24 Chapter 1 Personal Finance: An Overview
Think about these and other demographic factors and how they could
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relate to personal financial decisions.
Culture
Most urban areas 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.
Technology
New developments and discoveries in communications, medicine,
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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
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critical. Your savings must sustain you over a longer life span.
Technology is the application of science and research to human life and
environments. Technology brings other changes in the way you live and
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people buy goods and services. You can buy everything from groceries to
Monkey Business Images/Shutterstock.com
Culture may influence the way a person makes financial decisions.
FYI
Government laws and
regulations protect you
from the cradle to the
grave. For a complete
listing of government
services, regulations,
information, and agencies
go to www.usa.gov. You
will fi nd consumer and
citizen services and
information on every
aspect of personal and
fi nancial life.