Podcasts are an audio-based trend where meaningful conversations educate, entertain, and inspire targeted audiences. While this trend has been around since the turn of the 21st century, it grew in popularity in 2014 when NPR launched the true crime podcast, Serial. Since then, the method in which people get information has changed.
Rachel Munger, PR Manager and Financially Free Gen-Z podcast host at Coulee Bank says, “Podcasts vary greatly from topic to topic. Some podcasts are formal and some a bit more casual.” Podcasts may have one or two hosts that discuss topics, and some podcasts offer special guests who are experts on specific topics. Either way, podcasts include meaningful conversations with a targeted audience.
Coulee Bank’s Financially Free Gen-Z Podcast
Coulee Bank is connecting with the up-and-coming generation by providing the podcast, Financially Free Gen-Z. Munger says, “Gen-Z as a whole seems to have an interest in financial literacy. This group gets their information through YouTube or podcasts, so we wanted to provide resources on platforms they are already using.” She feels younger people in general don’t always get the financial tips they need to succeed. Many of these topics are not taught in school unless you specifically take financial classes that may not be a required course.
As teenagers become adults there aren’t a lot of resources to teach you about the type of topics Financially Free Gen-Z discusses. She says financial literacy isn’t hard, but you need to be aware of tools and resources that help you make good choices with your money. Buying your first car or house or even managing your student loan debt can be tricky without the right resources.
While Coulee Bank’s podcast is geared towards Gen-Z, it has elements that apply to a variety of ages. Joshua Herrmann, Universal Banker at Coulee Bank and cohost of the podcast says, “Our targeted audience isn’t the 60-year-old who made money in the stock market and is set for retirement. Rachel and I are living in the real world with real jobs. We are looking at modern times and trying to navigate this financial climate.”
Herrmann says he didn’t learn financial literacy through school or his parents, so he tries to navigate this world himself. Both Munger and Herrmann feel grateful they work at a bank and have the time to research financial topics. This enables them to become experts and share with others.
Herrmann truly hopes younger people are listening to their podcasts because there is so much great information. He says, “Teenagers are listening to podcasts anyway, so why not seek out educational information.”
Helping You Become Fiscally Responsible
Right now, inflation is high. Home prices have skyrocketed, and groceries are expensive. Financially, people are stretched very thin. It’s difficult, and people are forced to find ways to cut back wherever possible. Munger says, “As a society, we have a high dependence on credit. We have mortgages, car purchases, and credit card debt which contributes to the rise of inflation and the cost of goods.” As a whole people are extending themselves more than they should.
Herrmann believes in fewer meals in restaurants and prefers cooking at home to save money. He chuckles and says he would love to eat out every day, but it isn’t fiscally responsible. Both Munger and Herrmann agree that in your 20s, it’s important to try not to get into a lot of debt, and to make consistent payments to get out of any debt you may have. It’s also essential to save even if it’s a small amount each week or each month.
Herrmann says even if you are in your 40s and haven’t saved for your future, start anyway. Put aside $100 per month because as your money grows your interest compounds and helps your money grow faster. Munger says, “It’s amazing the difference it can make for your future if you start saving when you are young.” Even though she urges young people to start saving early, she also believes that time is important too. You still want to enjoy the life you’re living.
Tune in each month as Munger and Herrmann discuss a variety of financial topics. It could change the way you think about and manage your money. You can learn more about compounding cash in episode 5.