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Bellwork . List 3 things that have influenced a financial decision you have made in the past. List 2 things, other than the 3 you already listed, that could influence a financial decision. . Factors . that affect financial decisions. $. $. Family factors. Family structure Income level

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bellwork
Bellwork

List 3 things that have influenced a financial decision you have made in the past.

List 2 things, other than the 3 you already listed, that could influence a financial decision.

factors

Factors

that affect financial decisions

$

$

family factors
Family factors

Family structure

Income level

Lifestyle

Size

Age

Stage of life cycle

Health status

Emergencies

cultural factors
Cultural factors
  • Cultural and ethnic groups impact
    • Values
    • Beliefs
    • Lifestyle
    • Family structures
    • Clothing choices
  • What are the advantages and disadvantages of cultural diversity within a family, a school, a workplace, a community?
social factors
Social factors
  • Education level
  • Family structure
  • Immigration
  • Ethnicity
  • Rural, urban, suburban community
  • Peer pressure
  • Community relationships and involvement
societal and demographic factors
Societal and demographic factors
  • Demography is the statistical characteristics of a population
    • Age
    • Sex
    • Race
    • Birth, marriage, death rates
economic factors
Economic factors
  • Employment rate
    • Kind and number of jobs available
  • Inflation
    • A period of rapid increase in the price of goods and services
  • Recession
    • An extended period of slow economic growth
  • Government Regulations
      • Fiscal policies affect personal & business spending
technology
Technology
  • The use of mechanical or electronic devices to manipulate
    • Information (Ie. Computers, Ipads, Fax machines, fiber optics, GPS systems)
    • Objects (i.e Robots, automated assembly lines, hybrid cars)
  • On going change impacts
    • Training needs
    • Replacing obsolete technology
    • Types of jobs available
the media
The media
  • Media
    • Communications that reach large audiences with the aid of publication devices that include
      • Internet
      • Television
      • Voice, text, & data transmissions
      • Publications
  • Impacts the ways people and businesses communicate and operate locally, nationally, and globally.
the marketplace
The marketplace
  • Supply
    • Goods and services available to the consumer
  • Demand
    • Consumer desire to purchase as compared to availability
  • Market response
    • How quickly the market adjusts to supply versus demand
legal and moral factors
Legal and moral factors
  • Laws that impact spending
    • Taxation
    • Investment and Retirement Accounts
    • Insurance requirements
  • Beliefs in what is right and wrong
    • What is appropriate behavior of employers, employees, and individuals at home, work, and within the community.
    • Charitable giving and Service
personal factors
Personal factors
  • Needs
    • Items to survive – food, clothing, & shelter
  • Wants
    • Not essential but desirable – cell phone, Music CDs,
  • Values
    • A person’s belief about what is important and desirable
  • Standards
    • Measures of quality or excellence
  • Priorities
    • Deciding what is more important at any point in time.
what decisions will you make
What Decisions will you make?
  • What is a factor you want to think about in the future before making financial decisions?
  • What is a factor that influences both your and your family’s financial decisions in the same way?
  • What is a factor that influences your financial decisions differently than the rest of your family? Than your friends?
  • What is a factor that does not influence your financial decisions at this time?