If you’re in the financial industry, you’ve probably noticed a shift in the way younger generations approach banking. Gen Z and Millennials are quickly becoming the backbone of the financial market, with a major shift in wealth ($84 trillion) projected to be transferred through 2045, and they expect a very different experience than their predecessors. These groups grew up at the forefront of technological advancements and they want access to everything at their fingertips—whether it’s making a payment, opening an account, or learning about personal finance.
To remain competitive, it’s not just about offering a good product. These younger customers value convenience, education, and authenticity, and if you want to connect with them, you need to speak their language. Financial institutions must tailor their marketing strategies to meet the needs and preferences of this dynamic demographic.
Understanding Your Audience
Key Characteristics of Gen Z
Gen Z, born between 1997 and 2012, is the first generation to grow up entirely in the digital age. Their comfort with technology has shaped their expectations and behavior. When marketing financial services to Gen Z, it’s important to recognize the following traits:
- Always Online: Gen Z is always online and heavily reliant on mobile devices. They expect instant access to information and services, which means a seamless mobile experience is essential.
- Socially Conscious: This generation values transparency, social responsibility, and sustainability. They want to support brands that align with their values.
- Skeptical Consumers: Having grown up during economic uncertainty, Gen Z tends to be cautious with money. They seek financial services that offer security and simplicity.
- Personalized Experiences: Gen Z expects tailored experiences and content that speak directly to their individual needs and preferences.
Key Characteristics of Millennials
Millennials, born between 1981 and 1996, are already a key demographic in the financial world. Their habits and expectations continue to shape financial marketing strategies. While they might seem a little more “traditional” compared to Gen Z, they’re still digital-first. Here’s what defines this generation:
- Tech-Savvy, Not Tech-Obsessed: While Millennials are comfortable using digital platforms, they didn’t grow up with them the way Gen Z did. That means they’re comfortable learning and using digital tools, but they also appreciate a little more depth and context than Gen Z.
- Focus on Financial Stability: Millennials are dealing with student debt, homeownership challenges, raising families, and saving for the future. They tend to focus on financial stability and are increasingly interested in personal finance education.
- Social Engagement: Like Gen Z, Millennials care about corporate responsibility. They’re more likely to trust and stay loyal to brands that share their values and make a positive impact on society.
- Convenience is Key: Millennials are all about ease and efficiency. They want things to be simple, whether it’s managing their money on a mobile app or getting help when they need it.
Crafting Engaging Financial Marketing Campaigns
Addressing Financial Goals & Financial Education
Both Gen Z and Millennials value financial literacy and appreciate content that helps them navigate their financial journey. If you want to win them over, your marketing has to offer more than just a product. It needs to show that you care about helping them achieve their financial goals.
Financial marketing strategies should include educational resources that empower these audiences to make informed decisions. Offering free tools like budgeting trackers, savings calculators, or financial webinars can build trust and engagement.
For instance, Gen Z might appreciate bite-sized financial education content via platforms like TikTok or Instagram Reels, while Millennials might prefer in-depth articles or podcasts on personal finance topics. By aligning your messaging with the financial needs and goals of these generations, you can foster stronger connections with your audience.
Designing for Mobile-First Experiences
With younger generations relying on smartphones for almost everything, mobile-first is non-negotiable. Your website, app, and even your ads need to look and function perfectly on a smartphone screen. The easier you make it for them to access your services, the better. A smooth, easy-to-navigate mobile experience is crucial for driving engagement and conversions.
Unlike previous generations, important tasks are no longer tied to big screens only. Banks and credit unions should prioritize mobile-first design in all digital campaigns to cater to the habits of Gen Z and Millennials, offering frictionless access to account management, payments, and customer support.
Influencer Partnerships
Both Gen Z and Millennials trust influencers more than traditional forms of advertising. They want to hear about products from someone they trust—not a polished corporate ad.
Partnering with influencers who align with your brand values can be an effective way to reach and resonate with these audiences. According to our survey of over 100 financial marketers, the biggest gaps in utilization for banks and credit unions include influencer marketing, but the banks seeing the best results are taking advantage of this channel.
Whether it’s through sponsored content or product reviews, influencers provide a more authentic way to promote financial products and services.
Millennials and Gen Z particularly respond to influencers who offer relatable financial advice or who promote financial wellness, just take a look at Your Rich BFF or Humphrey Yang’s social accounts. By collaborating with influencers in the personal finance space, you can build credibility and reach younger customers on platforms like YouTube, Instagram, and TikTok.
Social Media Marketing
Social media platforms are the primary channels for engaging with younger generations. But it’s not just about posting random content; you need to be intentional and understand the landscape of each platform.
- Instagram & TikTok: These platforms thrive on visual, bite-sized content, making them ideal for quick tips, fun educational videos, and user-generated content. You can engage with Gen Z and Millennials by using interactive features like polls, Q&A sessions, and challenges.
- Facebook & X: Though not as popular with Gen Z, Millennials still engage with these platforms for more detailed discussions, news, and customer service interactions.
- YouTube: YouTube remains one of the most trusted platforms for long-form content, and Millennials especially gravitate toward video tutorials, financial advice, and explainer videos on how financial products work.
- Bluesky Social & Threads: These platforms have emerged as newer options aiming to replace X, offering similar microblogging experiences. For younger generations, both represent a fresh start in a space that’s become increasingly cluttered with ads and algorithmic noise. (Dive into Bluesky in our blog.)
By crafting platform-specific strategies, financial institutions can maximize their reach and engagement with both Millennials and Gen Z.
Interactive Content
Younger generations love interactive content that allows them to engage directly with brands. Whether it’s quizzes, polls, or games, offering interactive experiences can make financial marketing more enjoyable, engaging, and authentic than a static ad.
Interactive content can be used to educate audiences about financial products, help them assess their financial situation, or even offer personalized recommendations, for example, a quiz to help them figure out how much they should be saving each month, or an interactive calculator that shows how different financial products work. This type of content encourages deeper interactions with your brand, creating opportunities for engagement and customer loyalty.
Learn more about next-gen marketing in our blog.
The Takeaway
Younger generations have high expectations. They’re used to an entirely different world and, to effectively reach and engage younger generations, financial institutions need to rethink their marketing strategies.
It’s all about meeting them where they are, on their phones, on social media, and in spaces where they feel comfortable, and using the right strategy to build long-term relationships. Embracing generational marketing and aligning your campaigns with the values and behaviors of Millennials and Gen Z is key to staying relevant and competitive in the ever-evolving financial landscape.
Download our eBook, How Banks and Credit Unions Can Win at Digital Marketing, for more insight into the data behind successful businesses.
Looking for personalized guidance? Our team of experts is ready to help you craft a marketing strategy for financial services that works for your business. Get in touch with us or send us an email at experts@emfluence.com.
