LOVE, Kloudiia

This morning I received this promotional brochure from a bank.

Usually I would throw it in the bin after glancing over the headline. Without knowing why, I actually read the contents, not to my nice surprise, but to my horror of such audacity.

It first begins with a question asking you “Is one pair ever enough?”

You may have guessed it correctly. One more pair of shoes is the spotlight and the string that connects throughout the sales pitch in this advertising material.

It continues with “… don’t let tight budgets cramp your style. … get the cash you need to indulge in the latest trends.”

This option promises you a release of extra funds (CASH!) as and when you need it, no hassle, no high interest rates so that “you may stay fashionably dressed in every season”.

Who are they capturing? Not people like me, who, though may not be armed with the best-analysed and latest information on investments and financial instruments, still have a good inkling of what financial planning is. No, financial planning is too big a word. Let’s just put it very simply, using the most basic and logical budgeting with the simplest form of calculation. No permutations, no future value, no interest rate.

Simply adding and subtracting. Adding my income and subtracting my expense. The nett value shouldn’t go below zero, in the worst case.

In short - live within your own means.

There is a Chinese saying that says “If you don’t have such a big head, don’t wear such a big hat”

If your pocket isn’t deep enough, so shouldn’t be your appetite.

Is encouraging people to fall into the traps of fads and fashion at the expense of chalking up debts ethical? What sort of financial “education” is the bank advocating now? Shouldn’t there be some sort of advertising guidelines imposed for them so that while wooing customers, there aren’t any mouse traps?

So does this mean this loan feature is a bad thing? Not really. At least now I’m informed of a quick alternative to raise cash, in cases of emergencies, and when I know I’ll be able to cover this cash shortfall within a specific period. This tool can be considered a very useful one, but when marketed in a different manner, the meaning is totally skewed.

I am irked at such a blatant and inconsiderate form of advertising. And I am saddened by how many thousands of people will actually buy into this idea and prioritise wearing the latest fashion over proper financial planning for their own lives.

Again, the concept of money should be rightly inculcated into a person’s life when he/she is young. How important child education is!

Ultimately, it boils down to a responsibility towards self, towards family and towards society. It’s still our choice, isn’t it? Only difference is, how much discernment one has is directly proportionate to how educated and informed this person is.

[tags]bank promotion, concept of money, family, financial freedom, financial planning[/tags]