Shauna wants to buy a new outfit for the weekend. If she buys it from a low-cost fashion shop that pays workers low wages to work in poor conditions, she is supporting that practice.
Example 3
Alex wants to buy a large car with a three-litre engine. Although it looks good, the car needs a lot of fuel to run and its engine gives out high levels of carbon dioxide and other emissions, which is harmful to the environment.
My needs and wants A
Go to page 3 of your Activities and Accounts Book to identify your own needs and wants and their possible environmental, social and financial impact.
THE FINANCIAL LIFE CYCLE People’s financial needs and wants change at different stages in their lives.
For example, as a teenager, your financial needs and wants are probably different from those of your older siblings or your parents or guardians. While you may want enough money to buy phone credit and meet up with friends, you do not yet need to pay rent or bills.
It is important that an individual or household has enough income to cover their financial needs at each life stage. For example, a couple with a young family must ensure that they can pay for housing and food. To meet these needs, they may have to give up things they want but could live without, such as travel and socialising.
