Understanding the Maslow’s Hierarchy of Financial Needs

If you took an introductory psychology or marketing course, you probably learned about Maslow’s hierarchy of needs which explains how human motivation impacts our lives.

Maslow’s theory applies to many disciplines, including education, businesses, and marketing where motivation training can lift individuals to their highest potential.

Maslow’s Hierarchy of Needs: The Pyramid

Although Maslow intended a hierarchy, he recognized that “hierarchies are interrelated rather than sharply separated,” and people may go on a less strict path.

Rising To Self-Actualization

This hierarchy ranges from more concrete physical needs such as food and water, rising to emotional needs, and to more abstract concepts such as personal growth and self-fulfillment.

Like most living things, humans are motivated first and foremost by our survival. It would be hard to excel at anything else without satisfying our living needs.

1. Physiological Needs

The second level represents safety and security needs that are essential. Attaining a feeling of safety and security is paramount to all beings.

2. Safety & Security Needs

As humans, we are social creatures seeking love, intimacy, and belongingness with our families and friends, workplace, and community.

3. Social Needs

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