Survey reveals what people around the world think of money (page 2 of 2)

In Saudi Arabia only 36 % of the respondents agreed on the statement that financial success is more due to good luck than good management.


A series of agree/disagree questions explored how people feel about money and its relative importance in their lives.

More than two thirds of Indonesians (83%) agree with the statement 'I think about money - and how to get more of it - regularly', followed by 76% in both India and Malaysia and 72% in Saudi Arabia.

Executive Director for Consumer Insights for Synovate in Asia, Mike Sherman, attributes this more to need than culture.

"There is a bit of 'you want what you don't have' in this result but it's far more of a need issue. It's not the same as obsessing over something you don't really need like a gadget. Money is life and death and, despite ever-growing affluence, many people in these markets are still engaged in a daily struggle to get it," he said.

"What is possibly more to do with culture is the 72% of Indians who agreed that financial success is due to good luck not good management, miles ahead of the next highest agreement level of 44% in Bulgaria and Malaysia. In India, luck and fortune play a great role in people's lives in general.

"On the other hand, only 12% of respondents in Australia, 14% in Canada and 16% in the US agreed that these cultures are heavily geared around reward linked to hard work," he said.

Money equals problems in the minds of 57% of emerging markets respondents. Their developed markets counterparts did not agree as only 31% of them saw a link between more money and greater problems in life.

More then two thirds of the Saudi respondents (84%) believe that success is about having what you need not necessarily having everything you want. Although 70% of these respondents think that they would be happier if they had more money 56% also believes that the more money one has, the more problems one has!

Half of the Saudi's believe that the time it takes to become financially successful is not worth the time it takes away from other, more important things.

Taking charge... and Lady Luck

To improve their chances of being financially successful, most respondents work hard, set goals and make a plan, but there is a dash of blind optimism in the world's developed markets!

The most popular choice (47%) for people trying to improve or maintain their financial position was to just get on with the job and work hard, closely followed by having a budget or plan (43%).

Sherman points out that although these respondents say they have a plan, many of those financial intentions would be in people's heads.

"It's a challenge for financial services providers to get people to think long-term. Most of the planning that's done is not on paper - and not done with a professional. Eighty-five percent of all respondents do not use an accountant or a financial planner," he said.

Twenty-eight percent of all respondents in developed markets regularly buy lottery tickets or enter raffles and competitions in an effort to boost their financial status.

"This is hardly the most reliable of techniques, but a big win would certainly be life-changing!" Sherman said.

Only 10% of respondents in emerging markets followed suit, but perhaps this is attributable to less expendable income and fewer lotteries.

Overall, the actions people take in developing and emerging markets are very similar. The main differences, other than the lottery, were that consumers in developed markets were more likely to use a financial planner or adviser, but this was still only one in every five.