Financial Advice for Millennials
US insurance company MassMutual has teamed up with global design agency Ideo to offer millennials (aged 21-34) a new kind of financial advice service.
Ideo describes The Society for Grownups as "a Master's programme for adulthood", with a curriculum that covers everything from saving for a mortgage to picking a good-value wine.
Alongside easy-to-use digital tools, the service has a bricks-and-mortar location in Boston, US, which opened in October 2014. It hosts evening classes, group supper clubs and personal appointments with MassMutual advisers, with prices ranging from $10-200 per session.
Millennials are wary of financial institutions. More than 63% of US millennials do not have a credit card, while 70% would rather go to the dentist than the bank, according to the Millennial Disruption Index.
In an effort to regain the trust of these sceptical consumers, MassMutual insists all advice will be unbiased. "The Society of Grownups is not about being a referral engine for MassMutual," said Nondini Naqui, the Society's director. "It is about providing this group with a broad range of knowledge and skills to become competent and savvy when it comes to handling their own money."
For more innovative strategies for winning over hesitant millennials, see Bite-Size Banking.