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Money matters: An exploratory study of the socio-cultural context of consumption, saving, and investment patterns by Arvind K. Jain; Annamma Joy is a Social Sciences article available to read on EtoBox.

What is Money matters: An exploratory study of the socio-cultural context of consumption, saving, and investment patterns about?

This study focuses on 36 professional South Asian (Indian) families in a metropolitan city in Canada in order to understand motives for financial behavior. In accordance with the Hindu world view, Indians view wealth acquisition as necessary for the natural progression of an individual's life and take a long view of time when it comes to investment decisions. Their primary purpose is to invest money in order to provide for their children's education. Their cultural roots allow them to take a long-term view and makes them more risk tolerant. Although these families take economic criteria into account, such criteria alone do not fully explain their consumption, saving, and investment patterns. It would appear that their need for saving determines their consumption, not the other way around. To understand their financial behavior, one has to identify the cultural worlds in which Indians live. The study highlights the importance of understanding the socio-cultural context of decisions that may appear to be purely economic decisions at first sight.

Who reads Money matters: An exploratory study of the socio-cultural context of consumption, saving, and investment patterns?

Author

Arvind K. Jain; Annamma Joy

Publisher

Elsevier Science; Elsevier ; North-Holland Publ Co; Elsevier BV (ISSN 0167-4870)

Published

1997

Language

EN

Field

Social Sciences