{"id":29564,"date":"2024-03-21T14:51:20","date_gmt":"2024-03-21T19:51:20","guid":{"rendered":"https:\/\/bankbeat.biz\/?p=29564"},"modified":"2024-03-21T14:54:20","modified_gmt":"2024-03-21T19:54:20","slug":"taking-financial-literacy-to-the-apps","status":"publish","type":"post","link":"https:\/\/bankbeat.biz\/taking-financial-literacy-to-the-apps\/","title":{"rendered":"Taking financial literacy to the apps"},"content":{"rendered":"

Editor\u2019s note: This column ran in the March 21 edition of The Pulse<\/a>, a weekly BankBeat email sent to subscribers which also includes top stories from the previous week.\u00a0<\/em><\/strong><\/p>\n

As we approach Financial Literacy Month, it\u2019s enlightening (and maybe a little frightening) to look at the ways people learn to manage their money. About 80 percent of young adults have gotten financial advice from social media, <\/span>according to a <\/span>Forbes<\/span><\/i> survey,<\/span><\/a> but only a third of them check the reliability of their sources. Gen Z in particular tends to favor video-based content, especially on TikTok. If your bank isn\u2019t already posting video content to social media, it\u2019s well past time to consider it.<\/span><\/p>\n

In an upcoming April <\/span>BankBeat<\/span><\/i> magazine story about financial literacy, a banker describes how their involvement on social media ramped up after they discovered a customer was using their Social Security number as a username. It\u2019s the kind of thing that makes your mouth drop open in horror.\u00a0<\/span><\/p>\n

That\u2019s a rare case, but as <\/span>cybersecurity expert Ashley Podhradsky pointed out in our magazine this month,<\/span><\/a> there are many examples of more mundane lapses of judgment that can lead to cybersecurity flaws. The most inexperienced, vulnerable customers need the helping hand your institution can provide. The rest of us can always use a good refresher, too, and community bankers are perfectly positioned to fill this role.<\/span><\/p>\n

The key element for this to work is being a trusted source of information. It\u2019s ridiculously easy to speak with a tone of authority in a TikTok video, whether or not the content of that video is remotely reliable. There\u2019s <\/span>a famous <\/span>New Yorker<\/span><\/i> cartoon<\/span><\/a> that sums up the ease with which the internet can obscure identities.<\/span><\/p>\n

It\u2019s often hard to know who precisely is giving out information on the internet, even when you can see their face on video; this is only going to get harder as AI content creation grows more sophisticated and widespread. Establishing your bank as a trustworthy source of information will give your customers (and other random viewers) a giant helping hand.\u00a0<\/span><\/p>\n

TikTok and its Chinese parent company ByteDance have <\/span>been in the news lately because of a potential ban<\/span><\/a> amid security concerns around the app. ByteDance could be forced to sell the platform, but even if TikTok disappears from the scene, there are plenty of other video-based platforms hungry for credible financial advice.<\/span><\/p>\n

While the educational work of financial literacy shouldn\u2019t disappear from the classroom, the reality is most people aren\u2019t pulling out a textbook when they have a question. A lot of them aren\u2019t even turning to Google for that information either. Meeting customers where they\u2019re at means being on the apps, and that increasingly means video content.\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As we approach Financial Literacy Month, it\u2019s enlightening (and maybe a little frightening) to look at the ways people learn to manage their money. 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