According to a study by Oxford Economics, Generation Z, or the generation of Americans born after about 1996, is projected to grow to a population of 51 million by 2030. Gen Z already has collective spending power of $143 billion, making this group an important focus for financial institutions.
Credit unions, too, must effectively reach Gen Z to build membership and generate growth.
This episode of the CUNA News Podcast features Bolun Li, founder and CEO of Zogo, a CUNA Strategic Services alliance provider. At age 19, Li launched Zogo from his dorm room at Duke University after witnessing the challenges financial institutions face in connecting with students like himself.
Li describes the current relationship between Gen Z and credit unions, explains why it’s important for credit unions to prioritize this generation, and shares how credit unions can attract Gen Z members.
In this episode:
1:53: The relationship between Gen Z and financial institutions
4:03: What Gen Z knows and thinks about credit unions
5:05: Attractive features of a financial institution
5:59: Engaging Gen Z in financial literacy
7:24: How credit unions can grow Gen Z membership
8:17: What it really looks like to stand out to Gen Z
10:06: Effects of the coronavirus (COVID-19) pandemic
11:12: Learning from the next generation