FirstBank encourages foolhardy investors to wise up

Increasingly we’re seeing financial services institutions—which have become a scapegoat for our economic turmoil—encourage drowning consumers to make smarter long-term financial decisions by prioritizing saving, including the likes of UBank and DnB NOR. Another example comes from FirstBank, a banker in California, Colorado and Arizona, which is illustrating that half-baked “get rich quick” schemes seldom play out as planned.

In a spot titled “History Lessons,” the financial services provider takes us through three economic bubbles, starting with Tulip Mania in Holland (a brief period in the 17th century when the Dutch went gaga for tulips and a single bulb cost as much as a merchant’s annual income) and 1929 New York (a man explains the stock market to a flapper: “The best part is, you don’t even have to use your own money!”). As we’re wondering how people could have been so foolish, the spot jumps ahead to the housing bubble of 2008, showing that we’re guilty as well. Moments after a couple closes on a new, sizable home, the husband announces he’d like to sell, explaining to his perplexed wife, “It’s called flipping—so easy!”

As part of the campaign, clever print ads prompt people to think more rationally about finances: “If you really can earn millions without ever leaving your couch, then why aren’t more teenagers financially secure?” Bottom line: “It’s always the same story. There is no ‘Get Rich Quick,’” as the ads outline. Best to start saving.

While hindsight is 20/20, FirstBank encourages people to make sound financial decisions now, alleviating anxiety over being caught in a vulnerable financial position the next time the market bubbles over.

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