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Learning Objectives

Students will be able to:

Examine their role as a consumer and their consumer decisions
Explain how social media and influencers can impact a consumer’s spending decisions
Identify steps a consumer can take to decrease the influence of social media on their spending decisions

National Standards for Personal Financial Education

Spending

2a: Select a product or service and describe the various factors that may influence a consumer’s purchase decision
2c: List the positive and negative effects of a recent consumer decision on the environment, society, and the economy
5c: Analyze social media marketing and advertising techniques designed to encourage spending
9a: Explain how having a system for financial record-keeping can make it easier to make financial decisions

Saving

8b: Discuss how personal financial decisions can affect other people
9a: Explain how external influences (e.g. peers, family, or social media) can impact personal savings decisions
9b: Identify strategies to manage psychological and emotional obstacles to saving
9c: Discuss strategies for avoiding personal triggers that result in deviating from a savings plan

1

QUESTION OF THE DAY: Beyond Entertainment, what do Gen Z consumers value most in the influencers they follow?

Many of our consumer decisions today are influenced by what we see on social media. An advertisement, a friend’s post, or an influencer can sway us to buy things we may not really need. Watch this video and read through the reference to learn more about how social media can drive our spending decisions. Then, answer the questions.

1

Has social media influenced a purchasing decision of yours? How?

1

What kinds of themes do you notice about the purchases Americans make after seeing them on social media?

1

In the video, Yanely wonders if future generations will blame social media for excessive spending. Do you think it is primarily a social media platform’s responsibility or a consumer’s responsibility to practice and encourage wise spending behaviors? Explain.

While influencers can recommend products you think you need, it’s important to think critically about what influencers post. Watch this video that just might leave you questioning how seriously you want to take an influencer’s post the next time you see it on social media. Then, answer the questions.

1

What was your reaction to the ending of the video? Why?

1

The Question of the Day showed us that authenticity is important to teens when deciding whether or not to follow an influencer. Has this video impacted your perception of influencers’ authenticity on social media? Explain.

As we’ve seen, social media can encourage you to overspend. However, there are ways to use it more mindfully so that you can make financial decisions that align with your values and goals. Read through the list in the article section Ways to Reduce Spending on Social Media to learn how. Then answer the questions.

Social Media Detox: Reset Your Mental Health and Wallet | Chime

1

Why do you think creating and sticking to a budget is the #1 item on the list of recommendations in this article?

1

Which of the other main recommendations from the article would you like to practice? How do you think it might help you use social media more mindfully?

1

You hear a close friend say, “I really like using social media to stay in touch with my friends and family. But, now that I’ve become more aware of how it can influence my spending, I wonder if I should just delete all of my social media accounts.” What might you say to this friend in response? Why?

1

Think about how you currently spend your money. What goods and/or services do you spend your money on?

1

What factors influence your decision to buy (or not buy) something?

1

In what ways might your consumer decisions impact others? (Think about family and friends, businesses, environment, etc.)

1

Which of the following are Americans most likely to buy after seeing them on social media?

Clothing or accessories

Sports gear

Pet related items or services

Home goods

1

All of the following are true about the impact of social media and influencers on a consumer’s decisions EXCEPT…

Consumers may decide to purchase something they don’t necessarily need

Certain products may go out of stock in record time due to buying trends driven by social media

Influencers always use credible sources when making recommendations and sharing information with their followers

Social media can repeatedly show a consumer advertisements for products they were looking at

1

David wants to start using social media more mindfully. Which of the following is a good next step for him to do so?

Delete all of his social media apps immediately to avoid spending

Schedule time for him to binge use social media three times a year. Otherwise, he stays logged out of his accounts.

Have a friend or family member frequently change his social media account passwords to decrease how often he logs in

Curate his feed so that he sees fewer posts from friends, family, and influencers who make him feel like he needs to spend more

11.1 Lesson 1: Your Money & Social Media

11.1 Lesson 1: Your Money & Social Media

Learning Objectives

Learning Objectives

QUESTION OF THE DAY: Beyond Entertainment, what do Gen Z consumers value most in the influencers they follow?

Has social media influenced a purchasing decision of yours? How?

What kinds of themes do you notice about the purchases Americans make after seeing them on social media?

In the video, Yanely wonders if future generations will blame social media for excessive spending. Do you think it is primarily a social media platform’s responsibility or a consumer’s responsibility to practice and encourage wise spending behaviors? Explain.

What was your reaction to the ending of the video? Why?

The Question of the Day showed us that authenticity is important to teens when deciding whether or not to follow an influencer. Has this video impacted your perception of influencers’ authenticity on social media? Explain.

Why do you think creating and sticking to a budget is the #1 item on the list of recommendations in this article?

Which of the other main recommendations from the article would you like to practice? How do you think it might help you use social media more mindfully?

Think about how you currently spend your money. What goods and/or services do you spend your money on?

What factors influence your decision to buy (or not buy) something?

In what ways might your consumer decisions impact others? (Think about family and friends, businesses, environment, etc.)

Which of the following are Americans most likely to buy after seeing them on social media?

All of the following are true about the impact of social media and influencers on a consumer’s decisions EXCEPT…

David wants to start using social media more mindfully. Which of the following is a good next step for him to do so?

Learning Objectives

Learning Objectives

QUESTION OF THE DAY: Beyond Entertainment, what do Gen Z consumers value most in the influencers they follow?

Has social media influenced a purchasing decision of yours? How?

What kinds of themes do you notice about the purchases Americans make after seeing them on social media?

In the video, Yanely wonders if future generations will blame social media for excessive spending. Do you think it is primarily a social media platform’s responsibility or a consumer’s responsibility to practice and encourage wise spending behaviors? Explain.

What was your reaction to the ending of the video? Why?

The Question of the Day showed us that authenticity is important to teens when deciding whether or not to follow an influencer. Has this video impacted your perception of influencers’ authenticity on social media? Explain.

Why do you think creating and sticking to a budget is the #1 item on the list of recommendations in this article?

Which of the other main recommendations from the article would you like to practice? How do you think it might help you use social media more mindfully?

Think about how you currently spend your money. What goods and/or services do you spend your money on?

What factors influence your decision to buy (or not buy) something?

In what ways might your consumer decisions impact others? (Think about family and friends, businesses, environment, etc.)

Which of the following are Americans most likely to buy after seeing them on social media?

All of the following are true about the impact of social media and influencers on a consumer’s decisions EXCEPT…

David wants to start using social media more mindfully. Which of the following is a good next step for him to do so?