Role of Money Flashcards
What are the six factors influencing peoples views on money?
Personal Attitudes
Life Stages
Culture
Life Events
External Influences
Interest Rates
How can Personal Attitudes influence individuals views of money?
Personal Attitudes vary towards risk and reward, influencing how individuals borrow, spend and save.
How can different life stages impact individuals view of money?
Throughout different life stages financial priorities and needs will change depending on age groups such as: Childhood, Adolescence, Younge Adult, Middle Age and Old Age.
How does an individuals Culture change their view on money?
Backgrounds and culture including religious beliefs or ethical principles, influence the view on money.
How can Life Events change a individuals view on money?
Major Life events such as moving house or redundancy can influence individuals saving and spending habits.
How do External Influences effect individuals view of money?
This refers to factors that an individual cannot control such as the state of the economy or the availability of jobs in the area.
