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Functions and role of money (Erickson's Psychological development…
Functions and role of money
Erickson's Psychological development theory
Childhood
Income: Pocket Money
Expenditure: Sweets/Drinks
Borrowing N/A
Savings: From Birthdays/Christmas
Debt: N/A
Teenager
Income: Pocket money/ paper round (£20 a week)
Expenditure: Food/Clothes/shoes
Borrowing: N/A
From Birthdays/Christmas
Debt: N/A
Young Adult
Income: Part time job/ \Full time job (£6k - £30k)
Expenditure: House/Holidays/Car and necessities
Borrowing: Bank Loans/Mortgage
Savings: Earnings put a side
Debt: Yes
Middle Age
Full time job (£30k - £60k)
Expenditure: House/Holidays/Car and necessities
Borrowing: Bank Loans/Mortgage
Savings: Earnings put a side
Debt: Yes
Old Age
Income: Pension (£20k - £30k)
Expenditure: Holidays/Car and necessities
Borrowing: N/A
Savings: Gradual savings through out their work life
Debt: Yes/No
Budgets
5 Features of money
Durability
Uniformity
Acceptability
Store Value
Limited Supply
Money In
Reefereeing
Pocket Money
Money Out
Food/Drink
Petrol
Clothes
Essential Expenditure
Food/Drink
Electricity
Mortgage
Necessites
Clothes/Shoes
Phone
Health Carte
Non Essential Expenditure
Holiday
Confectionary
Dishwasher
Car
TV
Hobbies/Leisure
Gifts