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The national poll found that three quarters of young adults, or 78 percent, use their friends' financial habits to determine their own. The vast majority, 66 percent, wants to keep pace with their peers on where they live; 64 percent say the same thing about what they wear. Nearly two-thirds experience pressure to keep up with the types of places they eat and the gadgets they carry.
At the same time, in the past year alone, almost half of those in the age group had to use a credit card to pay for necessities like food or utilities and more than a quarter missed a bill payment or were contacted by a bill collector. Sixty-one percent still get financial help from their family.
"As the old saying goes: Be careful about the company you keep," said
The new series of PSAs, developed pro bono by kirshenbaum, bond, senecal + partners (kbs+), taps into millennials' desire for belonging and its impact on their financial well-being in a light-hearted way. The PSAs are designed to remind this demographic that they need to forge their own path to financial security. The television PSAs feature scenes of over-the-top spending contrasted by financial achievement. In one ad, for instance, a college graduate celebrates paying off her student debt while a friend, lounging in a formal dress, surrounded by designer shoes and feeding a pet horse, complains that she can never save enough money to get ahead. Earlier this summer, the campaign released print, outdoor, radio and digital PSAs, urging viewers, "When it comes to financial stability, don't get left behind."
"Young adults are in the midst of making critical financial decisions about family and careers and are establishing the spending and saving patterns that often last throughout their lives," added
The PSAs direct viewers to www.feedthepig.org, which was relaunched this month. In addition to a myriad of money management tips and tools, the new website features personal finance calculators and short-, mid-, and long-term action plans for achieving goals like buying a house, starting a family or paying off debt. The campaign also directs young adults to Facebook and Twitter to ask questions and engage with financial experts.
"The AICPA cares about the financial literacy of 25 to 34 year olds and they wanted to communicate to them that understanding your finances is crucial at a young age. To do this, the AICPA, the
The AICPA and the
The AICPA and the
- For 70 percent, financial stability means paying all the bills each month.
- Women feel more financially stable than men.
- Men find it more important than women to keep up with their friends.
About the AICPA
The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the
The AICPA maintains offices in
Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.
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kirshenbaum bond senecal + partners (kbs+) is an integrated creative, advertising and marketing agency that is shifting the industry paradigm from innovation to invention. We are committed to inventing and creating the highest value ideas for our clients and for ourselves. Our team of passionate inventors and creative entrepreneurs is dedicated to doing things that matter and making things that matter. Today kbs+ serves a diverse roster of clients that includes American Express, BMW,