'Society Of Grownups' Gets $100 Million from Parent MassMutual To Get Millennials Talking Money
By Staff Writer
Society of Grownups, a one year old experimental business that helps 20-somethings and 30-somethingsunderstand the language of money, secured on Thursday $100 million from its parent company MassMutual Life Insurance Company to develop its digital footprint and open additional physical spaces in the following years.
According to Forbes, the company is set to build physical spaces in New York and Philadelphia by the end of 2016. It plans to build 10 more physical spaces in the next three years. It will also strengthen its online presence.
Society of Grownups is currently situated in Boston, where financial planners hold classes about money. MassMutual originally invested $10 million to develop Society of Grownups. Events are its main source of income charging $20 to $90 for classes and advice sessions.
Mass Live reported that after opening in October 2014, Society of Grownups got 1,000 unique registrants for classes and 3,000 online users set up accounts in their website. 350 people have experienced one-on-one financial education at their Boston office.
Boston Business Journal writes that Society of Grownups aims to teach people things they probably didn't learn in college, especially in the financial aspects of life. These include planning for retirement, investing, and learning the language of money. In short, Society of Grownups aim to get millenials talk about money, and the $100 million investment will even further its cause.
Society of Grownups CEO Nondini Naqui believes that there are thousands of fresh graduates who don't know how to plan better financially and on other things.
"We don't have transparent conversation around money, and as a result of that, we have the whole group of people who don't have a safe place to talk about things that are important to them, related to money or not related to money," she said.
Now, Society of Grownups seeks to change that culture and attitude and help millenials get inclined to finance and other practical things to enhance their lives.