offer Experiential and Safe Learning Opportunities

Providing young minds with hands-on, real-world experience is crucial to their learning process. By engaging in practical financial activities, students can better understand complex concepts and develop useful skills much faster than they can in a typical classroom setting. As you’re working on programs, think of different ways students can get involved and apply what they’re learning through age-appropriate products and services. It’s also equally important to offer these opportunities in a controlled, supportive environment as this can significantly enhance each student’s understanding, confidence and ability to succeed.

At Gesa for example, we currently offer our High School Credit Union Branch Program to 14 schools across Washington, which enables students to run actual credit union branches on their campuses. These student-operated branches provide a hands-on experience where they learn about and apply banking operations, customer service and financial management during designated times of the school day. By allowing students to take charge and ownership in a controlled environment, they develop a deeper understanding of financial operations and gain valuable leadership skills.

Understand There’s No One-Size-Fits-All Solution

One key lesson I learned early on is that there’s no universal blueprint for youth financial education programs. Every student has their own unique learning style and needs, so our programs need to constantly evolve to make sure we’re meeting them where they’re at.

Similarly, every school we work with has their own unique culture, challenges and needs, so a one-size-fits-all approach may not always work. Tailoring the program to fit the specific school helps ensure that each teaching resonates with students. And as we learn more throughout the year from students, staff and other key stakeholders, we are better able to create an environment that truly supports that school and celebrates them for who they are.

Sustain Student Enthusiasm Year-Round

Keeping young minds interested throughout the year can be hard. In order to make financial education more enjoyable, it’s essential to customize the content you’re putting forward so that your program is always engaging students.

While events and celebrations throughout the year are great ways for students to stay involved throughout the year (who doesn’t love fun prizes?), also think about ways to keep them educationally invested as well. For example, at our high school campus branches, our interns and tellers take part in much more than the day-to-day branch experience; they are able to participate in professional development programs that help them become well-rounded professionals. Not only do they graduate with experience working in a financial institution and receive industry certifications, but they also gain experience in event planning for new branch launches, the creation and execution of marketing campaigns, and so much more.

These activities are strategically spread out throughout the year to continue to keep students engaged, maximizing their learning opportunities.

Complement the Learning Experience

As you continue to work with your local schools, it’s important to find ways to build on that trust so you can form long-standing relationships. One way you can do this is by implementing financial education lessons that complement the school district’s current curriculum, rather than try to compete with or change it. A collaborative approach in tandem with each school allows your program to provide its students with real value and support in a way that other partners or industries cannot.

I’ve worked with some of Gesa’s local schools here in Washington to create immersive experiences that align with what students are already learning in the classroom, which have received great feedback from both students and educators alike. Whether it’s through offering financial education simulations instead of a traditional paper final exam, bringing our team in to walk a classroom through the creation of a marketing campaign, or creating a free, online interactive workshop called Gesa University that covers relevant young and adult financial milestones, it’s the educators we work with that help us craft the approach that works best for their students.

Listen to Your Young Members

As you continue to develop and refine each of your programs, remember to talk to your young members on what it is they need. By actively seeking their feedback through surveys, focus groups or regular check-ins, you can ensure that each program remains relevant, engaging and effective. And beyond that, when you take the time to talk with and listen to your young members, you empower them to have a voice in their educational journey.

Providing the younger generation with financial education programs is an essential investment for a more resilient and financially savvy generation. By providing students with hands-on learning opportunities that take their feedback into account and are always evolving to fit their needs, credit unions can play a pivotal role in shaping financially responsible adults. Our responsibility isn’t just about teaching financial concepts – it’s about setting our young members up for lifelong financial success. Together, we can create a lasting impact and build a strong financial foundation for generations to come.

Brandon Allison is Assistant Vice President of Training, Education and Community Outreach at the $5.5 billion, Richland, Wash.-based Gesa Credit Union.