Millennials Look to Friends to Determine Their Spending Habits
A new survey from the American Institute of CPAs and the Ad Council shows that millennials reference their friends’ spending habits to determine how to spend their money. An astounding 78% of the 25-to-34-year-olds surveyed follow that philosophy. Nearly two-thirds of millennials say they want to live and dress like their friends, and a similar number want to eat at the same restaurants and use the same gadgets as their counterparts.
The need to fit in may be sending these young adults in the wrong direction. 61% of them said they still need money from family members to get by, and 45% use credit cards to cover necessities. 28% have been contacted by a bill collector in the past year, and 24% have missed at least one debt payment this year.
The Feed the Pig public service announcements that are funded by the Ad Council are designed to help millennials see the ramifications of their financial actions. The ads direct viewers to FeedThePig.com, where they can read helpful tips about managing their money. The site was relaunched in October with the addition of new financial calculators to help users better manage their debt.
“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,” said Will Bright, kbs+ creative director on the Feed the Pig campaign. “To do this, the AICPA, the Ad Council and kbs+ created a campaign that humorously brings to life the poor financial decisions that many young adults make every day.”