Financial Literacy Initiative to Roll Out in Ten Major Cities, Beginning with Philadelphia and New York City
Oct. 15, 2015 – BOSTON, Mass. - Society of Grownups, a learning initiative dedicated to fostering financial literacy among twenty-and-thirty-somethings, announced it has a commitment of $100 million from parent company, Massachusetts Mutual Life Insurance Company (MassMutual). With this funding, Society of Grownups will continue to develop its digital presence and will extend its physical presence to ten additional cities over the next three years. The company will begin its expansion in 2016 with new locations in Philadelphia and New York City.
Society of Grownups launched in Boston last October and was formed by MassMutual, who engaged design consultancy IDEO in the early phases of the project. It is a place for people to talk openly about money as well as other major adult topics like negotiating salary, buying a home, planning for a family, and saving for retirement. Through classes, supper clubs, networking events, and one-on-one sessions with CERTIFIED FINANCIAL PLANNER™ professionals, Society of Grownups provides a non-judgmental setting for adults to discuss their individual situations, share their challenges, connect with peers and create their own personalized approach to managing their money.
“We have built something truly unique in Boston, and the response has been incredible,” said Nondini Naqui, CEO and President of Society of Grownups. “Our classes and supper clubs are selling out, local businesses and universities are eager to partner with us, and our social media followers are asking when Society of Grownups is coming to their city.
She added: “I am pleased to say this isn’t an experiment anymore. This capital will allow us to help Grownups across the country who are craving an approach that is tailored to their individual needs -- an approach that is more flexible and less overwhelming than what the broad financial services industry has offered up to these consumers in the past.”
In addition to expanding its physical reach, Society of Grownups will continue to develop its online presence by delivering financial tools that cater to the needs of these adults. Built with the same human-centered design as the Boston physical location, societyofgrownups.com blends the modern aesthetic of a consumer lifestyle site with credible, balanced advice, relatable blog content and intuitive digital tools.
“At MassMutual, one of our top priorities is innovating to meet the needs of this next generation of adults,” said Gareth Ross, Senior Vice President Advanced Analytics and Target Markets at MassMutual. “They are facing considerable financial challenges like historic student debt and soaring housing prices, yet they are hugely underserved by the financial services industry. We are trying to do something very different, have started from scratch and have seen real progress towards this goal in the short time we have been in the market.”
While the learning initiative is backed by MassMutual, Society of Grownups operates as a separate legal entity, and the company does not sell financial products. To learn more about Society of Grownups, visit societyofgrownups.com or follow the brand on Facebook, Twitter and Instagram for the most up-to-date news.
About Society of Grownups
Society of Grownups is a learning initiative created by MassMutual to help people through the challenges and changes in life that no one likes to talk about—the hard parts of adulthood that everyone assumes everyone else has figured out. It’s a place, online and offline, where Grownups can go to learn from both professionals and one another about things like buying a home, saving up for a big trip or starting a business. Offerings in the space include classes, chats, supper clubs, guest speaking events and one-on-one sessions with CERTIFIED FINANCIAL PLANNER™ professionals. Society of Grownups opened its doors in Brookline, MA, a neighborhood of Boston in Oct. 2014. To learn more, visit societyofgrownups.com.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.