This document provides an overview of a workshop on understanding the impact of culture on personal finances. It discusses how culture influences financial practices and decisions in ubiquitous and influential ways. It describes how the United States is becoming more culturally diverse and will no longer have a single racial majority by 2020. It highlights the need for financial practitioners to understand different cultural groups to better serve a multicultural population. It provides examples of how various ethnic groups approach finances differently based on their cultural values and experiences.
These are the slides which resourced a workshop held immediately following Luther Seminary's Midwinter Convocation in 2019. The workshop focused on exploring universal basic income within the context of Christian faith.
These are the slides which resourced a workshop held immediately following Luther Seminary's Midwinter Convocation in 2019. The workshop focused on exploring universal basic income within the context of Christian faith.
An introductory presentation on thinking about and understanding cultural differences, mainly based on the survey of existing literature on the subject.
Managing Cultural Diversity and Global TeamworkDaniela Kaneva
In a world where business and private life are increasingly globalized one key competence becomes keystone to success – the ability to understand and work effectively with people who are of different origin. Learn about the impact of National Culture on business and how you can manage it in order to achieve diversity and performance of global teams.
An introductory presentation on thinking about and understanding cultural differences, mainly based on the survey of existing literature on the subject.
Managing Cultural Diversity and Global TeamworkDaniela Kaneva
In a world where business and private life are increasingly globalized one key competence becomes keystone to success – the ability to understand and work effectively with people who are of different origin. Learn about the impact of National Culture on business and how you can manage it in order to achieve diversity and performance of global teams.
Dr. Barbara O'Neill will present this 90-minute webinar on behalf of the Military Families Learning Network. 1.5 CEUs will be available to AFC-credentialed participants. Americans have always been fascinated by millionaires and their ranks have actually been increasing in recent years despite the financial crisis. The “Who Wants to Be a Millionaire?” game show and “MegaMillions” lotteries draw big crowds. Most people become wealthy the “old fashioned way,” however, through hard work and regular saving/investing. This webinar will provide a solid path to wealth accumulation by presenting 20 research-based wealth accumulation factors and online financial planning resources. Webinar participants will learn about the following topics:
Twenty research-based factors that are associated with wealth accumulation
The awesome power of compound interest over time
The impact of lifestyle choices (e.g., health habits) upon personal finances
Research-based characteristics of millionaires
Resources for educators and consumers (e.g., online financial calculators)
Dissecting culture and its application to business.docxmadlynplamondon
Dissecting
culture and its
application to
business
What we’ll cover
1. What is the nature of culture?
2. Variety and variation in culture
3. How have globalisation, migration and diversity impacted on
national culture?
4. Use these insights to critically evaluate models of national culture
5. Culture traps: problems and pitfalls to avoid
6. Dynamic models of culture
7. Groupwork exercise: apply your cultural knowledge to business
practice
1. What is culture?
Read the following descriptions of national values
for China, India, Britain
•What do these descriptions tell us about the nature of
culture?
i.e. what kinds of things do we call ‘culture’?
• How long might it take an outsider to understand these
values?
So what is the nature of culture?
“a complex frame of reference that consists of patterns of traditions,
beliefs, values, norms, symbols, and meanings that are shared to varying
degrees by interacting members of a community”
(Ting-Toomey, 1999, p.10)
traditions rituals, ceremonies, rites of passage
beliefs, values, norms underlying principles governing behaviours
symbols language (verbal, non-verbal) also images
meanings Interpretations of symbols held by members
‘shared to varying degrees’ not every single member of the culture to the same degree!
‘a frame of reference’ for making sense of the world
Culture is socially constructed; a basis for shared, collective identities
What are the key
words to highlight
in this definition?
Another definition
“the coherent, learned, shared view of a group of people about life’s
concerns that ranks what is important, furnishes attitudes about what
things are appropriate, and dictates behaviour”
(Varner & Beamer, 2011, p.5)
coherent an entire, consistent world view
learned we are not born with it; culture is transmitted
view of a group agreed, shared views of a society
What are the key
words to highlight
in this definition?
The Iceberg of Culture
In awareness Visible
Out of conscious
awareness
Invisible
Self-awareness
The Iceberg of Culture Fine arts Literature
Drama Classical music Popular music
Folk dancing Games Cooking Dress
Notions of modesty Conceptions of beauty Ideas about child raising
Rules of descent Cosmology Relationship to animals Courtship practices
Patterns of superior/subordinate relations Definitions of sin
Conceptions of justice Notions of leadership Incentive to work Tempo of work
Attitudes to the dependent Approaches to problem solving
Patterns of group decision making Eye behaviour Conceptions of cleanliness
Theories of disease Conception of status mobility
Roles in relation to status by age, sex, class, occupation, kinship etc
Definition of insanity Nature of friendship Conception of self
Patterns of visual perception Body language Facial expression
Notions of logic and validity Patterns of handling emotions ...
We do have ‘no excuses’ other than learning new things, it is very important to start learning new things specially that has direct impact in your pockets or wallets.
