Diversity and Financial Style

Publish in

Documents

4 views

Please download to get full document.

View again

of 8
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Share
Description
Diversity and Financial Style. Difference between low-income vs middle-income vs higher-income spending practices Collective Individualist. Stresses of Family Finances. Financial issues #1 stressor across life cycle Good financial management associated with happier marriages
Transcript
Diversity and Financial Style
  • Difference between low-income vs middle-income vs higher-income spending practices
  • Collective
  • Individualist
  • Stresses of Family Finances
  • Financial issues #1 stressor across life cycle
  • Good financial management associated with happier marriages
  • Wealth and happiness are unrelated:
  • As money increases—expectations increase
  • Comparison not based on possessions but of those who have the most
  • Money distracts from other aspects of life
  • Financial Management Concerns
  • Major stressor for individuals and families
  • Garman 2002 study:
  • 1/3 of workers report financial stress high to the extreme
  • hampers job performance
  • 53% dissatisfaction with personal financial situation
  • 54% worry about personal debt
  • Top Five Financial Management Issues for Married CouplesSource: Adapted from Olson, Fye & Olson, 1999n=21,501 couplesCoping with Financial Stress
  • Financial stress associated with family stress and conflict
  • Most difficult periods of family life cycle financially:
  • Child bearing stage
  • Adolescent stage—peak stress period
  • Launching stage
  • Retirement stage
  • Coping resources and behaviors influential
  • Why Do Finances Cause Problems?
  • Money taboo topic of discussion
  • No budget or adherence to budget
  • Overspend or reliance on credit
  • Styles of spending and saving
  • Use of money as tool to gain power and control
  • Conflicts over meaning of money
  • Meaning of Money
  • Status
  • Source of power—means of keeping ahead
  • Security
  • Conservative in spending—focus on saving
  • Enjoyment
  • Satisfaction draw from spending for self and others
  • Control
  • Means of control over life and maintaining independence
  • Around & Pauker, 1987Life Time Earnings by Degree
    Related Search
    Related Documents
    View more...
    We Need Your Support
    Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

    Thanks to everyone for your continued support.

    No, Thanks