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Making financial literacy accessible

Making financial literacy accessible

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2 years ago

2 years ago

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Financial literacy content can improve brand trust and loyalty amongst consumers, yet many finance brands provide untailored and general advice. Just like with your finance brand’s content marketing strategy, it remains important to provide personalised advice and guidance that targets a specific audience. Finance apps, such as Your Juno, Bloom Money, and Wealth8, are filling this financial literacy gap by providing tailored information for niche audiences. Their success highlights not only consumers growing demands for financial education, but also the loyalty and rewards brands reap when creating content niche audiences are demanding.

Finding a niche

Just like with your content and services, finding a niche and catering your financial literacy to a specific target audience can help your finance brand connect with consumers and build loyalty. In fact, 18% of customers who have been offered financial literacy content by their bank have stated they would be more likely to return with additional business.

Consumers want to be educated and they expect to be educated by their finance brands, with 47% of consumers agreeing it’s their bank’s duty to help them make better financial decisions. However, a vast majority of finance brands’ educational content doesn’t cater to specific communities and groups.

“ 18% of customers who have been offered financial literacy content by their bank have stated they would be more likely to return with additional business. ”

Catering your financial literacy content to niche groups can offer your finance brand a competitive edge. With the finance industry becoming saturated with information and challenger brands, providing value-driven content that’s tailored to specific audiences can ensure your brand doesn’t get overlooked.

Head of Strategy and Consulting at Germany’s leading savings bank Sparkasse, Ansis Schön believes, “Building brand equity and trust through supporting customers with their financial literacy is a possibility if brands take their role in educating consumers seriously and take action.”

Your Juno – financial literacy for women and non-binary individuals

Australian finance app, Your Juno, was created to provide financial literacy to women and non-binary individuals. Founders, Margot and Alexia de Broglie, identified that women and non-binary people don’t have access to specific financial advice that accounts for circumstances only these groups experience regularly. With a mission to help improve the gender pay gap by providing financial education, Your Juno offers tailored content in an easy-to-understand way.

What can we learn?

Your Juno provides financial literacy content on topics such as saving, investing, and retirement planning. As their team is made up of financial experts of women and non-binary people, audiences can relate to their advice and content. Relatability is important when it comes to financial literacy content, with 86% of consumers saying authenticity is a key factor when deciding what brands they like.

Wealth8 – closing the racial wealth gap

The UK digital investment app, Wealth8, helps educate members of the Black community in order to make investing more accessible. With the aim of reducing the racial wealth gap, Wealth8 provides relatable and tailored content to improve financial literacy and money management skills.

Providing easy-to-understand blog content and quizzes, Wealth8 offers simple educational content in a way that’s engaging and relevant. Incorporating culture within their content, by including blog posts like ‘History of Black Wealth’, Wealth8 has built a strong and authentic connection with its audience.

What can we learn?

Creating a strong connection through niche, personalised content can only benefit your finance brand. In fact, when customers feel connected to a brand 57% of them will increase their spending with that brand and 76% will buy from them over a competitor.

Bloom Money – educating migrants and refugees

London-based money app, Bloom Money, started with a simple question: how can financial services better serve migrants? Created with community at the centre, Bloom Money understands the unique circumstances and cultural influence of migrant and refugee communities.

Unlike other finance apps, Bloom Money focuses on fostering a community, helping to connect migrants and refugees. With a financial learning hub as a core component of their app, users can educate themselves while finding an online community they can be a part of.

What can we learn?

What Bloom Money does well, is understanding the core values of the group they are serving. Providing practical tools and easy-to-understand financial content, while supporting users to create authentic connections, Bloom Money stands out from the crowd.

Why financial literacy needs to be a part of your content strategy

Financial literacy can’t be an afterthought. Instead, it must be a core component of your finance content marketing strategy. Not only does it build trust and loyalty, but it also helps retain clients with 50% of consumers more likely to consider staying with their bank if it supplied helpful content.

Just like with your regular content marketing, your financial literacy content should be tailored and personalised to specific target audiences. This not only will enable consumers to gain greater value from your content, but it will ensure it doesn’t get lost amongst your competitors.

Find a niche and deliver valuable educational materials that will help empower consumers to make smart financial decisions.

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