Why we need consumer education for consumer wellbeing

Through consumer education, individuals can comprehend the workings of the marketplace and thus make informed decisions to purchase items and services they believe will likely improve their well-being.

It is, therefore, possible to differentiate consumer education from consumer information — two terms that are frequently mistaken for one another. Consumer education is a form of learning that cannot easily be seen or heard in its entirety, according to its definition. On the other hand, consumer information is presented in a way that may be seen or heard without a doubt.

In Bangladesh, there are significant barriers to education for consumers. As a result, most consumers in our market end up dissatisfied, sick, or fall victim to fraud simply because they are unaware of the regulations and laws that govern the industry.

Even though there are unethical corporate activities in our country, they are subject to extensive oversight. Instead, the authorities should take the necessary steps to educate our consumers about the six W's of proper consumer behaviour, which are: Who, What, When, Where, Why, and Way. Before making a purchase, the consumer should consider the answers to these questions.

In the absence of proper consumer education in any of our schools, colleges, or textbook education streams (other than the limited number of business textbooks), our consumers might encounter various problems, such as taking out loans above their means to purchase a home, a car, shares, or other unnecessary products, or to invest for more significant returns on financial assets. This may directly affect their personal lives and lead to financial issues.

They might also fall for agents or sellers who do not have the appropriate qualifications, such as obtaining a work permit in foreign countries in exchange for millions of takas. As a result, they could lose everything they have worked for.

A lot of consumers fall for scams promising them that they would become slimmer if they consume unhealthy medicine, food or drinks. Instead, they end up putting their lives in danger, causing damage to their essential organs and mental health. 

Some consumers wish to look more attractive by using shoddy creams, but in the end, it may have adverse effects.

Moreover, student consumers sometimes enrol in bogus universities, where they receive poor quality education.

Consumers purchase medicine, food, and drinks that have expired, leading to illness or even death. Some consumers do not comprehend what constitutes high-quality food with proper nutrition.

The purpose of a consumer education program is to provide various pieces of consumer information, such as buying guides or curriculum guides, which are then utilised in high school consumer education classes. Similarly, a consumer education campaign develops and disseminates advertising messages to instruct consumers on how and why they should shop for particular product categories.

Both of these initiatives are geared toward assisting with the education of consumers. On the other hand, consumer information programs offer consumers only the factually correct information about particular product offers but teach consumers very little about applying it to various purchasing scenarios.

Implementing consumer education in high schools will result in many benefits. 

For instance, they would communicate their desires and requirements to businesses more directly and consistently. Before making a purchase, they would seek out further information and use it to assist them in comparing prices, levels of quality and types of services.

Consumers are more likely to purchase products and services from vendors who make it simple to locate information about the goods and services they offer.

To safeguard their health or the health of others, educated consumers will purchase fewer things that could be harmful to them. When consumers get dissatisfied with a product, service or marketing activity, they are more prone to hunt for answers, redress, and restitution to compensate for their negative experience.

And with proper knowledge, a more significant number of consumers is likely to participate in legislative debates, which may affect how the market functions.

Dr Mohammad Shahidul Islam is an Assistant Professor of Marketing at BRAC Business School.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.