workshop iv: using social media & the web for financial education programs 10.5.09 riaz...

Workshop IV:Using Social Media & the Web for

Financial Education Programs

10.5.09

Riaz LatifullahStrategic Markets

LifeTuner®LifeTuner®

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OutlineOutline

Online Social Media Financial Literacy Opportunity

LifeTuner.org

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Online Social Media Financial Literacy OpportunityOnline Social Media Financial Literacy Opportunity

Subject Matter Experts

Subject Matter Experts

Friends, Family & Peers

Friends, Family & Peers

‘Been There’

Mentors

‘Been There’

Mentors

Print MediaPrint Media TVTV

Online:Simple Content

Site

Online:Simple Content

Site

Online:Social Media

Community

Online:Social Media

Community

Pote

nti

al A

ud

ien

ce S

ize

Pote

nti

al A

ud

ien

ce S

ize

Dis

trib

uti

on

C

han

nel

Dis

trib

uti

on

C

han

nel

Kn

ow

led

ge

Base

Kn

ow

led

ge

Base

Face-to-Face,

Seminars, Classroom,

etc.

Face-to-Face,

Seminars, Classroom,

etc.

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On Line Social Media Financial Literacy OpportunityOn Line Social Media Financial Literacy Opportunity

Print MediaPrint Media TVTV

Online:Simple Content

Site

Online:Simple Content

Site

Online:Social Media

Community

Online:Social Media

Community

Dis

trib

uti

on

C

han

nel

Dis

trib

uti

on

C

han

nel Face-to-

Face, Seminars, Classroom,

etc.

Face-to-Face,

Seminars, Classroom,

etc.

Att

rib

ute

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LifeTuner is a new expert-backed site designed to provide a simple roadmap to help Americans achieve financial security

Targeting young adults, ages 18-35

Takes a pro-consumer stand in its editorial, proprietary tools and content

Provides a community ofpeers, experts and “mentors” (AARP members who’ve “Been There”)

Introducing LifeTunerIntroducing LifeTunerIntroducing LifeTunerIntroducing LifeTuner

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Volunteer Experts to Answer Questions

Interactive Tools & AssessmentsCommunity

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$45,000$45,000

2727

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Expert AdviceExpert Advice

Volunteer experts in a wide variety of subject matters– Saving & Spending– Credit & Debt– Investing– Housing– Life & Family

One-to-many Q&A format

Opportunity for professionals to help others via on-line channel

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Community Decision-Making TriangleCommunity Decision-Making Triangle

Peers?

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People Identify

with Others

in Similar Situatio

ns

People Identify

with Others

in Similar Situatio

ns

Tools & Calculators Lead

to Ah-Ha Moment

s

Tools & Calculators Lead

to Ah-Ha Moment

s Decision Making Triangle

Decision Making Triangle

Positive Behavior ChangePositive Behavior Change

ActionActionActionAction

People Identify

with Others

in Similar Situatio

ns

People Identify

with Others

in Similar Situatio

ns

Decision Making Triangle

Decision Making Triangle

Tools & Calculato

rsLead to Ah-Ha

Moments

Tools & Calculato

rsLead to Ah-Ha

Moments

BehavioralChange

BehavioralChange

“The site has encouraged me to take a lot closer look at my financial situation, to save more, to invest more, and to actually get on a budget. I still have a long way to go,

but at least the site has me moving in the

right direction.”

Peers

?“I have decreased my credit card debt by

85%”

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How is AARP Doing This?How is AARP Doing This?

Habits8

Used Potential Users to Design & Test Offering

Straight-ForwardContent

Interactive Tools

Communityof Peers,Experts & Mentors

No Sales Agenda

Pro-Consumer Perspective

Trusted & Unbiased

Brand

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8 Core Habits of Personal Finance8 Core Habits of Personal Finance

1. Spend less than you earn

2. Save at least 10%

3. Borrow wisely

4. Invest, don’t gamble

5. Make enough money

6. Prepare for an emergency

7. Cover your assets

8. Get the family on board

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• Tools to see the impact of your financial choices

• Success stories from relevant peers

• 8 “Habits” to follow

Awarenessthe “AHA” moment

Awarenessthe “AHA” moment

• How to guides• Expert FAQs Wiki• Suggested tools &

resources• Ability to ask

expert for advice

Help from experts on what to doHelp from experts on what to do

• Communal learning• Motivation

One person’s change sparks

others to change too

One person’s change sparks

others to change too

• Peers with relevant experience

• “Mentors” who have been there done that

Support from the community on how to execute on change

Support from the community on how to execute on change

Person who successfully changes becomes an example and support to others

Person who successfully changes becomes an example and support to others

Theory of ChangeTheory of Change

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LifeTuner.orgIdeas, questions or comments?