Charles Schwab has launched a new website dedicated to young people in their 20s and 30s to educate them about investing. The website, www.schwab.com/moneyandmore, aims to teach members of generation Y to save, how to invest and the importance of saving for retirement early on.
The website features a list of general questions typically asked by people new to investing, so that they can learn how to save and invest—in either individual securities and/or mutual funds. It also features a “time value of money” calculator on which investors can enter a principal amount of money and see how much they can make by receiving 8% per year.
Matt Hurwitz, a Schwab spokesman, told Fund Action that money managers aren’t doing enough to help educate young people who are just starting out in the work force. “Generally speaking, the industry hasn't been serving this generation very well, “ he said.
Hurwitz added that the site is still being developed, and that extra features would be added to it as time goes on. The site’s tag line is, “There are no stupid questions.”