Bellwork

1. Bellwork List 3 things that have influenced a financial decision you have made in the past. List 2 things, other than the 3 you already listed, that could influence a financial decision.

2. Factors that affect financial decisions $ $

3. Family factors Family structure Income level Lifestyle Size Age Stage of life cycle Health status Emergencies

4. 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?

5. Social factors • Education level • Family structure • Immigration • Ethnicity • Rural, urban, suburban community • Peer pressure • Community relationships and involvement

6. Societal and demographic factors • Demography is the statistical characteristics of a population • Age • Sex • Race • Birth, marriage, death rates

7. 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

8. 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

9. 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.

10. 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

11. 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

12. 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 • Standards • Measures of quality or excellence • Priorities • Deciding what is more important at any point in time.

13. What Decisions will you make? • What is a factor you want to think about in the future before making financial decisions? • What is a factor that influences both your and your family’s financial decisions in the same way? • What is a factor that influences your financial decisions differently than the rest of your family? Than your friends? • What is a factor that does not influence your financial decisions at this time?