Exploring Cultural Perspectives On Money And Wealth

Cultural perspectives on money largely summarizes people’s perspectives on material values.

Money and wealth are concepts that have interested humanity both conceptually and concretely in every period. In almost every culture, money and wealth have been the symbol of power and prestige. The meaning of these two concepts has changed with each passing century.

However, in many cultures, social status, family relations and spiritual journeys are seen as more ancient compared to these two concepts. Money and wealth are defined differently in every culture, not only in the light of individual views but also in terms of cultural perspectives.

However, in the modern world and the capitalist system, they appear to be almost the most important elements. It is possible to talk about money and wealth as the reason for many stories, wars, agreements, and fights.

Cultural perspectives on money differences directly affect spending habits. In different parts of the world at different times, millions of people have developed different approaches to these two concepts according to different factors such as religion, tradition, gender, and generation.

However, being able to analyze this perception well is of critical importance for the most beneficial continuation of economics in the civilizations of the future. 

Money and wealth should not be the only purpose in life, but trying to live a life away from these two will not be realistic in the modern world. It would be much better to find a balance between these two forms and to be inspired by the impressions of different cultures about money and wealth.

What Does Cultural Perspective On Money Mean?

The cultural perspective on money and wealth can be defined as the attitudes, behaviors and approaches of different cultures towards material values.

By analyzing the savings habits of different societies, cultural perspectives on money determinations can be made. This approach can be formed differently by being affected by many cultural factors.

There are different views on money and wealth in many geographies from different parts of the world. However, understanding and analyzing these will be beneficial for all humanity in the future and will make economics a civilized and inclusive science.

The different approaches of different cultures towards money and wealth vary according to many different factors, such as historical developments, religious factors, the intensity of spiritual feelings, and the level of welfare in those cultures.

Cultural perspectives on money are very effective for both institutions and individuals in financial decision-making processes. 

While these two concepts are the two most important concepts and symbols of power in the current functioning today, they may not be considered a tool for being spiritually strong in Far Eastern cultures.

The cultural perspective formed regarding these two concepts can also be summarized as the relationship a culture establishes with money and wealth.

How Different Societies Define Wealth And Prosperity?

The concepts of money and wealth have been defined differently in different times and societies around the world. In analyses related to cultural perspectives on money, I can claim that the sociological impact of financial behaviors is not small.

For example, while material values ​​such as money and wealth have no importance for some cultures, they are indicators of power and status in some societies.

In some cultures, having strong social ties, peace in the family, being spiritually satisfied and grateful are much more important than the concepts of money and wealth. 

Finding a balance between these two different approaches in today’s conditions can be a good clue for the happiest life.

In other words, a life completely focused on money and wealth will not satisfy spiritually, but completely rejecting these two concepts will negatively affect our adaptation in modern societies and cultures and cause social destruction.

Known as the symbol of individual success in Western societies, money and wealth are considered much more valuable in African cultures, rather than individually, to be able to achieve social prosperity.

However, social changes, especially economic developments, have paved the way for major changes in terms of dependency. In other words, the individual has moved away from and broken away from the state of predetermination. 

All these examples show that there has also been a change in the relationship and understanding of human and property.

The individual has not only moved away from a form of economic relationship that was previously determined for him, but has also experienced a spatial distance between himself and his property. 

This has become even more apparent when money comes into play; for example, it is possible to establish a relationship with the institution without actually being involved in the management of the company by becoming a shareholder.

Therefore, due to this distance between the property and its owner, both comply with the rules in their own context.

Cultural Perspectives On Money In Eastern Vs. Western Countries

In Eastern and Western countries, just as there are different approaches to almost every subject and area of ​​life, different approaches and perspectives have also emerged over the years regarding money and wealth.

Since Western countries are generally societies where individuality is at the forefront, they prioritize financial success within a competitive environment.

In Western societies, the perspective towards money and wealth completely sanctifies these two concepts. However, in Eastern societies, there has been a teaching for centuries that material values ​​are not the most important elements in life.

Disciplines such as saving, long-term thinking, and social welfare are more common in the cultures of Eastern countries and define the approach to the concepts of money and wealth. In America, one of the most developed countries in the world, people from almost every income class continue their lives with loans.

However, in Japanese culture, getting into debt is not a welcome attitude, and money and wealth are not the primary goal. 

Spiritual satisfaction elements, such as having character, developing personality, and ensuring peace in the family, are much more important.

However, of course, in the globalizing world, different approaches of different cultures are increasingly coming together and seeing money and wealth as more valuable.

The Role Of Religion In Shaping Cultural Perspectives On Money

One of the issues that shapes the perspective on the concepts of money and wealth the most is religion. The concept of religion has been a determining factor for every culture and society for centuries and has affected the way of life.

