ECONOMICAL

• Material possessions signify some aspects of one’s sense of self and identity
• Parents buy necessities because it is symbolic of their need to provide security. While most millennials have inclination with gadgets or their food cravings.
• one’s sense of self and identity is influential on how an individual chooses to purchase his/her wants and how he/she makes economic decisions that will address his/her personal and social needs
• factors in decisions that go into the purchase of items and certain services

  financial constraints, availability of items and services, and the influence of family and friends
• most important factor


  determining whether these items and services fall under wants or needs.
• Needs


  important for survival like food, clothing, and shelter.
• Wants


  synonymous with luxuries.
• Possessions


  extended versions of oneself.
• Roland Barthes


  • it is through objects that people assert their identities.
  • introduced the study of objects as signs and called it Semiology
• Semiology


  study of objects as signs
• Signs


  anything that conveys meaning
• two elements of signs


  • signifiers which refers to its physical form
  • signified which are the mental concepts it refers to
• The theory of the meaning of material possessions suggests that there are four functions of material possessions:


  Instrumental, Social Symbolic, Categorical, Self-expressive
• Instrumental


  functional properties of a product
• Social Symbolic


  signify personal qualities, social standing, group affiliation and gender role
• Categorical


  the extent to which material possessions may be used to communicate group membership
• Self-expressive


  – a person’s unique qualities, values or attitudes
• Economic identity

  psychological phenomenon that results from social categorization.
• factors that affect the economic identity

  professional development ,self-determination, motivational and value sphere of his personality
• economic self-sufficiency


  each person and family has the ability to consistently meet their needs