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How can we help Gen Z members take more notice of their finances? Here are three tips to help your clients boost member engagement amongst their younger workers.
What makes Gen Zers tick? Apparently not financial products. Standard Life’s Retirement Voice 2023 report reveals that over a third (37%) of Gen Zers – people aged 18-25 – say they have no interest in financial products or matters. That’s more than any other generation.
But that’s only half the story. It’d be easy to assume that younger people aren’t bothered about their finances, but in reality, they’re actually in most need of support and guidance. And they’re also the most willing to seek help when they need it.
How are Gen Z feeling about their finances?
Our report shows that Gen Zers are more likely to admit that their wellbeing has suffered as a direct result of managing their money. More than 7 in 10 (73%) say they’ve been negatively impacted by issues like sleepless nights and poor mental health.
Financial confidence is low in this generation too. Around half (53%) say they feel confident making financial decisions, which is significantly less than Baby Boomers, who feel the most confident (71%).
Fortunately, Gen Zers are the most open to seeking support when they feel worried about money. Over 4 in 10 (42%) have actively looked for help or support. And over a third (38%) have sought help or advice in the last 12 months – more than double that of Gen Xers (18%).
And they’re keen to get this support from their employer. Almost half (48%) believe their employer has a responsibility to help them with their financial wellbeing.
How to support Gen Z workers
Our insights show that younger workers in particular could benefit from support with their finances, and are looking to their employer to lead the way.
But how can employers support those whose interest in finances is pretty low? The key is to understand what’s important to them, communicate in a way that meets their needs quickly, and connect with them on the platforms they use.
Here are a few ideas to help your clients get started:
Deliver personalised content, fast
It’s important to communicate to younger employees in a way that speaks to their immediate financial goals. They’re more likely to engage with content that’s relevant to their current situation, rather than content that talks about the day they start retirement.
That means getting to know what matters to younger workers. Your clients could think about sending a survey to get insights into what interests and excites them, and use that data to create personalised content.
They should make the content digestible too. Gen Zers are used to consuming content at lightning speed, and will scroll past anything that doesn’t meet their needs. So your clients could think about using video, images, and stats to make their content stand out.
If your clients are with Standard Life for their workplace pension scheme, members can get access to our Money Mindset platform. This gives them access to bitesize and jargon-free content that’s tailored to their life stage in just a few taps.
Support key life moments
Younger workers may be facing all sorts of financial changes or challenges. Maybe it’s their first job or their first experience of having a workplace pension, and they’re not sure where their money’s going. Some might be juggling rent, bills, and saving for a deposit for their first home. And others may be a few years into their mortgage and worried about rising interest rates.
Ultimately, it’s important to understand what younger workers are up against. That way your clients can offer support that mirrors the key life moments they’re experiencing.
Money Mindset, for instance, can help members make more sense of their day-to-day finances. They can connect their financial accounts in one place to see exactly how much they’ve got, where it’s going, and what they could do to optimise their spending and saving. This could help them make better informed decisions about their future finances too.
Standard Life workplace pension scheme members can also access our Homebuyer Hub. This guides and reassures first-time buyers through the homebuying process (because, let’s face it, buying a house is complicated!) and provides practical tips at each step of the journey.
Provide digital financial planning tools
Finally, it’s important for your clients to connect with their Gen Z workers by using the same platforms they do. Many in this generation don’t remember a life without technology, so why not engage with them on platforms where they feel most comfortable?
Your clients could focus on creating and signposting to content hosted on digital platforms and video. MoneyHelper, for example, had loads of tools and calculators that can tap into youngers workers’ appetite for digital content.
Plus, Standard Life workplace pension scheme members can get videos and interactive tools through Money Mindset. They can create budgets, build emergency cash pots, set savings goals, track their spending and more straight from their phone, as well as boost their financial knowledge with our video guides.
For more information on financial wellbeing, including resources on how you can help support your employees, take a look at our Financial Wellbeing hub and read our articles.
The post Gail Izat: 3 practical tips to help Gen Z members engage with their finances appeared first on Corporate Adviser.
