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Cultural theory and the meanings of money

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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.

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