FMST 238 Textbook.docx

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University of British Columbia
Family Studies
FMST 238
Phyllis Johnson

FMST238 Textbook Notes Management Model Case study 1. Identify problem, need, want or goal, Problem: People are wasting too much water. There is only limited amount of water on earth. (Problem: questions, dilemmas, or situations that require solving) Goal: We need to save water resource for future generations( Future generations to come need enough clear water to survive. Need: what we need to survive or sustain life) (Wants: are thing we desire) People need to food, air, and shelter to survive. Wants are more specific, they are things or activities that make people feel comfortable and satisfied. (Goals: are end results that require action for fulfillment) 2. Clarify Values Value: are principle that guide behavior. Value: Sustainability, the conscious design and the consideration of impacts of consumption choices make on the environment given finite resource. Conscious design or consideration of influences of human consumption choice to satisfied both contemporary needs and future prosperity given finite resources in the world. Sustainable development 3. Identify resources Resources: are whatever is available to be used. Water-saving appliances: washing machine, dish-washer, toilet Water-saving knowledge and strategies 4.Decide, plan, and implement Decision making refers to choosing between two or more alternatives. When buy a washing machine, choose the water-saving eco-friendly washing machine over others. Planning: requires making a series of decisions that lead to action Plan showering time, reuse water for different purpose. Implementing: putting plans into action, take shorter slower, take a record sheet about whiter usage on daily base and compare. integrated waster management for waste 5. Accomplish goals and evaluate Was the problem solved? Not yet, but our saving water efforts make it better What was learned? How useful is our plan and strategies Which decision or plan worked and which ones failed? What adjustments should have been made? 6.Feedback Information that returns to the system the enables the individual's overall management knowledge and ability to grow. Recommended Financial Management Behaviour Saving Financial goals Budget Record keeping Wise credit card use Insurance Estate planning Obstacles to use of recommended practices • To budgeting • Rest of Practise • Adequate emergency fund Financial Managers Perceive information in 2 ways In detailed fashion In categories Evaluate information in 2 ways Orderly, step by step Intuitively Proposed types of financial managers two were found Feeling Perceive information in details, evaluate intuitively Analyze Perceive information in details, evaluate sequentially (I have carefully planned my insurance, stock, bank. Systematic Perceive information categorically, evaluate sequentially Holistic Perceive information categories, evaluate intuitionally. Youth Financial literacy survey Use of mainstream financial product Checking accounts 85% Saving accounts 74% Credit Card 72% Student Loan 28% Personal line of credit 22% Banking reference Online banking 58% ATM 26% Tellers 12% Financial Management practice Review financial statement monthly 75% Or every few mouth 11% Rest don't because Do so online Too lazy Have a budget, only 22% stick with it Saving money for future 64% Purchasing payement 1st choice Debt card 47% Cash 32% Credit Card 20% Purpose of saving Buy a home, education, future in general or for emergencies Debt of young Canadian 50% say is as much or more then they can handle $10,000 or more 36% $20,000 or more 21% Credit Card debt Student Loans 1. Most have sole responsibility for managing their finances 2. Most believe they have at least a fair understanding of personal financial matters 3.Most think they do a good job of managing 4. Only 25% have bad personal finance trainings. Repaying student Loans Canada Who had most difficulty repaying student loans? Larger amount of loan Field of study (income, harder to get a job) - Humanities - Interdisciplinary studies - Fine arts and applied arts Slower at repaying student loans when -Continue their studies -Have financial difficulties -Can find a steady, well-paying job to take advantage of lower interest rate Student Loans & bankruptcy Aren't eligible to discharge student loan debt until 7 years After terminated studies Managing credit and debit Canada consumer agency of Canada industry Canada Consumer protection Act Credit Reporting Act in BC TransUnion and Equfax credit bureaus Nailed personal report free; online has a fee Developing Credit Record Open checking and saving account Pay bill, including rent promptly Open a charge account with a store; pay amount promptly Indicator of credit worthiness; stability of employment and residence, income, homeownership New Immigrants: secured credit card Debt and Debt management • Try too far, too fast • Fall to determine what is sufficient • Lack budget skills • Impulsive buying • Fail to analyze cost per use (garden equipment, boat, vacation home) • Fail to determine true cost of a purchase initial cost hidden costs indirect cost • Lack adequate insurance • addictive