that affect financial decisions Factors that affect financial decisions $ $

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?

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

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 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

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 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