Has scrolling through Instagram or your favorite social media account encouraged you to spend more money? CNBC shares that, “For millennials ‘more than any other generation, social media and the allure to spend beyond their means could have long-term negative effects on their finances if they’re not careful” in the article “Social Media May Make You Overspend And Its Not Just Because of Ads.” Upwards of 75% of teens shop online- says PracticalECommerce.com. With online shopping such a convenience, it has become more and more common.
Imagine that you were given $100 to spend online. What online shopping site would you look at for your purchase? Have you shopped online before? Write down the last item that you bought online, and why you chose to purchase your good or service over the internet. Did you end up spending what you anticipated? Did you have a plan when you went online to make your purchase? Did you buy only what you initially wanted to purchase or did you add additional items into your cart? Was your online shopping experience a positive experience? Why or why not? What would you do to make a better online shopping experience next time? If you have not purchased online, what could you do to make sure that you are a smart online shopper?
Read the attached article, “With Rise of Online Shopping, Has it Saved Us Any Money?” and think about some household benefits and hindrances to shopping online. What does the article identify as a consequence to online shopping for society? Give your opinion for each repercussion on American society.
Check out our new student guide to use with this Use the News activity. We have also created a Nearpod lesson you can use as a slideshow through the preview link or as an editable link.
Florida Financial Literacy Standards
SS.912.FL.2.1: Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences.
SS.912.FL.3.1: Discuss the reasons why some people have a tendency to be impatient and choose immediate spending over saving for the future.
SS.912.FL.2.3: Discuss that when buying a good, consumers may consider various aspects of the product including the product’s features. Explain why for goods that last for a longer period of time, the consumer should consider the product’s durability and maintenance costs.
SS.912.FL.2.5: Discuss ways people incur costs and realize benefits when searching for information related to their purchases of goods and services and describe how the amount of information people should gather depends on the benefits and costs of the information.