In many religions, there is no direct statement that making money is a wrong action. However, it is advised to stay away from feelings such as greed and ambition.

Business models such as trade have been accepted in many religions. However, in many religions and religious sources, it is also mentioned that money and wealth are a great test.

While interest is forbidden in Islam, which is one of the most widespread religions, greed is also forbidden in Christianity. Religious teachings are still important elements that continue to determine the economic patterns of many people, even though they are older.

How Cultural Attitudes Toward Money Influence Financial Behavior?

Cultural perception of money directly affects financial behaviors, just as much as religious teachings.

Especially in many societies, since money and wealth are concepts that directly indicate power and status, it is believed that the most basic goal in life for a person is to reach these material values ​​in a short time.

However, in addition to this, according to the perception of money in many different cultures, saving and modesty are more important.

When some Latin countries and African communities are examined for cultural perception of money, it is seen that money or wealth is meaningful not individually but socially.

In other words, there is a perception that individuals who have money and wealth cannot be spiritually satisfied, but that everyone will be happier and more satisfied with the increase in the level of social welfare. 

However, unfortunately in the modern world, almost every culture within the capitalist system has started to make money and wealth the priority elements in the normal flow of life.

Wealth Perception Across Generations And Cultures

Perspectives on money and wealth have changed continuously for different civilizations and different dates in world history. It has been observed that different approaches to the concepts of money and wealth have emerged between generations and cultures.

One of the good examples for cultural perspectives on money differences is that while money is a tool of power and status in some places, it is perceived as a tool only to meet needs for others.

For example, while security and savings are more important for the older generations, Baby Boomers and Generation X, experience and enjoying life have become more important for Generation Y and Z.

As a result of this perspective, while there are more savings and investment projects in Generation X, the perception of the concepts of wealth and money has changed as consumption is more in the new generations. Each generation creates its unique approach to financial priorities.

How Education Affects Cultural Perspectives On Money?

Educational systems have a direct effect on cultural perspectives on money. One of the factors that directly affects our approaches to money and wealth is the level of education.

If you analyze a society with a high level of education, you will notice that spending habits, financial patterns and the perception of money and wealth are very different compared to a society with a low average level of education.

In societies with a high level of education and financial literacy, money is not only seen as a consumption goal but also as a tool that increases the quality of life and provides long-term well-being.

However, in societies with relatively low levels of financial literacy, money is seen entirely as a spending tool, and meeting short-term needs is a more common financial habit.

Entrepreneurs need to understand the concept of cultural perspectives on money well in order to be successful in today’s highly competitive markets.

In addition, conceptually different approaches to money and wealth are directly affected by the level of education. As the level of education decreases, the illusion that money and wealth are more sacred and the only real and most important thing in life occurs.

Gender Differences In Cultural Views Of Wealth

The different cultural perspectives on money and wealth have also changed according to gender throughout history. In many cultures, unfortunately, men are seen as the sole providers of financial power, while women are given responsibility and authority regarding financial processes.

With the rising feminism movement, this is a mistake that is gradually decreasing in the modern world. Now, women are actively participating in the business field and have gained a strong place in the financial actions of societies.

However, when old cultures are examined in the past, it is often seen that women are not in business and cannot create money and wealth. In the future, the impact of cultural perspectives on money will have much to do with global financial literacy.

The Impact Of Globalization On Cultural Perspectives On Money

Cultural perspectives on money should be taken into consideration when doing business on a global scale.

Although different cultures have created different perspectives on money and wealth, thanks to increasing globalization, each community has created fair and modern approaches that are closer to each other.

For example, while there used to be only men in business life, thanks to globalization, women have also become active in business life in every community. Of course, this change can cause value conflicts in some societies.

For example, in Far Eastern countries, issues such as family and spiritual satisfaction, which are more important than money and wealth, lose their priority, and the risk of creating more unhappy generations increases.

Globalization not only spreads consumption habits but also provides Western countries with the opportunity to meet the teachings of Eastern countries. This can form the basis for the formation of a more reasonable and balanced economy in the future.

Can Understanding Cultural Perspectives On Money Improve Financial Inclusion?

Since financial inclusion, by definition, requires people from all cultures to actively participate in financial actions, understanding different cultural perspectives will, of course, make it easier to implement financial inclusion realistically.

Cultural perspectives on money elements should be evaluated when international marketing strategies are implemented.

It may be wrong to say that financial services are provided today with cultural sensitivities in mind. However, in recent years, many banks or financial institutions have begun to offer products and services in line with the financial perceptions of different cultures and beliefs.

Thanks to increasing globalization, people from all cultures have access to fair and equal banking services, providing good examples of financial inclusion. These developments are directly dependent on the correct perception of cultural perspectives on money and wealth.

See you in the next post,

Anil UZUN