By Karolina Slowikowska, Director of Communications, amana

The potential of social media in driving financial literacy and inclusion cannot be overstated. These platforms have evolved into powerful tools that reach millions, if not billions, of individuals across various geographies and age groups every single day. This is why leveraging the capabilities of social media platforms can be highly effective in enhancing financial knowledge and empowering individuals to make informed financial decisions. 

Research indicates that social media platforms play a crucial role in promoting financial literacy by offering accessible and interactive content. A study conducted by Hootsuite and We Are Social, which examined social media usage across different demographics, revealed that 71% of millennials and 58.7% of Gen X consumers actively participate in discussions related to financial topics on social media. The interactive features inherent to social media can expand the scope of financial literacy initiatives beyond conventional educational methods, enabling individuals to proactively manage their finances..  

What’s exceptionally interesting is that Generation Z is nearly five times more inclined to seek financial advice from social media platforms compared to individuals aged 41 or older, while the emergence of “finfluencers” – influencers offering financial guidance – represents a booming market estimated at $104 billion. With the right strategies and content, financial institutions and organizations can utilize social media to bridge the generational divide and lay the foundation for a financially more inclusive future. 

Tools of the Trade: Social Media Platforms for Multi-Generational Engagement

Breaking down barriers to financial literacy brings societies closer to achieving true financial inclusion, where everyone has an equal opportunity to thrive. This achievement was exceptionally challenging, if not nearly impossible, in the analog world, where access to financial markets was primarily reserved for a select few. To drive financial inclusion across generations, it is essential to leverage social media platforms that cater to diverse age groups and provide effective tools for financial education and awareness: 

  1. Facebook – Reaching a Diverse Audience: Facebook remains one of the most widely used social media platforms, attracting users from different age groups, although my experience suggests that Facebook is most attractive to a slightly older and more mature audience, with Gen Z largely absent. Financial institutions and organizations can utilize Facebook to reach a broad audience and offer educational content on financial literacy. This platform provides the opportunity to engage in meaningful discussions and share valuable resources benefiting multiple generations.
  2. Twitter – Building Financial Inclusion Initiatives: Twitter’s popularity in the Middle East makes it a valuable platform for promoting financial inclusion initiatives targeted at multi-generations. Financial institutions and organizations can utilize Twitter to share informative tweets, engage with users, and host Twitter chats that address various financial topics. Through these interactions, they can cater to different age groups and encourage dialogue around financial literacy.
  3. Instagram – Engaging Through Visual Content: Instagram’s visually-driven nature makes it an effective platform for engaging multi-generational audiences with financial education content. Financial institutions and organizations can share tips, advice, and success stories related to financial inclusion through compelling images, captions, and stories. By making financial education visually appealing and relatable, Instagram can inspire individuals of all age groups to enhance their financial literacy.
  4. YouTube – The Power of Video Content: YouTube’s popularity and ability to host informative videos provide an excellent opportunity for financial institutions and organizations to create educational content on financial literacy. By covering topics such as budgeting, saving, and investment strategies, they can make financial education accessible to multi-generations. By engaging with finance-related channels on YouTube, individuals of all ages can gain essential financial guidance and knowledge.
  5. TikTok – Empowering the Younger Generation:

    With the majority of its users belonging to Gen Z and millennials, TikTok has emerged as a crucial platform for providing financial education and awareness. By following finance-related creators and accessing bite-sized videos, the younger generation can gain valuable insights into financial concepts and practices. TikTok offers a unique storytelling format that can effectively capture the attention of younger audiences, making financial literacy more appealing and digestible. 

Social media platforms can empower individuals with limited access to traditional financial services by providing accessible and customized financial education content. The World Bank’s Global Findex Database tracks financial inclusion indicators globally and has identified how social media contributes to this important goal. In Sub-Saharan Africa, countries such as Kenya have witnessed significant growth in mobile money penetration, partly due to the influence of social media platforms. Social media’s ability to connect individuals, foster financial conversations, and spread awareness about financial services has played a role in increasing financial inclusion. 

By harnessing the full potential of platforms like Facebook, Twitter, Instagram, YouTube, and TikTok, financial institutions and organizations can access a wealth of opportunities. Through engaging and interactive content, they can resonate with individuals of all ages, across various locations, breaking down barriers and paving the way for financial enlightenment. Few things in life are more important than building one’s financial future wisely and effectively.