According to a press release, the campaign will be delivered through Schwab’s educational website, www.SchwabMoneyWise.com, and via Twitter.
A new hub on schwabmoneywise.com now addresses the specific financial challenges facing young people in their 20s who are just starting out. In addition, a Financial Fitness Quiz provides a way to begin, with a diagnostic tool that not only allows people to see how financially fit they are based on routine behaviors, but also shows them how they compare to other people their age and offers them valuable next steps.
The website enhancements follow Schwab’s 2010 Families & Money Survey, released in April, which revealed that young adults today are reaching financial independence much later than in previous generations.
“We can no longer simply talk at this generation,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “Social media isn’t just a place where young adults spend their time, but it’s also a place that allows for a two-way conversation. Through @schwabmoneywise on Twitter, our hope is to better understand the struggles this generation faces.”
Money Mondays’ weekly financial tips will be tweeted from @schwabmoneywise and posted on the SchwabMoneyWise.com website along with links to relevant tools, resources and information. By following along, one simple step at a time, young people can begin to develop sound habits that will put them in control of their own money—not just by helping them live within their means but also by helping them begin to save for the future, according to the press release.
Beyond the financial fitness quiz, weekly tips and bi-monthly contests, the website provides deeper information to answer young people’s money questions. A new Starting Out section within the Life Events tab covers many money-related basics—like how to file taxes, find the right health insurance and secure a good auto loan—and connects young people with useful tools and calculators to help with budgeting, saving and paying off debt.
Specifically, the new section now includes resources on the following:
- Good debt vs. bad debt and a focused discussion on paying off student loans
- Making the most of your paycheck and learning to live within your means
- Setting yourself up for success and organizing your financial life
- Making saving easy
- Important financial firsts including cars, leases, taxes and savings
- Insurance you need – and don’t
- Love & money: deciding what happens when you marry