Advertising Influences on You with Kids, Finances and Credit
How great is the influence of an advert on you, relative to a social media talk about personal finances with your kids! This is a question that could be answered, by a series of attention-getting print ads, from the National Financial Education Council. They are emotionally charged public-service messages, designed to shake parents into action into communicating with their kids about saving, budgeting and credit. In other words, starting them on the right road to financial security in their lives!
Influencing comparisons give a strong message that poor financial skills could be likened to usually encountered dangers, for example; texting on a mobile phone while driving and unprotected sex. Thought provoking images will be displayed, portraying a blindfolded girl crossing a street; a teenager drinking while driving; a child playing on railway tracks and a young person abusing prescription drugs.
The objective towards parents, of a social media talk to kids about personal finances is to raise significantly the IQ of the nation, regarding the importance of everyday financial aspects in their lives. It could be compared to previous and successful awareness campaigns related to “Buckle up” in a car and do not be a “Litterbug”.
Concerns have been expressed by the Organization for Economic Co-operation and Development (OECD), regarding the present financial awareness of consumers. They are frequently unaware of a need for education regarding credit and sound financial practices. Added to this, is a lack of knowledge of available financial products and providers and where they are found.
The OECD is further concerned that this issue has reached a crisis level, due to the increase in volume and complexity of financial related products. In addition, rising levels of debt worldwide and a changing pension scenario, place greater responsibility on the individual. Another factor was the expanding number of online financial transactions and by implication, the increasing demand for credit.
This is a broad based social media talk to kids about personal finances and as such, could prove difficult in promoting the message. The most successful public awareness campaigns gave clear and measurable objectives. In this instance, being financially aware has different implications for various people.
It is considered that the seriousness of the current economic situation and the experiences of the past years will provide sufficient motivation for parents to promote the social media talk to kids about personal finances.