A Slightly Warped View of Post-Recession Families
There are many theories why parents struggle to teach their children positive money skills. Here’s one theory we can all agree on: the challenge of living in a consumer-centric society. Case in point: a recent article published by the Huffington Post that lists the top 23 must-haves for students returning back-to-school. And before you ask, no, this wasn’t posted in their Comedy section. Here’s the list:
- Bose noise canceling headphones
- Spotify music subscription
- iRobot Mini Scooba 230
- Gadget Track
- Netflix subscription
- Dropbox
- iphone case/battery juicer
- Keurig Mini Plus Brewing System
- Note taking iPad app
- PowerShot Digital Camera
- Water powered alarm clock
- Kensignton laptop lock
- Voltaic Converter Solar Backpack
- Laptop case
- Kno iPad App
- SanDisk Cruzer USB drive
- iHome iA9BZC iPhone speakers
- Motion-Activated Closet Light
- Netbook
- Snoozerr Recordings app
- ThermaPAK Laptop Cooling Heatshift Pad
- Kindle eReader
- QuickCam Pro 9000 Webcam
So what’s this going to run mom and dad? Hold on folks. The total cost (calculated by my quick search across the web) is a whopping $2,224. What makes this a bit more alarming is how the Huffington Post frames the article:
“Whether you’re in college, high school, middle school or simply a caring parent, these tech accessories will help any student achieve high-marks in class–and unwind when the cramming is over.” – The Huffington Post
C’mon HuffPo, we’re entering the third back-to-school year in a row in which many U.S. families are struggling to pay bills and make ends meet. Companies (and publishers) need to understand the reality of a post-recession environment. Sure, Keeping up with the Kardashians is a popular television show, but it’s not necessarily a serious aspiration for most families. OK, I admit that everyone wants an iPad, but for most families, $2,224 worth of techie extras is strictly off the back-to-school budget.
Companies that address the fundamental shift in consumer behavior and respond accordingly will be embraced by American households. The recession has changed everything—it’s a whole new world for marketers to explore.
For our credit union partners who work so hard to provide financial literacy to parents and youth, we have our work cut out for us. But it’s not an impossible task. Fortunately, we have moms and dads on our side. They understand this new reality better than anyone. Now, we just need to get everyone else on the same page.