When emotions influence financial decisions

In a consumer society like ours, there are endless opportunities to buy. There is no shortage of choice, and children are not immune to marketing strategies, quite the contrary.

Purchasing decisions are influenced by many factors, plenty of which are purely emotional.

Five factors that most influence young consumer behaviour:

  1. Feelings: Love at first sight! Reason hits the highway and emotion takes over.
  2. Friends, family and fashion: Being like everyone else is a constant concern for young people, particularly teenagers. Peer pressure and pressure from family members can be intense at this age.
  3. Family habits and values: Customs, traditions, beliefs, morals and consumer behaviour learned through upbringing.
  4. Advertising: Cool packaging, an appealing promotion, a celebrity endorsement: these are some of the strategies that work with young people.
  5. Bargains: The red tag is a powerful thing. But you donít need to buy something just because itís on sale.

Learning from your mistakes

Almost everyone has made bad financial decisions. Itís a fact of life. The ability to make good financial decisions is learned through experience, both positive and negative. Every financial decision must be considered, and, without leaving emotion aside, should reflect your personality, needs and means.

To do with children

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