In the famed Arthurian legends, the wizard Merlin wedges the magical sword named Excalibur into a large stone. He then declares that whoever can draw the sword from where it’s stuck will be the rightful ruler of England. Knights and noblemen tried desperately to remove the sword to no avail. As a teenager, Arthur stumbled upon the sword and unwittingly wrenched it from the stone, not knowing that it would make him king. Unfortunately, the tale of King Arthur and his sword is just that: a tale.While Excalibur doesn’t exist, there are some powerful tools in the financial world that can help anyone wield exceptional power. A wealth of financial knowledge really does exist — yet, it’s only useful if they know where to look for it and how to use what they find. According to a survey by Greenlight, 93% of bank customers said banks should be helping families with financial education, with survey respondents estimating only 15% of banks to be doing so.In reality, 63% of banks provide at least basic financial literacy information, according to the FDIC. Understanding the disconnect between financial institutions and customers — and how to bridge it — would help them increase engagement with customers and potentially win more business. Tips for Avoiding Financial Literacy Faux PasThe style and content of financial literacy programs vary. Yet, there are some general missteps to look out for that can make your financial education seem out of touch. Here’s how you can avoid those issues:
- Provide tailored content. Financial literacy programs often start with the assumption that everyone needs the same information. As a result, information can be too basic for some or too sophisticated for others and not broken out into modules for easy access by topic. Financial literacy needs to be tailored to individual needs to be useful.
- Find the right timing. Different people need different information at different times. By analyzing their data to better understand customer behaviors, CFIs can gain an understanding of when to promote certain financial literacy topics to individual customers so that the information might be more appreciated. For example, a customer with lots of overdrafts might appreciate a message from their CFI about cash flow management.
- Mind the generation gap. Younger generations are the most eager to receive financial information. According to Greenlight surveys, 75% of Gen Alpha and Gen Z want more financial training, as do 70% of millennials, a higher rate than older generations. Social media is a prime source for the young, with half of Gen Z saying they learn about personal finance on social media platforms, like YouTube and TikTok. The lesson: your financial literacy program must be as engaging as a social media source to reach these younger generations.
- Design compact modules. Designing compact learning modules that are available on demand can be far more useful than wordy brochures or longer classes in branches. Ideally, you want these modules to be under five minutes to respond to the shorter attention spans that prevail today.
- Think mobile. Financial literacy products should be designed with mobile devices in mind, in response to the high rate of mobile usage. This means designing for users of touch screens who are tapping, swiping, and most likely using a portrait-oriented device.
- Promote widely. Marketing of your financial literacy programs should cover a wide variety of channels: brochures, emails, texts, ATM messages, and in-branch signage. You should also integrate financial literacy into other products, directing customers to your topical financial education modules.
What Other CFIs Are DoingBig banks have been working toward more engaging financial literacy programs for some time and tend to have extensive digital and online offerings. CFIs have been innovating in this area as well. Here are a few examples:
- ChoiceOne Bank in Michigan won a 2025 innovation award for its financial literacy efforts that include programs in partnership with digital providers. The award noted that the bank provided 1,573 hours of online financial education in English and Spanish and helped more than 2K individuals with budget and debt management.
- River Valley Community Bank in Northern California uses the FDIC Money Smart Financial Education Program to offer instructional modules on everything from budgeting to home ownership. The program can be adapted to individual needs and is available in multiple languages.
- United Federal Credit Union of Michigan is among many CFIs that partner with Banzai, a financial education software provider. Through Banzai, the bank offers a suite of informational modules on finance. Rewards are offered for completing modules.
Financial education is in high demand, especially among younger generations. Providing an effective and engaging financial literacy program can help build relationships with customers, thus promoting loyalty and the potential for more business.
