Financial literacy: understanding the consumer and brand disconnect

Facebook Business

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Facebook’s Financial Services Consumer Research Lead, Tanya Levina, answers the key questions companies need to consider to get under the skin of financial literacy—and why it matters for both consumers and brands

Our research shows us that consumers across the world want to see and hear more from brands when it comes to financial literacy.

However, when we spoke to banks and other financial services brands, they felt they were already communicating to consumers around these issues.

Clearly there was a disconnect between what consumers wanted from brands and what they were getting. We could see clearly how we could help, enabling brands to respond to consumer needs by making the right connection.

What do consumers need?

Our emphasis on knowing and understanding audiences means that we’ve been exploring their views and perspective on financial literacy for a number of years.

Around the world there are large groups of consumers who are highly motivated to be financially healthy. They are driven to this so that they can be independent and support their families, as well as being prepared for emergencies.

What these consumers need is universal: when it comes to financial literacy they crave access to information.

For example, we know that consumers really want onetoone interactions with a financial expert—but this doesn’t need to happen in a physical setting or with a paid advisor.

Live Q and As with financial experts is another way to educate consumers, with a proven track record for success. IGTV etc.

What industry change is needed?

We know that with the support of the right partners like Facebook brands can ensure that consumers know and understand what their financial options are, and which financial products will help them to achieve their goals.

The need for greater financial literacy has also been compounded by the COVID-19 pan demic. For many consumers, the pandemic has meantfinancial uncertainty.

Yet our latest research shows that when it comes to financial literacy consumers' priorities remain unchanged: they still seek and desire security, understanding and knowledge.

This is where Facebook fits in being able to connect people in many different ways and formats, whether it’s brands to consumers or consumers to experts—for example, through Facebook groups moderated by a financial expert and Live Q and As over Instagram TV.

This is especially the case in countries where finances are mobile first or consumers are mobile confident.

Consumers also want to learn from individuals and communities who are similar to them, or may have experienced similar financial situations and we know that our platforms bring people together with their friends, families, peers and communities.

What’s next for financial literacy?

When we look ahead to what’s next, there is a lot that brands can do to help.

Helping consumers to learn, and empowering them to use financial products, is key to safeguarding the future of the financial services industry.

At Facebook we would love to see brands jumping into this challenge and giving it dedicated resource. We want to work together to help improve financial literacy around the world, moving the debate on and delivering action.

Financial services advertising on Facebook

Learn more about how to connect with customers on Facebook's financial services industry hub.

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