Cultural factors influence money practices from "summary" of The New Psychology of Money by Adrian Furnham
Money practices are not solely determined by individual preferences or rational decision-making. Cultural factors play a significant role in shaping how people think about and interact with money. These cultural influences can manifest in various ways, such as attitudes towards saving, spending, investing, and giving. In some cultures, saving money is highly valued and seen as a sign of financial responsibility and security. Individuals from these cultures may prioritize saving for the future over immediate gratification. On the other hand, in cultures where spending is emphasized as a way to display wealth and social status, individuals may be more inclined to spend lavishly on material possessions. Furthermore, cultural beliefs and values can influence how people approach investing their...
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