What is Consumer Education?
- Written by News Company
You see the link: “No deposit codes Fair Go”. Do you click on the link? Do you not click on the link? The knowledge that you use to make that decision is called “Consumer Education”.
Consumer Education is the preparation of an individual to be capable of making informed decisions when it comes to purchasing products in a consumer culture.
Many high school curriculums do not include a requirement to take consumer education in order to graduate from high school. In the school that I went to, I was required to take a consumer education course.
Consumer Education
The consumer education course I took included the following topics:
Management of personal business affairs
Consumer law
Checking and banking services
Credit loans
Credit Cards, Debit Cards, and Prepaid Debit Cards
Installment buying and layaway
How interest is calculated
Creating a personal budget
How to buy a house
Renting an apartment
Informed and skillful buying
Consumer protection
Role business and government play in our economy
Thinking back on that class, I remember every student giving an oral report from the magazine "Consumer Reports". Consumer Reports is a nonprofit organization dedicated to unbiased product testing, investigative journalism, consumer-oriented research, public education, and consumer advocacy. Before websites like Amazon.com existed, Consumer Reports was the go-to magazine to learn about a product.
Practical Use of Such Info
Every student was also given extra credit to record a commercial segment. So every class, the teacher would play one student’s commercial segment, and on the fly, with no preparation, we learned through the experience of our teacher how to tear apart a commercial to understand what the commercial was telling us and what the commercial was not telling us.
There was only one commercial out of all the commercials that watched during the whole semester, that the teacher could not find one negative thing to say about the commercial. It was a commercial from CitiBank advertising that now all of their drive-through ATM machines had an overhang.
The commercial just listed all of the benefits of having an overhead protection above their ATM machines. There was nothing scammy. Nothing distorting. Just, statements of fact. 1 out of 90 commercials have this, and I remember that commercial to this day.
Consumer Law
As for consumer law, anyone considering gambling for real money online should check the law regarding gambling in their region and country. In many places in the US, online gambling is illegal, but social gambling websites are legal. Also, for example, in New Jersey, when you are in New Jersey, you can access the online gambling websites hosted by the Atlantic City casinos, but these websites cannot be accessed once you cross from New Jersey into New York.
One final piece of consumer education advice is true for any internet purchasing. Use a service like PayPal or use a prepaid debit card. And treat online gambling with the same attitude that you would have going to an amusement park. Put $100 in your pocket, and when the $100 is gone go home, or in the case of an online site, shut down the computer.
Being Smart with Your Money
Being a Smart Consumer isn't just about finding the best deals and bargains. It's about being smart with your money. As they say, knowing is half the battle. When it comes to fiscal frugality, it's doubly important to know the dangers and pitfalls that consumers regularly fall into. This knowledge can be simple common sense checks to as complicated as knowing the depths of consumer law and the protections you are afforded by it. Remember, it never hurts to know more.
