LOS ANGELES, 22 November 2021 / PRNewswire / – Among families across the United States, this year marks a new beginning – one they are celebrating by ditching traditional Black Friday shopping sprees and observing “In the Black Friday.”
The National Financial Educators Council (NFEC) is sponsoring its âIn the Black Fridayâ promotion as a holiday event that encourages families to avoid overspending on holiday gifts and build their savings accounts instead. Thus, people’s personal finances can be “in the dark” – that is, having more money on hand than debt – rather than going in the hole by spending on vacations.
This holiday promotion takes place on Black Friday to help offset the push from advertisers to persuade people to âspend, spend, spendâ during the holiday season. Instead, people are encouraged to turn their attention to finding ways to increase their savings. And parents can use this as a good learning time to teach their children valuable lessons in financial decision making.
The NFEC offers additional resources to increase 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 Black Friday also serves as an important reminder to parents that their spending and saving choices have a powerful impact on their children. The NFEC offers free activities and a guide that parents can use to take advantage of Black Friday as a time to teach kids about money and the value of saving.
If you’re like most people, you would have liked to know more about money management when you were younger. Children’s financial habits start to form very early on, and their parents are their most influential role models. If they see their parents making the choice to let Black Friday spend in the dust and work on savings instead, they will learn a valuable life lesson that can come in handy as they grow older and mature.
Vince shorb, CEO of NFEC, recognizes the importance of changing our vacation spending behaviors: âPeople get so caught up in the Black Friday hype and hype that they end up spending way over budget. And for parents, overspending has even worse consequences as children watch what you do and copy those behaviors as they grow older. “
According to a forecast from Deloitte, vacation spending in 2021 is expected to increase by up to 9% from the previous year. At the same time, supply chain issues are likely to affect product availability and drive up prices. Why not avoid all these problems and take advantage of Black Friday to manage your money in a way that secures your future needs?
The In the Black Friday campaign is also launching Give Savings promotions which represent the NFEC’s holiday financial literacy program series in December. Give Savings encourages people to give money to loved ones instead of buying gifts, or establish a no-gift policy so family members can work in place of their financial goals.
The National Financial Educators Council (NFEC) is a social enterprise organization that promotes financial well-being around the world by leading advocacy campaigns and enabling communities to access high quality financial education resources. .
SOURCE National Council of Financial Educators