Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--As part of its Money Mondays initiative on schwabmoneywise.com, Charles Schwab is launching the first in a series of contests with $100 cash prizes to encourage young people to share their money experiences and spark a dialogue on the high-avoidance topic of personal finance.
Beginning today, the contests will pose a different question on each alternating Monday throughout the year on the unique challenges facing young adults. The contests are designed to complement Money Mondays’ weekly financial tips for young people just starting out.
Contest questions will be posted on Schwab’s educational website, SchwabMoneyWise.com, and tweeted via @schwabmoneywise on Twitter. You must be 18 or older to participate. To enter, submit on the website a story of no more than 100 words. Winners will be selected on the basis of originality and creativity.
Schwab’s 2010 Families & Money Survey, released in April, found that young adults are reaching financial independence much later than in previous generations. Faced with many “financial firsts,” young adults have to learn how to manage a paycheck, pay off debt (including student loans and credit cards) rent their own apartments, and find a career path—all in addition to funding their social lives, hobbies and interests.
Using themes that speak to young adults’ lifestyles and unique financial circumstances, Money Mondays is designed to inspire young people to take a few moments each week to improve their financial health. The weekly tips provide practical, easy-to-digest actions that can have an immediate, positive impact on people’s financial lives. Throughout the year, Schwab will actively solicit suggestions through Twitter for new website content, contest questions, and tips to improve money habits that have worked in the community.
“Money is a serious issue, but by asking 20-somethings to share real-life experiences and funny stories, we hope to relieve some of the pressure from what can be an intimidating topic,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. “By drawing attention to everyday money behaviors and asking young adults to share their ups and downs, we hope to encourage them to begin to looking at their finances differently and start making positive changes.”
Dude, Who Ate My Leftovers?
Focusing on issues that are likely to resonate with young adults, the first Money Mondays contest explores the topic of roommates. Other contest topics will include splurge purchases, credit card troubles and parental advice. Individuals are encouraged to answer the first question on SchwabMoneyWise.com to get entered to win $100:
“Dude, who ate my leftovers?” Roommates are a necessary evil—they make rent affordable but never clean the bathroom. Tell us about your worst money experience with a roommate for a chance to win $100.
To support Money Mondays, SchwabMoneyWise.com has been expanded to provide additional resources that address the specific financial challenges facing young adults. The new Starting Out section covers many money-related basics—like how to file taxes, find the right health insurance and secure a good auto loan—and connects individuals with useful tools and calculators to help with budgeting, saving and paying off debt. The new section augments existing information on the site on money basics, getting married, buying a home and starting a family. A quick Financial Fitness Quiz also gives people a snapshot of their financial health based on routine behaviors. The quiz also benchmarks an individual’s score against peers and offers valuable next steps.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 7.9 million client brokerage accounts, 1.5 million corporate retirement plan participants, 803,000 banking accounts, and $1.36 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Named Highest in Investor Satisfaction by J.D. Power and Associates, its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com.
The Charles Schwab Foundation is a nonprofit, private foundation, classified by the IRS as a charity under section 501(c),(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company The Charles Schwab Corporation. (0810-4854)
New bi-weekly contests on schwabmoneywise.com are designed to spark a dialogue about money—and give people a chance to win $100.
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