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Schwab looks to facebook to tap Gen Y

13 September 2010  |  2410 views  |  0 Source: Charles Schwab

Aiming to meet young adults where they spend their time, Charles Schwab has launched a SchwabMoneyWise Facebook page to engage Gen Y in a dialog about "financial firsts." The page is an extension of Schwab's Money Mondays campaign, an educational program focused on helping people improve everyday money behaviors, and provides a forum for more in-depth discussion with young adults.

The SchwabMoneyWise Facebook page features the weekly financial tips that are posted on Schwab's award-winning educational website, schwabmoneywise.com, and delivered via @schwabmoneywise on Twitter. In addition, the Facebook page will highlight biweekly online contests with $100 cash prizes for the most original and creative entries. New questions are posted every other Monday on schwabmoneywise.com and broadcast through Twitter and Facebook.

"People of all ages are spending more and more time on social networking sites, and sharing information online is here to stay," said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation and a senior vice president of Charles Schwab & Co., Inc. "We are excited to be on Facebook and to engage in a richer conversation with people just starting out. We want to hear their thoughts and point of view."

The SchwabMoneyWise Facebook page will support and enhance the Money Mondays program that kicked off in June with resources and information for young adults facing specific financial challenges for the first time, such as entering the workplace, renting an apartment, and paying off student loans and credit cards.

Schwab's 2010 Families & Money Survey, released in April, found that young adults are reaching financial independence much later than in previous generations. As a response, Schwab launched Money Mondays with the premise that learning how to manage money doesn't have to be overly complicated or time-consuming. Using themes that are relevant to young adults' lifestyles and that speak to their unique financial circumstances, Money Mondays strives to inspire young people to take a few moments each Monday to improve their financial health through a weekly menu of easy-to-digest actions that lead to specific, obtainable financial goals.

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