Harnessing the power of edutainment
Photo by Stone Hood
Edutainment is a term coined by Walt Disney in the 1950s to describe media or entertainment that is designed to educate as well as entertain. Its goal is to make learning more engaging and enjoyable. With the rise of short-form video and a market appetite for financial advice, edutainment is predicted to dominate financial marketing in the years to come.
Brands are finding that social media platforms such as TikTok foster the perfect conditions for fun facts, tutorials and explainers to thrive. According to a survey commissioned by Forbes Advisor and conducted by market research company Prolific, 79% of Americans in the Millennial and Gen Z age groups have sourced financial advice from social media. Moreover, 76% believe financial content on social media has made it less taboo to talk about money, and 62% feel empowered by their access to financial advice on social media. However, opinions among personal finance professionals vary on whether people should rely on social media to guide decisions about their money.
The rise of finfluencers
The rise of short-form video and demand for financial advice has led to a new trend: the finfluencer, a social media influencer who is also a financial advisor. Credit unions that utilize short-form videos to educate their members and communities about finance have a clear advantage over finfluencers. They are:
Credibility: Credit unions are established financial institutions with a track record of providing reliable financial services
Expertise: Credit unions employ trained financial professionals who have experience in providing financial advice
Fiduciary responsibility: Credit unions are bound by a fiduciary duty to act in the best interest of their members, which means their advice is objective and unbiased
Protection: Credit unions provide insurance protection, which gives members peace of mind and safeguards their savings
In contrast, social media influencers may lack credibility and expertise, and their advice may be influenced by financial incentives, which could compromise the quality of their recommendations.
More reasons to connect
Credit unions have additional and distinct advantages when it comes to reaching younger generations. Gen Alpha, Gen Z and Millennials are driven by social values and interests, which credit unions share. These shared values include:
Commitment to social responsibility and community involvement
Support for social justice issues such as racial and gender equality, environmental protection and LGBTQ+ rights
Support for small businesses and entrepreneurs through loans, financial advice, and community resources
Embrace of technology and innovation, and value convenience in financial services
We can help
At Currency Marketing, we've discovered that edutaining kids and teens with fun financial education content is a winning formula. Our credit union partners have used our approach to engage with and gain respect and patronage from an audience that many credit unions often find hard to reach. If you're interested in exploring how edutainment can benefit your credit union, check out our website for more information.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
