The American Institute of CPAs is launching a new series of ads for its "Feed the Pig" financial literacy campaign targeted at adults in the 25-to-34 age group.
The public service announcements, co-produced with the Ad Council, aim to teach young adults how to save money even in today's difficult economic environment. "People in this age group are involved in major life changes," said National CPA Financial Literacy Commission chairman Carl George in a statement. "They're launching careers, buying homes, getting married and having children. All these events involve major expenses, which makes saving difficult, especially in a hard economic time like the one we're now experiencing. But there are simple things they can do, such as paying more attention to how much they spend on discretionary items. Spending within your means is itself a form of saving."
The new PSAs can be viewed at the campaign Web site, www.feedthepig.org, which also includes tips for saving money along with interactive financial tools. The site also offers weekly savings tips via e-mail, podcasts, and text messages for cell phone users. The AICPA has also created Facebook and MySpace pages for Benjamin Bankes, the piggy bank icon for the campaign.
In conjunction with the campaign, the AICPA has released a new study from Beacon Economics showing that Americans aged 25 to 34 as a group has been sliding deeper into debt while seeing their net worth decline. Between 1985 and 2005, the group saw its median debt skyrocket by 44 percent. For every dollar of assets, the study found, this group is carrying 70 cents in debt, more than double the amount carried by older age groups. Their net worth fell 31 percent during the same period, excluding the value of their homes. In contrast, the median net worth for Americans aged 35 to 64 grew 28 percent.
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