1.02 factors jw
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Factors that affect financial decisions $ $
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Transcript of 1.02 factors jw
Factors
that affect financial decisions
$$
Janice Meek
Love the look!
Family factors
Family structure
Income level
Lifestyle
Size
Age
Stage of life cycle
Health status
Emergencies
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?
Janice Meek
To separate questions and thinking about them, how about:What are the advantages and disadvantages of cultural diversity within a family?Within a school?Within a workplace?Within a community?
Social factors
Education level Family structure Immigration Ethnicity Rural, urban, suburban community Peer pressure Community relationships and
involvement
Societal and demographic factors
Demography is the statistical characteristics of a population Age Sex Race Birth, marriage, death rates
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
Janice Meek
Can't bullet unless there are 2 or more bullets in a categoryThe 4 bullets to far left are fineFor the others, consider:
Janice Meek
Can't bullet unless there are at least 2 items being bulleted in a category4 Bullets on far left are fineThe others must be removedConsider:*Employment rate---Kind and number of jobs available*Inflation---etc.
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
Janice Meek
i.e. means "in other words"e.g. means "for example"Change i.e. to e.g.
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
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
Janice Meek
no bullets for indented ones---must have 2 per category
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
Janice Meek
beliefs about (instead of in) what is right and wrong
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
Janice Meek
Janice Meek
Need one additional slide at end to serve as PPP summary
