The Advertising Council, in partnership with the U.S. Department of Treasury, announced today the launch of a new public service advertising (PSA) campaign designed to encourage young adults between the ages of 18 and 24 to take control of their credit and personal finances.
According to a study conducted by Sallie Mae, more than 50 percent of college students accumulate more than $5,000 in credit card debt while in school. Additionally, Capital One reported that only 10 percent of high schools in America teach financial management and 75 percent of graduating seniors do not understand basic investment principles.
Created pro bono by Lowe Worldwide, the campaign helps 18-24 year olds to overcome the intimidation of debt and financial illiteracy. The PSAs teach young adults to think twice before spontaneously spending as a key step to building a solid financial future. The takeaway is that overspending costs more than one may think: it can cost someone their job, their apartment, their car, or cause public embarrassment.
This campaign includes television, radio and web banner advertising. All of the PSAs end with the tagline “Don’t let your credit put you in a bad place” and directs the audience to a new website, www.controlyourcredit.gov where they can play an interactive game to explain the importance of having a good credit score and find free financial information on credit and debt management.
“When we are able to finance things like a home, a car, or a college education, credit can help us bring our dreams within reach,” said Dan Iannicola, Jr., Treasury Deputy Assistant Secretary for Financial Education. “But as we see in the headlines, those dreams can become financial nightmares if we don’t manage that credit carefully and wisely. We hope this campaign will meet a critical need, educating young adults on the importance of responsible, informed borrowing.”
“We are delighted to join the Department of Treasury and Lowe Worldwide on this new, important and engaging campaign to encourage young Americans to think before swiping because bad credit has serious short and long-term consequences,” said Peggy Conlon, President and CEO, the Ad Council. “We’re confident that these PSAs have the power to inspire Americans to take small steps to manage their finances.”
“Our team was thrilled to develop the advertising for this campaign,” said Mark Wnek, Chairman and Chief Creative Officer, Lowe New York. “Our goal is that the work will demonstrate to young adults that their current financial choices will affect their futures and therefore, they need to start considering the consequences of their everyday decisions.”
Per the Ad Council model, the PSAs will run and air in advertising time and space that is donated by the media.
Lowe New York
Lowe Worldwide is an interconnected global community of marketing agencies. Its client roster includes Unilever, Saab, Johnson & Johnson, Nestle and Stella Artois. The agency is founded on the belief that the greatest service it can render its clients is High Value Ideas coupled with Problem Biased Thinking. Lowe is a member of Interpublic Group (NYSE:IPG), one of the world’s leading organizations of advertising agencies and marketing services companies. Lowe New York is one of the cornerstones of Lowe Worldwide with a client roster including Milk, Perdue, XM, Sharp and more. www.loweny.com
The Advertising Council
The Ad Council (www.adcouncil.org) is a private, non-profit organization that marshals talent from the advertising and communications industries, the facilities of the media, and the resources of the business and non-profit communities to produce, distribute and promote public service campaigns on behalf of non-profit organizations and government agencies in issue areas such as improving the quality of life for children, preventive health, education, community well-being, environmental preservation and strengthening families.
