Consumer Culture and Its Relationship to Saudi Family Financial Planning

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.