I bank with Bank of America and I’m generally a happy customer, but a recent radio ad of theirs left me fuming. Simply stated the ad says that saving money is hard and Bank of America is here to help make it “easier”. Differential calculus and quantum physics are hard, saving money is so easy even a child can do it. Why do they reinforce such negative thinking?
I realize that advertising has to connect with the listener, telling people that their failure is not their fault is one such way. Unfortunately they are simply reflecting the modern American mindset, blame something else for your problems. It’s easier to believe that the simple act of saving money is difficult. It’s easier to believe that your debt is not your fault.
Saving money is not difficult, whip out your budget. Don’t have a budget, then you need to get one! I’ll only excuse the fiscally fit from having to budget, the rest of you have no excuse. Add a line – Savings. Add a number next to that line, novices can start low, $100 a month. Treat that line like a bill, pay that bill every month or if you can’t handle it, set up an automatic deposit into savings. Wow, was that so hard? You pay the electric bill and the rent every month, why not pay yourself as well?
Bank of America is in the business of making money, they don’t really care about your financial situation unless it affects their bottom line. They are happy to flatter you and soothe your feelings of inadequacy in the interest of a dollar. But they aren’t doing their customers any favors with this line of advertising. If saving money were truly hard, very few people would be able to do it. Yet a five year old child is able to grasp the concept of saving their allowance to buy something bigger and better later. I find it ironic that a bank built by the savings of the people would say that saving money is hard. Saving money is not hard.
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5 comments:
Hey Miss M. Sorry for the looooong absence. I'm over the flu, by I got my butt kicked by a secondary bronchitis infection. Anyhoo, enough about me!
I do think most banks (if not all) have a automatic savings withdrawal feature that does take inertia (i.e., making the actual physical deposit) out of the whole act of savings. So I guess, they do make it easier to save.
But I don't care much for BofA's "save the change" marketing campaign that "saves" your change that you're supposed to get when you use your bankcards. Anytime "saving" is linked to "spending," in my opinion is just a useless gimmick and/or possibly a detrimental one.
I'll never understand how saving is "hard" -- probably because it was something I learned early on. It's a habit people need to get into, just like learning to make your bed in the morning as a kid.
I'm not a fan of these patronizing ads that act like a simple acts of saving money require a bank to do it for you.
@Kat - yeah banks aren't in the business of doing the little guy any favors! Best to take care of your own future. Hope you are feeling better.
@Rainy - I didn't learn to save when I was young, I didn't learn till my mid 20's! But that doesn't mean it was hard, it was my own fault I wasn't saving. I was more concerned with instant gratification and looking cute!
@Revanche - exactly, patronizing is the right word to use. How hard would it be for them to say "we know that saving is important to you and we're here to help". At least that gives their customers a little credit instead of treating them like a 3 year old.
One of the best explanations I heard is that saving is simple, but not necessarily easy. Some people just can't give up the instantaneous gratification.
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