Budgeting Basics: a big opportunity with Millennials.


When I decided to go to college, I turned to my parents for help when it came to figuring out how to get a loan and how Free Application for Federal Student Aid (FAFSA) even worked. Four years later, during the last few months of my senior year, I realized I had no idea how to create a plan to pay off my student loans let alone factor it into the list of other bills I was paying.

I had to come up with ways to budget my money, and quickly. I had to learn how to walk that line between budgeting enough to pay bills while trying to eek out a few dollars for “fun money”. Again, I turned to my parents and peers for help. In large part because, when it came to budgeting help, my bank did not offer anything but a savings account.

Now, when I think back on my experience through a marketer’s lens, I don’t just see confusion, I see opportunity. Multiply my experience times all the hundreds of college-bound students in your area, and that equals a lot of students who would probably love to have a financial advisor of sorts to guide them through this new territory. This real world confusion creates real world opportunities for banks and credit unions to be the hero.

From money management and budgeting basics, to applying for student loans and navigating FAFSA, banks and credit unions need to be helping their clients and members with these issues via face to face interactions and of course, educational content marketing.

Through a combination of in-person meetings and an integrated content marketing program, you can begin to establish an advisory relationship with customers, and build the kind of trust that leads to revenue-generating transactions later in life. For example, if you help college students through these financial ups and downs, why wouldn’t they trust you when it comes time to buy a home or get their first auto loan?

Remember, when you can engage customers early on during major life stage events with information and advice that helps them make smart decisions, your efforts go a long way toward engaging them for life. The opportunities are out there, and so are the tools to turn those opportunities in sales.