October 20, 2018

financial literacy

AICPA Survey: College Students Overconfident, Exaggerate, Delusional, Etc. Etc. About Their Personal Finance Skills

I think most people look back on their college selves and think, "I was dumb to think I was so smart," or "At least I'm not that irresponsible anymore," or "Man, I was really bad at sex."  With that in mind, it's sort of fun to learn that the AICPA conducted a survey that tells […]

According to This FINRA Foundation Quiz, 76% of Millennials Have Absolutely No Clue

For real?   Only 24% of millennials were able to answer 4 or more Qs correctly. How do you measure up? #quiz @FINRAFoundation ^ http://t.co/1TuARC3IrO — Benjamin Bankes (@feedthepig) May 6, 2014 Now, I'm no accountant (as some of you like to remind me every. single. day) but I'd like to think I know a […]

PwC Competing Against Shaving, Toys and Delicious Food for Guinness World Record Award

Did you know PwC is a Guinness World Record holder? No, not for most coffees fetched by an intern. Rewind back to September of last year: Today, PwC US partners and staff throughout Southern California, Arizona and Nevada came together with thousands of local students and community organizations Playworks and Junior Achievement, to set the […]

This 15 Year Old Who Has Never Made Money Probably Knows More About Money Than Most Adults

From the NY Times "Bucks" blog: “My future’s holding a jobWorking hard all dayThrowing money in the bankToward my 401(k).” Those are the words to a rap by Blake McGuire, a 15-year-old high school freshman from Indianapolis who was the winner of this year’s Money Matters Music Mogul contest. The contest is sponsored by the […]

Young Americans Check Their Facebook More Than Their Bank Balance, Says AICPA

In honor of financial literacy month, the AICPA had Harris Interactive conduct a telephone survey to find out how often Americans check their social media accounts versus their bank accounts. The results should not be all that surprising. According to the survey, seventeen percent of 18- to 34-year-olds check their bank accounts daily. That’s less […]

Five Questions With Feed the Pig’s Benjamin Bankes

It’s been quite some time since we brought you Five Questions as we’ve already asked just about everyone worth asking to participate. But we’ve got a serious bacon fetish and a penchant for saving our pennies, so when we got the chance to interrogate Feed the Pig’s Benjamin Bankes, we couldn’t pass up the opportunity.


In case you aren’t familiar with his work, BB is th��������������������f the AICPA’s Feed the Pig campaign, inspiring saving across the country through PSAs, tweets and other similar awareness campaigns. His people got in touch with us and sent his official bio thusly:

Although he comes from a long line of investment piggy bankers, Benjamin once toyed with the idea of playing professional football (he wanted to be the ball in a Super Bowl game). Once he realized he would have no life with that career, the idea quickly boared him. Then, he discovered the alarming state of personal finances in this country and Benjamin realized his true life’s mission.

Bankes attended Sowthwestern University, where this little piggy went to marketing classes. Though he has never been known as a party animal, he does enjoy the occasional mudslide. In addition to his sharp business sense, Benjamin is also a very talented fiction writer who goes under the pig-pen name of H.W. Hogfellow. Other interests include: long trots on the beach, watching television (his favorite show is Squeel of Fortune), viewing movies (favorite movie is Martin Boarsese’s epic, The Hogfather), and listening to music (favorite song is “Pigs Don’t Lie” by Shoatkira). Benjamin currently resides in the minds of 25 – 34 year-olds everywhere who need proper financial guidance.

Feed the Pig’s hard work is definitely working. According to a survey conducted by The Advertising Council:

Respondents who recalled seeing or hearing the Feed the Pig PSAs were more likely to claim they always take certain actions to save money, such as:
o Keeping a budget of their expenses (33% vs. 19%)
o Saving for long-term financial goals such as education, a house or retirement (30 vs. 18%)
o Bringing a bagged lunch to work and/or eat leftover meals (29% vs. 21%)
o Comparison shopping for the purchase of most items (49% vs. 23%)
o Increasing savings when they receive a salary increase (27% vs. 16%)

Respondents who recalled seeing or hearing the Feed the Pig PSAs were more likely than those who had not to report that in the past six months, they have taken action to learn more about managing their finances. Reported activities include:
o Discussing ways to save money with friends and family (84% vs. 67%)
o Visiting a website to get more information about how to save money (62% vs. 34%)
o Calling a toll-free number to get more information (32% vs. 4%)

Side note: this interviewer slipped an extra $20 in her piggy bank after writing this piece.

We’d like to say we sat down with Benjamin but good bacon would have gotten hurt in the process, so instead we caught up with him via email and asked all the sizzling questions we could come up with.

AG: Does it hurt having that slot in your head?

BB: Only when it’s empty.

AG: When we think of financial literacy we think of you but what are some other resources for those interested in learning how and why to save?

BB: Of course I recommend my website, www.feedthepig.org as well as another financial literacy website from AICPA, www.360financialliteracy.org. In addition the state CPA societies have wonderful financial literacy sites and offer programs in their communities. Here’s a sampling:

Texas Society of CPAs: http://www.valueyourmoney.org/
California Society of CPAs: http://www.calcpa.org/Content/Financial_Literacy.aspx
Virginia Society of CPAs: http://www.vscpa.com/Content/financial_fitness/default.aspx

AG: Do you read any accounting blogs and if so, which do you like?

BB: Do I sense a leading question? You’ve got to get up pretty early in the morning to pull one over on Benjamin Bankes.

AG: Fine, we won’t send you a FREE I heart Jr Deputy Accountant bumper sticker then. Moving on, even though financial literacy is important, we all deserve a splurge every now and then, especially if we are being diligent about saving our money. How do you splurge?

BB: I put ice cubes in my tap water.

AG: Sounds like you missed your calling, you would make a great CPA. Lastly, are you going to be visiting Capitol Hill any time soon? Seems like America as a whole has really embraced your message but Washington could really use your help. You can stay at my house to save a few bucks on a hotel room.

BB: I don’t have any trips planned right now, high gas prices and all, but follow me on Twitter (@feedthepig) and I’ll let you know when I’m there.