Inflation Causes, Impacts, Mitigation Strategies, and BenefitsBarbara O'Neill
60-minute webinar for AFCPE on 05/11/23 that discusses the causes and impacts of inflation and several dozen strategies to mitigate the effects of higer prices on household budgets.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
AFCPE 2013-The Culture of Personal Finance-What Financial Practitioners Need to Know
1. The Culture of Personal
Finance: What Financial
Practitioners Need to Know
Dr. Barbara O’Neill, CFP®
Rutgers Cooperative Extension
oneill@aesop.rutgers.edu
2. Workshop Objectives
• Understand U.S. cultural shifts
• Understand the impact of culture on personal finances
• Understand why we should care about cultural diversity
• Understand money “issues” faced by foreign born U.S.
residents
• Understand financial characteristics of different ethnic
groups
• Understand gender and income financial diversity issues
3. What is Culture?
• Socially transmitted influences on a person’s thoughts,
beliefs, assumptions, values, and behavior
• Includes language, religion, cuisine, music, social habits
• Affects daily activities including financial practices
• Sources of cultural influence:
– Family
– Organizations
– Reference groups (i.e., groups that people identify with)
4. Culture is Ubiquitous
• Encompassing and taken for granted
• A collective “frame of mind”
• Unless we observe something foreign to our
own socialization, it is easy to forget that
cultural influences are even there
5. Culture is Influential
• One’s societal and family history influences
today’s life decisions
• Decisions can be affected consciously or
unconsciously
• Culture is entrenched but cultural
influences can be changed with
education/counseling, role models, etc.
6. So What Does Culture Have
To Do With Personal Finance?
• EVERYTHING: it is the “lens” through which people
view events and make decisions
• Not everyone experiences economic events in the
same way
– Men versus women
– College grads versus those with lower education
– Older versus younger workers
– Minorities versus whites
7. Major Cultural Shift
By 2020, the U.S will no longer have a racial majority group!
Immigration from non-Anglo regions of the world
Fewer children born to White households
Increased number of international adoptions
Increased number of inter-racial marriages
Cultural diversity or multiculturalism instead of “melting
pot” (value cultural identities)
8. Why Should We Care About Financial
Security of Immigrant Populations?
Wall Street Journal Article (5/7/07): “Boomers’ Good Life Tied
to Better Life For Immigrants”
http://online.wsj.com/article/SB117849490282093942-search.html
Workforce shortfalls will be filled by immigrants and offspring
Immigrants’ financial status will affect medical services that
boomers receive and home sale prices
Immigrants will evolve into a critical pool of workers and
taxpayers
About 1.5 million immigrants annually: somewhat softening the
impact of an aging population
9. Why We All Need to Care
“Immigrants and (predominantly
White) baby boomers are two
groups whose destinies are
converging in the next 20 years”
Dowell Myers, Demographer
University of Southern California
Author of Immigrants and Boomers: Forging a New Social
Contract for the Future of America
10. Impact of Culture on Finances
Values about money affect many financial decisions
Culture impacts money values
Examples:
High value on helping family and use of international
remittances by Hispanics
Extended family = “savings” and “insurance”
Alternative non-interest financing, consistent with beliefs, for
interest-adverse Muslims
Below-average life expectancies for Native Americans =
skepticism about retirement
11. Financial Culture Example:
Journal of Financial Planning, 12/06
As a young man, client was the only saver in family
and accumulated $8,000
Sister got into trouble with the law
Family pressured him to use savings to pay legal
fees
He never saved again so that he could say he didn’t
have money if family members called
Planner eventually convinced client to build wealth
12. Research Findings
Blacks and Hispanics save less for retirement than Whites
and Asians:
http://www.forbes.com/sites/kerryhannon/2012/02/14/w
hy-latinos-arent-saving-for-retirement/
http://www.nbcnews.com/id/31783955/ns/businesspersonal_finance/t/blacks-hispanics-save-less-retirement/
White Americans have 22x more wealth than Blacks
http://money.cnn.com/2012/06/21/news/economy/wealth
-gap-race/index.htm
13. Specific Financial “Issues” for
Foreign-Born U.S. Residents
Establishing a credit history
“Cash-only” financial management
Lack of trust in the financial services industry
Culture of financial conservatism
Beliefs about need for women’s education
Machismo related to investment risk
Language and cultural barriers
Family expectations
14. Implications For Financial
Counselors and Educators
Allow time to build relationships
Network with agencies who can “translate”
Provide peer examples and role models
Short sentences and paragraphs
Frame savings in context of helping family
Don’t assume retirement: instead, ask how client visualizes
life at 60, 70, and 80
Assess clients’ family money histories
Use less structured evaluation methods
15. Good Questions for All Clients
• Tell me about your family. What did they teach you
about money?
• What are your earliest experiences with money?
• What is your best financial habit?
• What type of life would you like for your family?
• What is your greatest financial hope?
• What is your greatest financial fear?
