Exploring Values, Needs & Wants

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 2

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

What are Values?

Something that is desirable, worthwhile, and important

Influenced by family, friends, teachers, coaches, television, and movies

Each person has different values which guide his/her daily decisions

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 3

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Best Friend Advertisement

Write an advertisement for a best friend Include at least five qualities or

characteristics you desire or value in a friend

Describe why those qualities are important

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 4

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Needs vs. Wants

Overview of Needs vs. Wants Video Need - something necessary or required for life Brainstorm examples of needs

Food, water, clothing and shelter

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 5

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

How Much Money Does A Person Need?

Families in India earn $1.00 to $2.00 a day.

Could your family live off $1.00 to $2.00 a day?

What do you think families in India think they NEED?

How do values influence needs? You need shelter, but do you NEED a mansion? You need clothes, but do you NEED designer

clothes?

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 6

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Needs vs. Wants

Want - something unnecessary but desired

May increase the quality of living or make a person happier

Brainstorm examples of wants MP3 player, Play Station, designer clothes

How do values influence wants? If being popular or having all of the newest

gadgets is valued, a person may have a lot of wants

Needs & Wants Video

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 7

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Spending Money How do values influence how people spend

money and make financial decisions? People purchase items that are seen as

important to them. Ex. If an individual values helping others, he may

decide to give money to a church or other charitable groups

How do needs and wants influence how people spend money and make financial decisions? An individual’s perception of values helps

determine their needs & wants, what items they will purchase.

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 8

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Let’s review! You Decide! Water

Nike Sneakers

Hot Tub

Computer

Home/Apartment

Food

i-Pod

Cell Phone

Clothes

Car

Make up

Electricity

Bike

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 9

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Opportunity Cost

Opportunity cost is what you must give up to obtain something else, the second-best alternative. However, what you must give up to obtain your first choice is not really money--it is whatever other good or service you would have spent the money on as your next-favorite choice.

Video Opportunity Cost Video

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 10

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1Opportunity Cost

© Family Economics & Financial Education – Revised April 2007 – Get Ready to Take Charge of Your Finances – Exploring Values, Needs & Wants – Slide 11

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2.17.2.G1

Remember… Value - Something that is desirable,

worthwhile, and important Need - something necessary or required

for life Want - something unnecessary but

desired

A person’s values and perception of needs and wants influence personal financial decisions!

15 min video