Money attitudes in India

“The Secret life of Money” by Valerie Wilson is a pretty illuminating study of the Australian Anglo-Celetic population’s perceptions and attitudes towards money. Basically the book proves that money is a mutating and psychologically complex concept, even a kind of a ritual if you will, and something far more than what economists define as merely a store of value, or wishes in a frozen form. What one does notice is that money is complex in different and even opposing ways in India.



1) Income class: In Australia, both the rich and the poor want to be perceived by the public as belonging to the middle class category. However, in India, everyone wants to cross the class barrier, and behave and act as if they belong to a slightly higher income class.



2) Money is not hidden: The personal income is usually hidden. While this is true for people who have been working for some time (30+ers), the salaries of young men however (particularly the eligible ones) are often talked about, discussed, and dissected by the grapevine. It is public knowledge as to how much so and so earns, if the unfortunate so and so has just found a job. Also, people generally know how much everyone around them earns, and looking into someone’s wallet does not bring about any discomfort and is not taboo. Basically, in India, money is NOT as taboo as sex.



3) Domestic Treachery: While domestic treachery exists in both countries (stealing money from your mother’s purse, father’s wallet etc), in Australia it is often ignored, and shoved under the carpet. Here, the grapevine catches on, says so and so has started stealing now. In fact, after a certain age, people start advising others to better hide their money in the houses. Domestic treachery is not only accepted, it is expected and punished.



4) Indians value versatile forms of money: Only cash is as good as cash. This seems to be the attitude elsewhere, where people are fooled that they have gotten play money when casinos hand over plastic tokens instead of their money. In India, however, paper coupons are as valued as the money itself. For example, there are small plastic tokens that the milkman gives everyone in the society. These are safely kept and as valued as the money, and parents do not let their children play with these plastic discs. (Funny I almost wrote dicks)



5) Indians are smart about pocket money: Pocket money in India has nothing to do with the amount of contribution to the housework, a percentage of what the parent earns, the extent of academic excellence or a combination of the above, as is true for Australia. Pocket money is given purely on a need-basis. There is NO expectation that the child saves up the money, in fact, this behavior is met with mild surprise because there is a very narrow margin where saving is possible at all. A need-based pocket money, in fact, encourages children to save up for things they want, perhaps something that should be recognized elsewhere.



6) Inheritance is not heritage: There is no attitude in India that an inheritance must be kept together. In fact, in the common case of more than one heir, the inheritance is dissolved as soon as possible.