• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Cultural theory and the meanings of money

Extracts from this document...

Introduction

Cultural theory and the meanings of money Couples and their money: theory and practice in personal finances Four perspectives draw on: * Economics and rational choice theory * Social structural approaches * Psychological approaches * Cultural theory and the meanings of money. According to classical economic theory money has four main functions: � it is a medium of exchange, � a store of value, � a unit of account, � a standard of deferred payment. Perspectives within economic theory relevant to personal finances: � fungibility This notion is standard in classical economic theory and means that money is considered to be neutral and interchangeable, so that any unit of wealth is substitutable for any other (McCloskey, 1987). � rational choice theory This assumes that people make reasoned choices in order to maximise their overall welfare or utility. Rational choice theory lays stress on the importance of information in facilitating the efficient working of markets and of consumer choice. ...read more.

Middle

I like restrictions of banking hours; I do quite like that. I'm old fashioned, completely opposite to Daniel. If he sees that something is wrong with one of the accounts, he says ring up immediately, but I kind of like stalling everything. I feel sort of secure that at least I can't do anything about it. I have to wait until tomorrow. I think its quite good not to feel you have to deal with financial matters. You just don't want to have to worry about it. The weekend is the end of work; you don't want to work; you don't go to work. Pahl, J. (2001) 'Couples and their money: theory and practice in personal finances', in R. Sykes, C.Bochel and N. R. Ellison, Social Policy Review 13, Policy Press Bristol. Money is impersonal property. It permits me to transport on my person, in my pocket, social power and social relations in general: the substance of society. ...read more.

Conclusion

� Policy makers will have to consider how to reduce the structural roots of inequality in access to financial services. � As more and more financial services are accessed through the internet, there will be increasing concern about the 'digital divide'. Pahl, 2001. References Cruickshank, D. (2000) Competition in UK banking: a report to the Chancellor of the Exchequer, London: Stationery Office. Financial Services Authority (1998) Promoting public understanding of financial services: a strategy for consumer education, London: Financial Services Authority. Financial Services Authority (2000) In or out? financial exclusion: a literature and research review, London: Financial Services Authority. Ford, J. (1991) Consuming credit: debt and poverty in the UK, London: Child Poverty Action Group. Grande, C. and Timmins, N. (2000) 'Poor left behind as digital divide widens', Financial Times, 11 July. Kempson, E. and Whyley, C. (1999) Kept out or opted out: understanding and combating financial exclusion, Bristol: The Policy Press. Levene, T. (2000) 'Naive consumers don't shop around', The Guardian, 22 April. Lewis, A., Betts, H. and Webley, P. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Accounting & Finance essays

  1. In this assignment I am opening a tuck shop in the school grounds and ...

    It is important because it sees how many customers you need to break - even and to see where is the profit section and the loss section. It shows the minimum level of activity required for the business to survive.

  2. Free essay

    planning personal finances

    However if I was going to need money for general shopping for goods, I would consider using a credit card which is a short term agreement compared to a mortgage. An advantage of a credit card is that you can spend immediately and obtain but you can also get into debts easily.

  1. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    Ways of assessing the performance of Shares There four main ways assign the performance of shares these are the following: 1. weather the shares price increases or decreases 2. The yield (dividend yield) e.g. the current yield on an Abbey National share is 6.8%, this shown the percentage return a share holder gets on their shares.

  2. Work placement at Family Mosaic.

    If the employees are not in the office this gives them more of a chance of doing their job quicker and making their tenants happier as their requests is being dealt with promptly. They have been given Blackberry's to reduce the cost of the phone bill in the office as

  1. Complete Report on Askari Commercial Bank

    Group is managed in the following divisions: i. Assets Products Division Assets product division (APD) is responsible for the development and the managing of retail credit schemes and is presently offering several innovative consumer credit products. In order to cater for the increasing demand for retail credit, APD, during 2005, started 4 more retail asset unit, taking the total no to 14, countrywide.

  2. Financial Services

    This report is due back on the 10th December 2004. Financial service providers Below are some of the financial providers * Investment companies * Insurance companies * Government I will talk briefly about each one and explain the benefits and the disadvantages of each.

  1. Financial Services

    This report is due back on the 10th December 2004. 1.2Financial service providers Below are some of the financial providers * Investment companies * Insurance companies * Government I will talk briefly about each one and explain the benefits and the disadvantages of each.

  2. theory of banking

    uses a chart of deposits supply and loans demand to describe it. As shown in the figure, Sd is the supply curve of deposit, but bank's supply of loans is Sl, for banks take the deposit in a lower interest rate and make loans at a higher rate, the difference

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work