Exploring Needs and 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

Needs vs. Wants

⚪ 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 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

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 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

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

© 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

You Decide!

⚪ Car

⚪ Nike Sneakers

⚪ Hot Tub

⚪ Computer

⚪ Food

⚪ i-Pod

⚪ Cell Phone

⚪ Clothes

© 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?

● 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?

© 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

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!