1.1 Your Values and Money

How can a person’s values and experiences affect how they make financial decisions?

• Personal values and experiences are generally the same for most people across the board, which is why we all spend and save similarly

• Personal values and experiences differ based on each person, which explains why people make different decisions around money

• Personal values and experiences fluctuate every few weeks, which can cause someone to spend and save in dramatically different ways over the course of a year

• Personal values and experiences can change depending on what type of bank account you have, which determines how you spend and save your money

How might scarcity of financial resources impact decision making?

• When money is tight, people cannot live full or meaningful lives

• When money is tight, people make bad financial decisions weekly or even daily

• When money is tight, people tend to prioritize wants over needs

• When money is tight, people rely on their values to make tough choices

What are social values, as they pertain to money?

• How banks and other financial institutions treat you and your money

• How you, personally, care and think about finances

• How your family, friends, and community members impact your feelings about money

• How companies and advertisement make you feel about money