Charles Schwab Launches @schwabmoneywise on Twitter to Help Young Adults Overcome Financial Challenges and Improve Everyday Money Behaviors

Money Mondays™ Aims to Help Gen Y Achieve Financial Fitness Through Tips and Discussion

Thursday, June 17, 2010 6:00 am PDT

Dateline:

SAN FRANCISCO

Public Company Information:

NYSE:
SCHW
"The good news is that small changes today can result in a big difference for their future."

SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab has announced a new educational campaign to help young adults facing “financial firsts” as they graduate, start working and begin living on their own. The campaign will be delivered through Schwab’s award-winning 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 compelling way to begin. This quick diagnostic 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.

As part of its commitment to help young adults address their unique financial challenges, Schwab is also inviting them to share their voice and join the conversation through @schwabmoneywise on Twitter.

“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™ Campaign

Today’s young adults face many financial firsts as they enter the workforce and begin living on their own. They have to learn how to manage a paycheck, pay off student loans and credit cards, rent their first apartment and start paying taxes – all in addition to figuring out their future career path.

Schwab’s premise for the campaign is that learning how to manage money doesn’t have to be overly complicated or time-consuming. Using themes that are relevant to young adults’ lifestyle and that speak to their unique financial circumstances, the Money Mondays campaign will strive 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. 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.

As an added incentive, Money Mondays™ will hold bi-monthly contests on SchwabMoneyWise.com with $100 cash prizes. While money is a serious issue, the contests will pose questions that are lighthearted in nature on subjects that resonate with young adults. Contest questions will also encourage participants to share experiences they’ve had and lessons they’ve learned. 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 for the community.

“While young adults today face significant challenges and an increasingly complex financial world, there are simple steps they can take to make sound financial choices and get a good start toward financial well-being,” said Schwab-Pomerantz. “The good news is that small changes today can result in a big difference for their future.”

Expanded SchwabMoneyWise.com Resources

Beyond the financial fitness quiz, weekly tips and bi-monthly contests, the website provides deeper information to answer young people’s money questions. The 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

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, 794,000 banking accounts, and $1.4 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 with Self-Directed Services by J.D. Power and Associates in 2009, 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. (0610-3691)

Photo caption: New financial fitness quiz on schwabmoneywise.com offers a quick way to get started, showing people how they stack up against others their age.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6331270&lang=en

Contact:

Charles Schwab & Co., Inc.
Sarah Bulgatz, 415-667-0328
sarah.bulgatz@schwab.com
or
CRT/tanaka
Karen De Groot, 310-659-5380
kdegroot@crt-tanaka.com

Multimedia Files:

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New financial fitness quiz on schwabmoneywise.com offers a quick way to get started, showing people how they stack up against others their age. (Graphic: Business Wire)

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