Copyright Goodheart-Willcox Co., Inc. Section 1.3 Financial Influencers 25 Technology New developments and discoveries in communication, medicine, science, and other areas change the way we live in the world and the economic decisions we make. For example, medical advances may result in longer, healthier lives for you and others. New findings on healthful lifestyles include fitness routines, nutritious diets, and stress reduction. You now know how to improve your own health and quality of life. However, living longer makes financial planning even more critical. Your savings must sustain you over a longer period of time. Technology is the application of science and research to human life and environments. Technology brings changes in the way you live and deal with financial matters. Advanced technology creates new markets as well as provides more and cheaper goods and services for consumers. It also creates jobs in many new lines of work. Unfortunately, it also has fueled offshore outsourcing in some fields. This is the business practice of moving factories and jobs overseas and across borders to take advantage of cheap labor and business-friendly government regulations. As a result, many American workers must compete for jobs with lower-paid workers in other countries. This situation has caused layoffs and unemployment, especially among those who work in manufacturing and information technology industries. Today and in the future, the higher-paying jobs will require higher levels of education and training. The right education has never been more important than in today’s economy. Media is forms of communication designed to reach a large number of people. Examples of media include television, radio, and the Internet. Social media refers to websites and apps that allow individual users to network online by creating and sharing content with one another. Media impacts individual, family, business, and government decisions by providing information for making financial decisions. It provides the latest information from around the world about consumer products, services, and issues. Consumers can compare prices, opportunities, and ways to spend money wisely without leaving home. Everything from groceries to autos to movie tickets can be bought online. Money management software brings up-to-the-minute tools for managing money and performing many financial tasks online. Banking, bill paying, investing, and fund transfers can be performed online from home or from a smartphone. The Internet brings an international marketplace to your fingertips. Odua Images/Shutterstock.com Media has a significant impact on the financial decisions people make.