18. Use a Values Clarification Activity
• Select the 10 most important items from the list (e.g.,
honesty, wealth, power, family, safety, beauty) from
http://www.therapistaid.com/content/0023.pdf
• Then rank them from most important (1) to 10th most
important (10)
• Remember, values are very personal. There are no
“right” or “wrong” values
• Helps practitioner better understand clients and helps
clients recognize areas of life that need attention
19. Cultural Financial Touchstones
• Help describe how other people are different
• Provide a “shortcut” to understanding clients’ attitudes
and behaviors
• Can help understanding professionals help clients feel less
stigmatized
• Need to use with caution with stereotypes (individuals are
ALWAYS more complex!)
• Source: The Client Connection: How Advisors Can Build
Bridges That Last by Mellan & Christie (2009)
20. Latinos
• Money is good but is not most important thing in life
• Less emphasis than Whites on being independent from family
• La Familia and Tandas (collective pools of money)
– http://en.wikipedia.org/wiki/User:Tandas
• Adversarial view of government (many came from countries
with dysfunctional regimes)
• Wary of financial institutions (came from countries with political
coups and freezing of bank assets)
• Fatalistic attitude toward life (Louis Barajas, CA CFP®)
– May avoid savings because family members will borrow money
21. More About Latinos From
Louis Barajas, CFP®
• http://www.fpanet.org/journal/BetweentheIssues/LastMonth/Book
Reviews/TheLatinoJourneytoFinancialGreatness/
• Don’t like the term “Hispanics” (that term comes from Spain)
• Strong cultural tradition to invest in real estate- something to
“hold and touch”
• “Pothole” #1: patron-peon syndrome (belief that somebody else
will take care of them)
• “Pothole” #2: Mi Compadre (seek advice from non-experts)
22. African-Americans
• Like Hispanics, don’t save as much as average White
Americans
• Also like Hispanics, individuals typically bear a lot of financial
responsibility for relatives
• People who “make it” may feel pressure to place family
needs over their own financial well-being
• Tend to be skeptical of stock market and wary of people
promoting financial products
• Give away a higher % of their income than any other ethnic
group, mainly to their church
• Average black household earning > $50k has saved < half
as white counterparts; many weighed down by debt
23. Muslims
• Taking care of extended family is a top priority in Arab
cultures
• Low % of investments in stock; prefer gold, silver, and
property (familiarity)
• Sharia (Islamic Law) forbids liquor, gambling, pork,
pornography, and the charging of interest
• Sharia-compliant financial products and Islamic home
loans are widely available
• For more information:
– http://www.extension.org/pages/25269/cultural-differencesin-handling-credit
24. Indians
• Huge appetite for saving
• Tend to save money without compartmentalizing it for a
specific purpose (e.g., education)
• Investment choices tend to be conservative
• Cost-conscious, but not misers
• Will spend well for children’s education or a wedding
• Do not readily divulge personal financial data
25. Chinese
• High savings rate as a defense against uncertainty (deeply
entrenched view that the world is unsafe)
• Most have a good-sized emergency fund
• Don’t typically carry credit card debt
• Tend to be enterprising investors (e.g., use of leverage
and interest in short-term stock profits)
• Reluctance to confide in financial advisors
• Likely to have multiple generations to care for (nursing
homes are seen as taboo)
• Casinos aggressively court Asian Americans
26. Japanese
• Common for husbands to hand over paycheck to wife
to manage
• Social pressure to amass wealth
• Some lost “a generation of Wealth” due to WW II
internment camps (lingering distrust of government)
• Education is everything. Parents assume they will
finance college for their kids
• Younger generations more willing to spend than
saving-obsessed elders
• Tend to be risk-averse investors
27. Gender Diversity
Men
– Tend to put more stock in
experts and credentials
– Often fare better after
divorce and widowhood
– May have issues with
over-confidence in
investing
Women
– Consult many sources
before making a decision
– Often relate their needs
through stories and
anecdotes
– Need to make lower
average income last longer
– More likely to trade
investments
– May have a low investment
risk tolerance
– More likely to have a
higher risk tolerance
– Real fears about poverty in
old age
28. Another Cultural Divide
• WSJ: The New American Divide (1/21-22/12) by Charles
Murray:
http://online.wsj.com/article/SB100014240529702043014045771
70733817181646.html?mod=googlenews_wsj
• “What we now face is a problem of cultural inequality”
• Less “shared experience” involving marriage, work, religion,
entertainment, tastes, etc.
• Increased isolation of upper-income households
29. Charles Murray Article
“Over the past 50 years, that common civic culture has
unraveled. We have developed a new upper class with
advanced educations, often obtained at elite schools, sharing
tastes and preferences that set them apart from mainstream
America. At the same time, we have developed a new lower
class, characterized, not by poverty, but by withdrawal from
America's core cultural institutions.”
30. Key Take-Away Points
• If you want to help people, you need to understand their
beliefs and expectations
• Core beliefs and the expectations that flow from them are
key drivers of individual thoughts and behavior
• People generally provide clues to their closely-held beliefs
• Professionals often don’t listen or observe closely enough
to uncover them
31. Two Final Take-Aways
• Not being familiar with a broad spectrum of
cultural influences is a blind spot for financial
practitioners (AFCPE-FPA webinar, 11/5/13)
• “Know your target market and be culturally
sensitive to that market.” (John Grable,
Journal of Financial Planning, 11/13)