LOS ANGELES, Nov. 23, 2020 /PRNewswire/ — “In The Black Friday” kicks off the National Financial Educators Council’s holiday financial literacy promotions that encourage people to reduce spending this holiday season and build savings instead. For parents, it offers a timely educational opportunity to teach kids valuable personal finance lessons.
This day is celebrated on Black Friday to counteract the push from advertisers persuading people to make purchases during the holiday season. Instead, people are encouraged to turn their attention to saving some of that money they would have spent and using it to improve their finances.
Learn more about In The Black Friday and download complimentary guides that can help you save money this holiday season: https://www.financialeducatorscouncil.org/in-the-black-friday/
“In the Black” refers to having more money on hand than debt. By using this play on words, the NFEC hopes that families will be inspired to carry on the tradition of reducing spending and making financial decisions that align with their long-term goals this year and throughout all the holiday seasons to come.
For parents, In The Black Friday has another goal as well – to help them be positive role models for children and leverage Black Friday as a teachable moment. The NFEC gives all parents complimentary activities and a guidebook that help teach their kids about money and increase their financial literacy.
Most people wish they had learned more about handling their money when they were kids. Children develop financial habits at a young age, mostly by copying what their parents do. If you take this opportunity to make In The Black Friday a time to reevaluate your finances and make changes for the better, your kids will take notice and learn valuable life skills. If you let them be part of the process, those skills are more likely to become ingrained and benefit them for years to come.
“If you are not on track with your own finances, stop buying unnecessary things. People get caught up in all the ads and hysteria around Black Friday and end up spending outside their budgets. If you’re parents, this sets a bad example for children, who are likely to adopt similar behaviors in adulthood,” says Vince Shorb, CEO of the NFEC.
A CreditCards.com poll reveals that 61% of those who carry a card balance are willing to add to their deficit over the 2019 holiday season, compared to 30 percent of cardholders who do not currently have credit card debt. Holidays have a negative impact on money of those that lack the knowledge and behaviors to manage their finances to meet their security and future needs. Financial illiteracy is the lack of an ability to efficiently handle personal finance matters involving budgeting, saving, investing, and more.
This campaign also kicks off the NFEC’s Give Savings promotions as part of the holiday financial literacy programming campaign series, set for December. Give Savings encourages people to give themselves or their loved one’s money rather than gifts, or work out a no-gift-exchange policy so they can work toward their financial goals instead.
The National Financial Educators Council (NFEC) is a social enterprise organization that promotes financial wellness through advocacy campaigns and empowers communities around the world with access to top-quality financial education resources.
SOURCE National Financial Educators Council