Over the course of the past few months I have heard several creative radio spots for Feed the Pig. Feed the Pig is a collaborative initiative sponsored by the American Institute of Certified Public Accountants, state CPA societies and the Ad Council. The campaign's icon, Benjamin Bankes, targets 25-34 year olds and encourages them to establish the savings habit by taking small, easy steps to take control of their finances.
Check out the Feed the Pig web site. And check out the Lunch Savings Calculator.
Here's the discouraging financial reality for the average 25-34 year old.
- Their average credit card debt is $4,088.
- Their average student loan debt is $20,000.
- They spend 24 percent of their income just on debt payments.
- They now have the second highest rate of personal bankruptcy in the nation.
The companion web site, 360 Degrees of Financial Freedom has some great resources.
I applaud these organizations for trying to encourage young adults to establish a savings habit. However, the pull of culture is hard to overcome. I'm afraid the pig will be ignored. Since 2005 Americans have spent more than we have earned. And this trend doesn't appear to be changing anytime soon. It's time to use some restraint. It's time to feed the pig!
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