The study analyzed and presented ways in which banks utilize social media for communication with young people, and it was determined that current activities are not successful in enhancing financial literacy among the youth. Content analysis was conducted on banks' social media profiles, including an overview of posts, user engagement, content type and quality, as well as banks' presence on various social media platforms. A survey questionnaire was administered to gather data on users' perception of banks' communication through social media. Research results confirmed that young people in Croatia do not perceive banks' communication on social media as an effective means of financial education. The results also indicated that there is no significant difference in the communication approaches of banks that would suggest any particular bank has a greater impact on the financial literacy of young people. It is concluded that the current methods of banks' communication with young people through social media are not successful in improving financial literacy among the youth in Croatia. Therefore, banks should consider new approaches and strategies to enhance their communication with young people on social media and create relevant and appealing content that will genuinely contribute to raising financial literacy among the youth in Croatia. Only through innovative approaches and carefully devised strategies can banks effectively communicate with young people and promote their financial literacy.