Donald Faison, star of the hit TV series Scrubs, hosts this informative show which, although very timely considering the state of the economy, is filled with information that will help teens build a financial foundation for the rest of their lives. Whether it’s dealing with credit cards, student loans, savings accounts, 401Ks, or any of the other challenges of finances, learning how not to get into debt is a lesson from which everyone can benefit.
Targeting Young Adults and Teens
John Grant, executive producer of the show, told journalists at the recent Television Critics Association convention, “When we started out over two years ago to create and produce this program, we thought we had an important and timely subject. We didn't realize at the time how important and how timely it would become. And the ongoing economic situation only highlights the issue of financial challenges facing young adults today.”
Grant said that Faison was eager to undertake this project because he, like everyone starting out in life, was faced with his own financial burdens. Faison “was very open about some of the financial issues that he struggled with as a young actor and a young adult when he was starting out in his career. And that actually did help influence and drive the content of the program.”
Want Versus Need
Producer Tom Simon explained that the target audience ranges from middle school up to about thirty years old. “The reason was that our studies and basic research had shown that the level of financial literacy - basically, how much they knew about basic finance - among this population was woefully inadequate. And there have been numerous studies that have reinforced it. So there was a real need for it.”
The show uses real-life character stories. Grant emphasized that the show does not preach to the audience, and is important for parents as well so they can understand their role in teaching their kids how to manage money. “They are not learning it at college, and so parents, I think, have to play a role in explaining what credit cards are and what debt is and helping kids understand the difference between their wants and their needs. And if you give them that foundation, then, when they get off to college and beyond, hopefully, they have the information they need.”
Understanding the difference between what someone needs verses what they want is a big part of not getting into debt. Simon declared, “If you can distinguish between your needs and your wants, you are going a long way towards not living beyond your means.”
Building a Financial Foundation
Beth Kobliner, author and financial expert, is excited about this show. “I'm a financial journalist, and I go around the country and talk to a lot to colleges. And the number one point that young people of this age group are realizing [is] they're going to have to move back in with their parents. So their parents are well aware - people in their 40s and 50s who watch PBS - are going to want to watch this show because they realize that ‘Oh, my gosh, my kid has, on average, $4,100 in debt when they graduate from college or $23,000 in student loans.’” She emphasized that parents should watch this show with their kids to help them get off to a good start.
Growing money is something Kobliner hopes to teach the viewers. She explained, “Banks clearly are not getting good publicity, as they shouldn't be, in the last few years. However, what banks offer is if you keep under $250,000 in a bank account, which isn't a problem for most people, it would be federally insured, and you will get an interest rate. It won't be a high interest rate, but you know your money will be safe. And that's something we talk about in the show.”
Besides the one-hour show, PBS is doing outreach promotions on YouTube, Twitter, and Facebook.
Your Life, Your Money is filled with basic financial advice and dispenses it in a comprehensible way. The aim is to help young people learn how to handle money and not get into debt.
Your Life, Your Money premiers Wednesday, September 9 at 9 PM ET on PBS.
Source: The writer is a member of the TCA and attended the Summer Press Tour.
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