Roles of Money

Question 1

Personal Attitudes

Answer 1

Individuals may be brought up with inclines to spend money in certain ways.

(e.g. Inclined to spend, save or spend within their means)

Question 2

Life Stages

Answer 2

Depending on your life stage, your needs will change. A child wont need to save however a young adult would.

Question 3

Culture

Answer 3

Different cultures have different attitudes to money.

(e.g- the elderly in china save. As the country becomes wealthier, the younger generation becomes more inclined to spend. Muslims also do not like borrowing, therefore will use interest free bank)

Question 4

Life Stages

Answer 4

Events within your life that will influence your attitude to money.

(e.g- going to university, travelling abroad, or being ill)

Question 5

External Influence

Answer 5

Factors outside your control.

(e.g- taxation, Inflation, economic state)