Copyright Goodheart-Willcox Co., Inc. 24 Chapter 1 Financial Literacy Basics • Skilled workers are in greater demand. • More young adults are living at home with their parents. • The number of unmarried adults is increasing. • More mothers are working away from home. • The number of births to single mothers is increasing. The US Census Bureau is a good place to look for the latest demographic statistics. Recent demographic trends have an impact on the overall economy and, in turn, on the financial life of individual consumers. Culture Most communities include a variety of racial and ethnic groups. Each group makes an impact on consumer attitudes and buying habits, community services, schools, and many other consumer and family issues. Relationships and marriages between people of different races, cultures, and religions are on the increase. This creates a blending of ethnic traditions, religious beliefs, languages, and concepts of family. Culture is the beliefs, behaviors, and other characteristics common among members of a group or society. Cultural and ethnic traditions affect many everyday choices and routines. They may dictate the role each person plays in the family, who makes financial and spending decisions, whether both partners work, how the family uses credit, and how the family manages its money. Kobby Dagan/Shutterstock.com Culture may influence the way a person makes financial decisions.