Financial Literacy Blog

Information & Discussion About Personal Finance
The mission of Community Resource Development Coalition ("CRDC") is to advocate for and effect socio-economical change via access to financial health- and wealth-building information and resources for organizations, businesses, and residents of disadvantaged communities throughout South Los Angeles County.
Popular reads
Q: What factors influence a person's behavior with their money?
27 Jun 2023 - CRDC Staff
A: A person's behavior with money is influenced by a variety of factors, including:
  • Psychological factors: A person's emotions, beliefs, and attitudes towards money can greatly impact their spending and saving habits.
  • Social influences: The behavior of family and friends, peer pressure, and cultural norms can shape a person's financial decisions and habits.
  • Personal values: A person's values and priorities, such as the importance of financial security or saving for the future, can influence their financial behavior.
  • Habits and routines: A person's daily habits and routines, such as setting a budget and sticking to it, can have a significant impact on their financial behavior.
  • Life events: Major life events, such as starting a new job, having a child, or buying a home, can change a person's financial situation and alter their behavior with money.
  • Access to financial education: A person's understanding of personal finance and their ability to make informed financial decisions can greatly impact their behavior with money.
It's important to be aware of these factors and to regularly evaluate and adjust one's financial behavior in order to improve financial well-being and achieve financial goals.
What has shaped Your Relationship with Money?
17 Jun 2023 - CRDC Staff
There are several factors that influence a person's relationship with their money, including:
  • Childhood experiences: Early experiences with money, such as allowances, financial support from parents, and lessons about saving and spending, can shape a person's attitudes and habits toward money.
  • Cultural and societal norms: Society's attitudes and beliefs about money, as well as cultural norms surrounding wealth and materialism, can impact a person's relationship with their finances.
  • Personal values: A person's values and priorities, such as the importance of financial security, saving for the future, or spending on experiences and memories, can shape their relationship with their money.
  • Financial stress and trauma: Negative financial experiences, such as job loss, debt, or unexpected expenses, can create financial stress and shape a person's relationship with their money.
  • Psychological factors: A person's mental and emotional well-being, as well as their beliefs about money and self-worth, can influence their financial habits and decisions.
It's important for individuals to be aware of these factors and how they may be impacting their relationship with money, in order to make informed financial decisions and improve their financial well-being. Our journey will continue...
so ... What is a financial behavior?
16 Jun 2023 - CRDC Staff
Financial behavior refers to the actions and decisions an individual takes related to their finances, including spending, saving, investing, and managing debt. It encompasses the way an individual thinks about, approaches, and manages their money, as well as the habits and routines they have established for handling their finances. Financial behavior can be influenced by a variety of factors, including personal values, cultural and societal norms, childhood experiences, life events, and psychological factors. Understanding one's financial behavior and regularly evaluating and adjusting it can lead to better financial well-being and success in achieving financial goals.