What do we call groups that individuals refer to for personal standards?

The term "reference groups" refers to groups that individuals look to for guidance on personal standards, attitudes, and behaviors. These groups serve as benchmarks for individuals as they develop their values and beliefs. In the context of personal finance, for instance, individuals may model their spending habits, saving practices, or investment decisions based on the behaviors and opinions of these groups.

Reference groups can encompass a variety of entities, such as friends, colleagues, or social organizations that influence one's choice and perceptions. This influence can be conscious or subconscious, impacting how individuals compare themselves to others in relation to personal and financial decisions.

Other options, while related to social influence, serve different purposes. For example, peer groups emphasize social interaction among individuals of similar age or interests, while support groups focus on providing emotional or motivational assistance. Family units can be seen as a foundational reference group but are more about familial relationships rather than broader societal influence on standards.