behavior • credit abuse Managing Debt Stop going to further in debt Increase income or decrease expenses Start getting out of debt - accelerated repayment - fold down plan Resolve financial crisis (get advice) Why debtor default Personal and lifestyle problems -Divorce -Addiction -Lack of education ,literacy Serious medical problem and disabilities Large student loans Loss of job and income Option when in debt trouble 1. Negative with creditor 2. Debt consolidation loan 3. Credit counsellors 4. Consumer proposal & bankruptcy New face of bankruptcy Well educated middle class baby boomer Ages 40-44 yrs old Increasing women Distribution of asset of assets bankruptcy 1. cost of administration of bankruptcy 1700$ 2. secured creditors 3. other creditor, including government taxes Debt not wipe out -court fine (e.g. traffic fines) -bail bond -Alimony or child support -Debt incurred by fraud -Student loan if < 7years old Managing environmental resources Chapter 12 Management process model Emphasis on managing the near environment that directly affects individuals and families Managing environment Stewards of the earth Natural capital- economics, environment Sustainable development, present, future, societal need met To reach a sustainable development, we need to meet present and future and societal need Produce life cycle Reduce, reusing, recycling Environmentalism problems, solutions Water- shortage, pollution 97% world's water unusable Noise- any unwanted sound Energy production, wastage, pollution Waste recycling integrated wastes management Air quality determinate-- come from many source Reduces Energy Use; costs • Installation • Maintenance • Time • Effort required • Peer disapproval • Psychological cost, felt deprivation Methods of reducing energy use • Efficiency investment (buy electric car) • Better management • Curtailment of amenities save most money use least Insurance estimates of saving money Overestimate saving when use curtailment and management Underestimates saving from efficiency investment Inaccurate estimate of saving money Overestimate savings she use curtailment and management Underestimate saving from efficiency investment On equal billing policies help reduce use energy? Consume more - distance usage from cost - no price cues - concern; used by - low income - elderly Energy & water use 2007 Programable thermostat 49% Lower temperature at night 61% Energy audits 12% Low-flow shower head 63% Low volumes toilet 42% Budget appliance to save energy or water 36% BC HYDRD Initiatives Recognize business/ universities as meeting sustainability goals Households - light rebates - fridge buy back - window rebate program Deterrents to recycling -Separation rule -Storage system -removal procedure Barriers to recycling Inconvenient 43% Time consuming 40% Took up too much space 33% Recycling as much as they could Fast fashion; disposable fashion H&M stores Young women innovators & early adopters Influenced by fashion media Clothes manufactured to wear a short time More textile waster wast than before 30% compared to 7% March 28 Community identify & Moral obligation In non-plastic bag consumption 5 Common Themes 1. Community of meaning & support 2. Emotional affiliation 3. Localized access to political discourses 4. Personalization of the practice 5. identity formation Community of meaning & support Green bags were bought and used to communicate membership in environmentally conscious local community Emotional affiliation if not using green bags, feel guilt. Localized access to political discourses Local sources (media, people) altered the to environmental issue of plastic bag Personalization of the practice when do use what bags, plastic bag for pets, green bag for grocery shopping Identity Formation Use of green begs deign to shape their use of other environmentally conscious behaviour; to be a environmental responsible citizen. 2011 UK environment agency study Plastic is less polluting and toxic than paper and cotton To be less than the offset of a plastic bag, need to reuse cloth bag 327 times, paper bag 9 times. 2. Ecology Ch14 Look Ahead 1. Quality of life & well-being 2. Managing innovation i.e. technology 3. The 5 S management concept 5S management conception Sort: order items and activities Straighten: arrange Shine: after the task is done, clean and restore areas Standardize: consistent methods save time Sustain: maintain, reduce waste, evaluate Sort, Straighten, Shine, Standardize, Sustain Quality of life, well-being 1.Economic 2.Physical 3.Social 4.Emotion 5.Environmental 6.Political (freedom, sense of power) 7.Spiritual Managing technology Substantive theory Technology is - fundamental to western civilization - necessary - inconspicuous invisible Modernism: technology is linked to progress and improvement Postmodernism: the contradiction or paradoxes of technology Paradoxes of technology Technology create feeling of intelligence and efficacy and stupidity and ineptitude Eight central paradoxes of technology products Control/ Chaos Freedom/ Enslavement New/ Obsolete New tech provide us with highly designed benefits yet they quickly become outdated as more advanced products become available. Coping st
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