To engage Gen Y'ers where they spend their time, Charles Schwab has launched a Facebook page that focuses on helping 20-somethings improve their everyday money behaviors.
The Facebook page posts weekly financial tips also found on Schwab's website, schwabmoneywise.com, and delivered via @schwabmoneywise on Twitter.
In addition, the Facebook page runs online contests with $100 cash prizes for the most original and creative entries. New questions are posted every other Monday.
For example, one recent winner, Erica in Clovis, California, answered the question "Did you ever get a raw deal?"
Her response tells of how she was the second-to-last car in a seven-car accident chain: "I was in a rental car and had opted out of paying for the extra insurance because I was under the impression I was already covered. Well, I wasn't. And since the last car in the chain disappeared before the cops showed up, I'm to blame. I am now stuck with the $9,000 bill for the other 5 cars' repairs. Good news: I have nothing of value for the insurance companies to take me to court for. Bad news: I have to declare bankruptcy at 25."
The Facebook 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.
"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, in a statement. "We are excited to be on Facebook and to engage in a richer conversation with people just starting out."
Money Mondays, which kicked off in June, addresses first-time challenges for Gen Y'ers, including entering the workplace, renting an apartment, and paying off student loans and credit cards.
Read about how advisors can serve the underserved Gen Y from the archives of InvestmentAdvisor.com.