Publisher's Note: CUInsight will host a free webinar, “Maximizing ROI: A Deep Dive into Financial Education,” on Wednesday, April 17th. Please join us. Register here.
Each Financial Literacy Month, we emphasize the importance of credit unions investing in financial education programs for their members and the broader community, not just during April but throughout the year. But effective financial literacy and wellness programs aren't easy to come by and require credit unions to invest time and money.
As with any program that requires budget and time, measuring its results and ROI is essential to ensure that the program is achieving its goals and returning profits to the credit union. However, in financial education, the process is often not as clear-cut. By breaking down seemingly ambiguous processes, Measuring financial education programsyour credit union can create impact, Maximize ROI with ease.
create an impact
Before you can measure or maximize ROI, you need to make sure your financial education program is truly designed to create a positive and lasting impact. Not all financial education programs are created equal — Programs that simply provide definitions and one-size-fits-all rules without context or learning retention strategies will not have the impact needed to achieve return on investment.
instead, Leverage techniques from learning science and behavioral psychology It helps learners digest and retain new knowledge, helping them improve their financial literacy and overall health over time. Furthermore, digitally optimized financial education is essential, especially for exponentially increasing social impact. young generation.
Designing an effective financial education program can be complex, but it doesn't have to be done alone.By cooperating with Fintech specializing in financial literacy Member involvement can save you countless hours and money compared to creating it yourself.
Measurement result
The impact that financial literacy has on individuals is enormous, but it often seems difficult to clearly measure that impact. Of course, measuring changes in financial knowledge through real-time assessments and pre- and post-tests is intuitive, but it alone does not create a complete picture of the results of a financial education program.
It's also important to measure qualitative indicators such as learner confidence levels, interests, and impact on relationships with credit unions. Surveys help learners assess whether they have become more financially confident and whether their financial literacy has increased. Because confidence is an essential part of the recipe for financial health that enables members to take financial action with their credit union.Also, what financial topics are they interested in, or their views and loyalty to the credit union; Thanks to your education it has improved.
Maximize ROI
Measuring the results of a financial education program is not only an essential part of understanding the effectiveness of the program, but also: Meaningful data you can use to maximize your ROI. This data provides highly meaningful insights about your members and the broader community that you can use to better serve your members and grow your credit union. This data can be used to go beyond financial education to increase product usage, brand awareness, membership growth, and more. The return on investment from financial education programs goes beyond financial literacy and can be used to strengthen your credit union as a whole.
To dive deeper into the world of ROI in financial education, join us for an upcoming webinar. If you would like a more personalized conversation about how your credit union can create and maximize impact from financial education, please contact his Zogo expert through the form below. Request an exclusive demo.
Join us on Wednesday, April 17th for CUInsight and Zogo's free webinar, Maximize your ROI: A deep dive into financial education. Register yourself and your colleagues here.
