Growing up, my immigrant parents always told me that I needed to go to college if I wanted to succeed in life. While I took their advice, what they failed to mention was that to go to college, I had two options: excel in school to secure scholarships or borrow tuition money from Uncle Sam. So not only did I end up taking out student loans, but more than a decade later, it pushed me to weave in financial literacy skills to pass down to my children.
Globally, only 30% of adults understand basic financial concepts. Further, about half of Americans are financially illiterate and report being unable to manage their finances. With only 17 states in the U.S. mandating financial literacy education, parents are putting it on themselves to raise financially savvy kids. Today’s parents create college investment accounts once their kids are born, swapping glass piggy banks with a debit card and jumpstarting their kids’ retirement funds by kickstarting an investment portfolio with apps like Stockpile.
But it’s not only parents who are eyeing financial tools to help their kids improve their money management skills; it’s also FinTech companies. In 2020, children below 18 accounted for 73.1 million of the U.S. population. Representing a large and underdeveloped market with high growth potential, FinTech is putting its money on kids and teens.
As a FinTech brand, how can you work your way into kids’ fingertips? Below are three tips:
- Understand the Ins and Outs of Your Target Audience(s): Yes, financial tools will ultimately be used by kids and teens. However, the primary decision-maker will be their parents. That said, it’s essential to map out both of these buyer personas to get in front of your target audiences. What are parents thinking about when they’re weighing out the different options that can impact their family? What social media channels do parents utilize to seek advice? What objections might kids have to your technology? These are just a few questions that can really help you and your team understand the pain points and opportunities for parents and kids alike, help shape your marketing initiatives, and ultimately, drive demand.
- Publish Resourceful Content to Increase Inbound Traffic: Parents are utilizing technology today more than ever before. In fact, a recent Pew report shared that parenting is easier today thanks to the information that’s now accessible via the internet. Because search engines play an important avenue to search for parenting tips and advice, creating content with SEO-rich long-tail keywords will not only help you get in front of your key decision-makers organically but also elevate your brand as a trusted source.
- Up-level social media strategy: Parents utilize a range of social media platforms. Edison Research found that 92% of U.S. moms use social media compared to 79% of the U.S. population age 12 and over. Further, 81% of moms in the U.S. are using Facebook compared to 61% of the total U.S. population. But it doesn’t stop there. Last year, TikTok shared that parents are increasingly sharing tips, tricks and in-depth knowledge on the platform. Exemplifying this are parenting hashtags that are trending on the social media channel: #family (67 billion views), #parenting (4 billion views), #momsoftiktok (44 billion views), and #dad (25 billion views). To take advantage of social media in your marketing mix, create a social media strategy that not only outlines your brand’s voice and tone for parents and teens but also the appropriate channels and content that will help you effectively reach each.