IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i13p5754-d1429758.html

Consumer Culture and Its Relationship to Saudi Family Financial Planning

Author

Listed:
  • Salwa Abdel Hafeez Bahrawi

    (Department of Social Work, Jamoum University College, Umm Al-Qura University, Makkah 21421, Saudi Arabia
    Faculty of Social Work, Fayoum University, Fayoum 63514, Egypt)

  • Theeb Mohammed Aldossry

    (Social Studies Department, College of Humanities and Social Sciences, King Saud University, Riyadh 11451, Saudi Arabia)

Abstract

Family financial planning involves the family understanding future needs within a specific time frame and estimating the financial resources required. Also, potential opportunities and challenges must be considered in order to address them. Consumer culture also plays a fundamental role in shaping family financial behaviors and decisions. Therefore, this study aimed to study the relationship between consumer culture and financial planning for the Saudi family. This study relied on descriptive-analytical methods to achieve its aim. The study focuses on consumer culture and its relationship with family financial planning by studying economic, personal, social, and media factors. The study sample consisted of 457 individuals from Saudi families. Among the findings of this study is that social factors play the most significant role in determining and directing consumer culture. In addition, there is a significant role in directing the consumer towards purchasing a specific product. Finally, the researchers found the effective role of financial planning by setting a comprehensive budget for all the family’s needs, which contributes to ensuring the family’s financial well-being. This study recommends the necessity of holding meetings, seminars, and programs to introduce consumer influences and priorities, how to properly deal with them, and how to benefit from them. There is also a need to increase awareness campaigns in various media regarding the necessity of rationalizing consumption and the necessity of financial planning.

Suggested Citation

  • Salwa Abdel Hafeez Bahrawi & Theeb Mohammed Aldossry, 2024. "Consumer Culture and Its Relationship to Saudi Family Financial Planning," Sustainability, MDPI, vol. 16(13), pages 1-21, July.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:13:p:5754-:d:1429758
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/13/5754/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/13/5754/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Marko Šostar & Vladimir Ristanović, 2023. "Assessment of Influencing Factors on Consumer Behavior Using the AHP Model," Sustainability, MDPI, vol. 15(13), pages 1-24, June.
    2. Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
    3. Kamer Karakurum-Ozdemir & Melike Kokkizil & Gokce Uysal, 2019. "Financial Literacy in Developing Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 325-353, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lusardi, Annamaria, 1997. "Precautionary saving and subjective earnings variance," Economics Letters, Elsevier, vol. 57(3), pages 319-326, December.
    2. Fatih Ozatay, 2008. "Expansionary Fiscal Consolidations: New Evidence from Turkey," Working Papers 0805, TOBB University of Economics and Technology, Department of Economics.
    3. Das, Marcel & van Soest, Arthur, 1999. "A panel data model for subjective information on household income growth," Journal of Economic Behavior & Organization, Elsevier, vol. 40(4), pages 409-426, December.
    4. Francesco Devicienti & Valentina Gualtieri & Mariacristina Rossi, 2014. "The Persistence Of Income Poverty And Lifestyle Deprivation: Evidence From Italy," Bulletin of Economic Research, Wiley Blackwell, vol. 66(3), pages 246-278, July.
    5. repec:spo:wpmain:info:hdl:2441/765 is not listed on IDEAS
    6. Zhao, Weimin & Chen, Na, 2024. "Does old-age security promote rural residents' consumption? A decomposition based on contribution and replacement rates," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 817-830.
    7. Augendra BHUKUTH & Jérôme BALLET & Bako Nirina RABEVOHITRA & Patrick RASOLOFO, 2014. "Analysing the Effects of Crop Shocks on Child Work: the Case of the Morondava District in Madagascar," Cahiers du GREThA (2007-2019) 2014-17, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    8. Luc Arrondel & André Masson, 2013. "Measuring savers' preferences how and why?," PSE Working Papers halshs-00834203, HAL.
    9. CHADHA, Jagjit & SCHELLEKENS, Philip, "undated". "Monetary policy loss functions: two cheers for the quadratic," Working Papers 1999002, University of Antwerp, Faculty of Business and Economics.
    10. Kim, H. Youn, 2017. "The permanent income hypothesis, transitional dynamics, and excess sensitivity of consumption," Structural Change and Economic Dynamics, Elsevier, vol. 40(C), pages 10-25.
    11. Néstor Gandelman, 2015. "A Comparison of Saving Rates: Micro Evidence from Seventeen Latin American and Caribbean Countries," IDB Publications (Working Papers) 90556, Inter-American Development Bank.
    12. repec:tiu:tiutis:bdbe10dd-649c-4521-ab28-7aa051a5bf82 is not listed on IDEAS
    13. Alessie, Rob & Lusardi, Annamaria, 1997. "Saving and income smoothing: Evidence from panel data," European Economic Review, Elsevier, vol. 41(7), pages 1251-1279, July.
    14. Vincent (Vincent Peter) Hogan & Patrick O'Sullivan, 2003. "Consumption and house prices in Ireland," Open Access publications 10197/330, School of Economics, University College Dublin.
    15. David E. Bloom & David Canning & Bryan Graham, 2003. "Longevity and Life‐cycle Savings," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(3), pages 319-338, September.
    16. Hildenbrand, Werner & Kneip, Alois, 2005. "Aggregate behavior and microdata," Games and Economic Behavior, Elsevier, vol. 50(1), pages 3-27, January.
    17. Jonathan Gruber & Aaron Yelowitz, 1999. "Public Health Insurance and Private Savings," Journal of Political Economy, University of Chicago Press, vol. 107(6), pages 1249-1274, December.
    18. Néstor Gandelman, 2016. "A Comparison of Saving Rates: Microdata Evidence from Seventeen Latin American and Caribbean Countries," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 201-258.
    19. Alessandro Federici & Pierluigi Montalbano, 2012. "Macroeconomic volatility, consumption behaviour and welfare: A cross-country analysis," Working Paper Series 3612, Department of Economics, University of Sussex Business School.
    20. Jonathan A. Parker & Nicholas S. Souleles & David S. Johnson & Robert McClelland, 2013. "Consumer Spending and the Economic Stimulus Payments of 2008," American Economic Review, American Economic Association, vol. 103(6), pages 2530-2553, October.
    21. Sugata Bag & Suman Seth, 2016. "Understanding Standard of Living and Correlates in Slums - An Analysis Using Monetary Versus Multidimensional Approaches in Three Indian Cities," Working papers 263, Centre for Development Economics, Delhi School of Economics.
    22. Andersson, Björn, 1999. "On the Causality Between Saving and Growth: Long- and Short-Run Dynamics and Country Heterogeneity," Working Paper Series 1999:18, Uppsala University, Department of Economics.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:13:p:5754-:d:1429758. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.