The Certified Financial Planner Board of Standards says it hopes to bridge the gap between advisers and people in their 20s, who are generally considered atypical financial planning clients.
The first part of the organization's initiative, "Lifelong Financial Strategies," is to focus on helping Generation Y (specifically, people 18 to 25 years old) establish intelligent financial habits and avoid some of the pitfalls older generations have stumbled into.
Topics covered include "Fight the Urge to Splurge," "Understand the New Rules," "Do the Car Math," "Keep Score" and "Commit Now to Good Credit Habits."
Not surprisingly, the CFP board is using social media to get its message out. Presentations are to be available on the board's website and the consumer advocate page on Facebook. In addition, videos will be uploaded to YouTube and other social media sites. Eleanor Blayney, the board's consumer advocate, also is to give lessons on an audio podcast.
Blayney said that one challenge to reaching young people is that most are not really turning to professionals in any aspect of their lives. They aren't visiting doctors, don't have lawyers and certainly are not using financial planners. But many have negative net worth because of student loans or credit card debt and could use a good savings road map.
"We want them to avoid some of the problems that many people in their 30s, 40s and 50s have faced by being overextended," she said.
