Saving enough money for retirement has always been a key part of the American Dream. Many Americans, however, know (and worry) that they aren't on track to achieve this financial goal.
An Investopedia survey reported that in 2022: 1) 54.3% of American families had a retirement account, 2) that the estimated retirement savings was approximately $64,000, and 3) that those surveyed think they need $1.46 million in savings to retire comfortably. The survey also revealed that a substantial number of Americans have no retirement savings at all and that younger workers in particular are the least prepared. With the burdensome financial stresses on today’s young people—from finding jobs that pay, the high cost of living, and the debt many are forced to carry simply to “make ends meet”— most are either delaying saving, or giving up saving entirely. Sadly, and they won’t discover this until later in life, “catching up” on retirement savings because you didn’t start early in life is nearly impossible.
As a community banker, you have an opportunity—some might even say a “responsibility”—to provide your younger customers with the skills and knowledge they need to prepare for retirement. And you can begin by partnering with us in developing the financial literacy messaging that will educate, engage, and inspire young investors. Here’s how, in a few simple steps:
Establish Your Community Banking Team as a Trusted Source of Financial Literacy
To encourage retirement savings, customers must first see your bank as a knowledgeable and reliable financial partner. Bank Marketing Center provides community bank marketers with professionally crafted content that will position your institution as a go-to resource for financial education.
- Use our customizable, ready-to-go marketing materials to share informative articles, blog posts, and social media content that break down retirement planning concepts in a simple and engaging way.
- Host educational workshops or webinars, promoted through our marketing tools, to build credibility and trust within your community and this younger audience. College campuses, for instance, are great venues. Where better to offer “lessons” in financial education than on a college campus? We’ve talked about this before!
- Share customer success stories and testimonials that showcase how early planning leads to financial security.
By consistently delivering valuable, easy-to-understand information, your bank will become the first place young investors will turn when addressing retirement and their financial future.
Offer Customers Financial Guidance on Retirement Planning
Most young people don’t save for retirement simply because they don’t know where to start. Your community bank can bridge this gap by providing accessible guidance and actionable steps through strategic marketing campaigns and by “reaching them where they are.”
- Develop and promote step-by-step retirement savings guides tailored to young investors.
- Utilize our Social+ tool to share engaging posts, infographics, and videos across your social platforms that explain retirement savings concepts, such as compound interest, employer matching, and tax benefits.
- Highlight your bank’s retirement savings products—such as IRAs or high-yield savings accounts—with targeted, educational campaigns that make them easy to understand.
By demystifying the retirement savings process and offering clear guidance, banks can empower customers to take meaningful steps toward financial security.
Incorporate the Younger Audience and Retirement Planning into Your Overall Marketing Strategy
Many younger customers delay retirement savings because they believe they have plenty of time. Banks need to make retirement planning a key component of their marketing strategy to change this mindset.
- Leverage our ready-to-go templates to create campaigns that resonate with younger audiences, using relatable language and digital-friendly formats.
- Use storytelling and real-life scenarios to demonstrate how small savings today can lead to significant financial gains in the future. With “Round up and Save” programs, for example, a community bank can 1) get a young consumer on the path to savings and 2) educate that consumer on the importance of setting savings aside, no matter how small.
- Ensure retirement messaging is integrated across all marketing channels, including email campaigns, social media, website content, and in-branch materials.
By making retirement planning an ongoing marketing focus, banks can help shift the mindset of younger generations and encourage them to take action sooner. Start the conversation today and help your customers secure a financially stable future.
Bank Marketing Center
We’re Bank Marketing Center, the leading, subscription-based provider of automated marketing services to community banks. Our goal is to help bank marketers with topical, compelling communication with customers that builds trust, relationships, and revenue. And we do this through automating critical bank marketing functions, such as content creation, social media management and digital asset management, as well as regulatory and brand compliance.
We also want to share what we know – and learn along the way – with all our community banking friends. Whether it’s the latest on AI technology, suggestions on how to attract and retain top talent, or the importance of data protection, we’re here to make bank marketing the best that it can be.
Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.