LOS ANGELES, Nov. 22, 2021 /PRNewswire/ — Among families across the US, this year marks a new beginning – one they’re celebrating by leaving traditional Black Friday shopping sprees behind in favor of observing "In the Black Friday."
The National Financial Educators Council (NFEC) sponsors its "In the Black Friday" promotion as a holiday event that encourages families to avoid overspending on holiday gifts and build up their savings accounts instead. Thus, people’s personal finances can be "in the black" – that is, having more cash on hand than debt – rather than going into the hole by spending for the holidays.
This holiday promotion takes place on Black Friday to help offset the push advertisers make to persuade people to "spend, spend, spend" during the holiday season. Instead, people are encouraged to turn their attention to finding ways to increase their savings. And parents can take this time as a teachable moment to model valuable lessons about financial decision-making for their children.
The NFEC offers complimentary resources to augment the In the Black Friday promotion, which you can view and download here: https://www.financialeducatorscouncil.org/in-the-black-friday/ The NFEC hopes its efforts can inspire families to turn reduced spending and positive financial decisions into a new tradition that helps support their long-term goals – this season and many more to come.
In the Black Friday also serves as an important reminder to parents that their spending and saving choices have powerful impact on their children. The NFEC provides complimentary activities and a guidebook parents can use to leverage In the Black Friday as a time to teach kids about money and the value of savings.
If you’re like most people, you wish you had learned more about managing money when you were younger. Children’s financial habits begin forming very early, and their parents are their most influential role models. If they see their parents making the choice to leave Black Friday spending in the dust and work on savings instead, they’ll be learning a valuable life lesson that can serve them well as they grow and mature.
Vince Shorb, CEO of the NFEC, recognizes the value of changing our holiday spending behaviors: "People get so caught up in the Black Friday hype and advertising that they end up spending way outside their budgets. And for parents, overspending has even worse consequences, because children watch what you do and copy those behaviors as they grow older."
According to a Deloitte forecast, 2021 holiday spending is predicted to increase by up to 9% from the previous year. At the same time, supply chain issues are likely to affect product availability and raise prices. Why not avoid all these problems and take In the Black Friday as a time to manage your money in a way that helps secure your future needs instead?
The In the Black Friday campaign also launches the Give Savings promotions which represent the NFEC’s holiday financial literacy programming series in December. Give Savings encourages people to give loved ones money instead of buying presents, or to establish a no-gift-exchange policy so family members can work toward their financial goals instead.
The National Financial Educators Council (NFEC) is a social enterprise organization that promotes financial wellness around the globe by conducting advocacy campaigns and empowering communities with access to high-quality financial education resources.
SOURCE National Financial Educators Council