RALEIGH, N.C.–One college student who has participated in financial literacy classes in the past admits he hasn’t retained much of what was taught. And while he likes the bank he’s with, he also expresses an interest in the CU concept once it’s explained.
That’s been a common theme in a series that asks college students what they really think and know about credit unions, money management, finances and more.
CUToday.info has partnered with Zogo, a fintech founded by undergraduate students at Duke University that is focused on innovative ways to use mobile first to improve financial literacy, to feature real interviews with college students.
Some of the answers as revealed in a new series of interviews, which were conducted by Zogo, will be eye-opening to many in credit unions, and will likely send decision-makers back to the digital drawing board if they want to capture the next generation of members.
The introduction to the series, including the first student interview, can be found here. Other interviews can be found here, here, here, here, here, here, here and here.
Here’s what the latest student in the series had to say
Name: Jake Moskovitz
Age: 20
Hometown: Brooklyn, N.Y.
Major: Communication and Exercise and Sport Science
Grade: Sophomore at UNC
Fun Fact: Did a six-month backpacking trip in New Zealand
Zogo: How did you learn about personal finance in high school?
Moskovitz:I took a personal finance class in high school.
Jake Moskovitz
Zogo: What do you remember from that experience?
Moskovitz: How to manage different accounts I guess. I thought it was hard.
Zogo: Do you feel like you got a lot out of the class?
Moskovitz:In the moment, yeah. But now, retention-wise, probably not.
Zogo: How can a person increase their credit score?
Moskovitz: By paying their things on time. Yeah, that’s all I know.
Zogo: What is an insurance deductible?
Moskovitz: I couldn’t tell you. I’ve heard of it. It reduces the amount of money you have to pay? Something like that.
Zogo: Can you describe banks to me?
Moskovitz: It’s a place that like holds your money. You can withdraw or deposit.
Zogo: Who do you bank with?
Moskovitz: TD Bank.
Zogo: What is your relationship like with your banks?
Moskovitz: It’s good, I like TD Bank. They’re very personal, they’re super-friendly and they’re always open. I haven’t had problems.
Zogo: Do you feel loyal to your bank?
Moskovitz: I do. Whenever I’ve had issues and called them, they’re super-responsive.
Zogo: Can you describe credit unions to me?
Moskovitz:Umm, I don’t know. They’re groups of people that help bring up your credit?
Zogo: Credit unions are like banks, but they’re non-profit. When you open an account at a credit union, you become a member and own part of the credit union. So while traditional banks are run by shareholders whose goal is to maximize profits, credit unions return all profits to their members in the form of reduced fees, higher savings rates and lower loan rates.
After hearing this description of credit unions, how has your attitude towards credit unions changed?
Moskovitz: It sounds good. What’s the catch? Is there no catch? Why wouldn’t everyone use a credit union?
Zogo: What are some things that a financial institution can do to make you feel loyal towards them?
Moskovitz: Be very communicative and always there to help you out.
