What Gen Z is teaching us about financial wellness
Ovation’s CEO Kevin Cimring recently caught up with Andrew Lendnal on one of the credit union industry’s hottest topics - capturing more Gen Z clients. Andrew serves on Ovation’s advisory board and is also Head of Global Financial Wellness at Fiducient. Before that, Andrew served as Executive Director & Head of Financial Wellness Corporate Engagement and Global Strategy, Morgan Stanley.
This discussion has been edited for clarity and brevity.
“Gen Z doesn’t just want access to financial tools. They want tools that understand their lives. And that means moving beyond one-size-fits-all financial literacy and into something more personalized and supportive.”
Kevin:
Andrew, great to speak with you. Let’s dive in—what’s different about how Gen Z approaches money?
Andrew:
Thanks, Kevin—good to see you. Gen Z is navigating money very differently than past generations. They’ve grown up with economic uncertainty as the norm: the 2008 recession, COVID, inflation, student debt. So, for many, money isn’t just about opportunity—it’s about survival and stability.
Many are living paycheck to paycheck, juggling side hustles and so on. So they’re looking for real help, right now. They’re highly digital, incredibly resourceful, and they want support that feels practical and immediate, not abstract or overwhelming.
Kevin:
From a credit union perspective, it’s easy to assume that launching digital tools is enough. But it sounds like this generation wants something deeper?
Andrew:
Exactly. It’s not about simply having an app. It’s about whether that app feels relevant, respectful of their time, and tailored to real challenges—like managing irregular income or splitting bills with roommates.
Gen Z doesn’t just want access to financial tools. They want tools that understand their lives. And that means moving beyond one-size-fits-all financial literacy and into something more personalized and supportive - tools that feel encouraging, not judgmental.
Kevin:
It seems like trust plays a big role here. Has Gen Z lost trust in financial institutions?
Andrew:
I’d frame it this way: they don’t assume trust. Where older generations might’ve grown up seeing banks or credit unions as permanent fixtures, Gen Z sees a crowded financial landscape full of choices—and potential traps.
They trust what feels transparent, values-aligned, and useful. If a credit union shows up consistently—with tools that work, advice that’s clear, and support that feels human—that’s how trust gets built.
Kevin:
That resonates with us. At Ovation, we often say that financial wellness should feel like a conversation, not a curriculum. So how can credit unions start rethinking their approach?
Andrew:
I’d say credit unions are actually well-positioned to lead here—they just need to meet Gen Z on their terms. A few ideas:
1. Start small, test often.
Launch bite-sized experiments—like a savings challenge for 20-somethings or a TikTok-style budgeting tip series—and see what gets traction.
2. Make digital feel personal.
Push beyond dashboards. Use mobile tools to check in with members, deliver tailored insights, or offer help when something looks off.
3. Keep it short and real.
Skip the jargon. A one-sentence tip about credit scores or loan repayments, timed right, can be more impactful than a whole workshop.
4. Don’t lose the human touch.
Even digital-first members appreciate knowing someone’s got their back. Make it easy to chat with a coach, not just open a ticket.
5. Show your values.
This generation cares about what you stand for. Whether it’s community reinvestment or sustainability—talk about it, and back it up with action.
Kevin:
Awesome, those are some great practical takeaways. So as we think about the future, what’s the biggest shift you think credit unions need to make?
Andrew:
It’s mindset. Instead of building programs for Gen Z, we should be building them with Gen Z. Watch what they’re already doing. Ask them what “financial wellness” actually means in their lives. Let their behavior and values guide design.
Credit unions don’t have to change who they are. But staying curious, responsive, and member-led—that’s what will keep them relevant for decades to come.
Kevin:
Love that. Thanks, Andrew. This was packed with insight. We appreciate your time and the work you do to keep moving this industry forward.
Andrew:
Always a pleasure, and likewise keep up the great work at Ovation!
Learn more
To learn more about how Ovation can help modernize your financial wellness program, reach more Gen Z members and unlock future growth, schedule a consultation with us today.