Factors <br />that affect financial decisions<br />$<br />$<br />
Family factors<br />Family structure<br />Income level<br />Lifestyle<br />Size<br />Age<br />Stage of life cycle<br />Hea...
Cultural factors<br />Cultural and ethnic groups impact<br />Values <br />Beliefs<br />Lifestyle<br />Family structures<br...
Social factors<br />Education level<br />Family structure<br />Immigration<br />Ethnicity<br />Rural, urban, suburban comm...
Societal and demographic factors<br />Demography is the statistical characteristics of a population<br />Age<br />Sex<br /...
Economic factors<br />Employment rate<br />Kind and number of jobs available<br />Inflation<br />A period of rapid increas...
Technology<br />The use of mechanical or electronic devices to manipulate <br />Information (Ie. Computers, Ipads, Fax mac...
The media<br />Media<br />Communications that reach large audiences with the aid of publication devices that include<br />...
The marketplace<br />Supply<br />Goods and services available to the consumer<br />Demand<br />Consumer desire to purchase...
Legal and moral factors<br />Laws that impact spending<br />Taxation<br />Investment and Retirement Accounts<br />Insuranc...
Personal factors<br />Needs<br />Items to survive – food, clothing, & shelter<br />Wants<br />Not essential but desirable ...
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8726.10 unit-a-1.02.ppt

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Factors that affect financial decisions

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8726.10 unit-a-1.02.ppt

  1. 1. Factors <br />that affect financial decisions<br />$<br />$<br />
  2. 2. Family factors<br />Family structure<br />Income level<br />Lifestyle<br />Size<br />Age<br />Stage of life cycle<br />Health status<br />Emergencies<br />
  3. 3. Cultural factors<br />Cultural and ethnic groups impact<br />Values <br />Beliefs<br />Lifestyle<br />Family structures<br />Clothing choices<br />What are the advantages and disadvantages of cultural diversity within a family, a school, a workplace, a community?<br />
  4. 4. Social factors<br />Education level<br />Family structure<br />Immigration<br />Ethnicity<br />Rural, urban, suburban community<br />Peer pressure<br />Community relationships and involvement<br />
  5. 5. Societal and demographic factors<br />Demography is the statistical characteristics of a population<br />Age<br />Sex<br />Race<br />Birth, marriage, death rates<br />
  6. 6. Economic factors<br />Employment rate<br />Kind and number of jobs available<br />Inflation<br />A period of rapid increase in the price of goods and services<br />Recession<br />An extended period of slow economic growth<br />Government Regulations<br />Fiscal policies affect personal & business spending<br />
  7. 7. Technology<br />The use of mechanical or electronic devices to manipulate <br />Information (Ie. Computers, Ipads, Fax machines, fiber optics, GPS systems) <br />Objects (i.e Robots, automated assembly lines, hybrid cars)<br />On going change impacts<br />Training needs<br />Replacing obsolete technology<br />Types of jobs available<br />
  8. 8. The media<br />Media<br />Communications that reach large audiences with the aid of publication devices that include<br />Internet<br />Television<br />Voice, text, & data transmissions<br />Publications<br />Impacts the ways people and businesses communicate and operate locally, nationally, and globally.<br />
  9. 9. The marketplace<br />Supply<br />Goods and services available to the consumer<br />Demand<br />Consumer desire to purchase as compared to availability<br />Market response<br />How quickly the market adjusts to supply versus demand<br />
  10. 10. Legal and moral factors<br />Laws that impact spending<br />Taxation<br />Investment and Retirement Accounts<br />Insurance requirements<br />Beliefs in what is right and wrong <br />What is appropriate behavior of employers, employees, and individuals at home, work, and within the community.<br />Charitable giving and Service<br />
  11. 11. Personal factors<br />Needs<br />Items to survive – food, clothing, & shelter<br />Wants<br />Not essential but desirable – cell phone, Music CDs, <br />Values<br />A person’s belief about what is important and desirable<br />Now you need to watch Needs vs. Wants Video….just click on the link! <br />

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