The finding: Growing savings is a top priority for 81% of Gen Zers and 79% of millennials, according to a new study by Santander Bank. Most in these cohorts have grown their savings since the beginning of 2024—but they did it the hard way.

The details: Among Gen Zers who know their interest rates, 38% earn a competitive rate of at least 3.00% annual percentage yield. In the same study , 74% of respondents said they are interested in certificates of deposit (CDs), but 43% lack a solid understanding of how they work, according to the same. Their interest was higher than among any other generation, but their understanding was the worst. This disconnect can prevent them from taking advantage of higher interest rates.

Why this matters for banks: Human-centric personalization— including making relevant product and service recommendations for specific customer needs—sets financial institutions (FIs) apart from the competition. Gen Zers’ very clear goal of wanting their money to work harder toward their savings goals along with their lack of knowledge about CDs represents a major gap that FIs haven’t yet closed.

Our take: FIs have an opportunity and responsibility to educate younger customers in particular about products that earn higher interest rates. Banks also have potential growth opportunities if they successfully market their higher-interest-rate products to this audience—ensuring education is part of these campaigns. 

This presents an excellent opportunity to launch social media campaigns—especially through partnerships with influencers that customers’ trust most—highlighting these specific products. In addition, less overt marketing strategies, like social media content, can help build trust and brand recognition. We’ve compiled a guide for how to approach and evaluate these relationships.