Social and economic factors have always played a role in personal financial planning..
Social and economic factors
Social and economic factors have always played a role in personal financial planning. Social factors include the standard that has been set by society. For example, people believe that if someone is successful then they should be dressed in expensive name brand clothes and drive a new car. Another social factor is the cost of being social today. For example, many people think that to be social, one should be out with friends or colleagues for drinks after work or events every other weekend. Even my kids birthday parties are expected to be a huge event rather than a simple cake and ice cream at home with family. Economic factors include the cost of living, the state of the housing market, the stock market, and the economy of the state you live in or plan to live in. For example, a fall in the housing market would affect the current equity I have or will have. A rise in the housing market would also affect that, but in a positive way. The cost of living is important because if you can’t afford to pay the price it costs just to make by, you certainly won’t be saving for your future.
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