Survey reveals what people around the world think of money (page 1 of 2)

Synovate surveyed around 12,500 people across Argentina, Australia, Brazil, Bulgaria, Canada, Germany, India, Indonesia, Italy, Malaysia, Netherlands, Russia, South Africa, Saudi Arabia, United Kingdom and the United States of America about their definitions of financial success, where they see themselves in terms of what they have and their attitudes towards money and what actions they take to get more of it.

Money talks. But what language does it speak?

When asked to rank a series of definitions of financial success, markets such as India, Bulgaria, Saudi Arabia, South Africa and Indonesia and, more surprisingly, developed markets Germany and Italy were most focused on providing the very basics of food and shelter for their families.

Managing Director of Synovate Germany, Harald Hasselmann said that in the case of Germany it is linked to their values.

"Average Germans rate issues like responsibility, financial independence and career aspirations high on their radar system. So while at first it looks surprising that people in a such a developed economy seem to rate the basics as their top priority, it actually makes total sense that they are sharply focused on providing for the family."

Claire Braverman, Synovate's Senior Vice President of Financial Services in the US, said the results remind us of the reality that there are a lot of consumers out there in all markets who are struggling.

"For many people, it's still a daily grind to get food on the table and a roof over their head. We can also see that there's not a major focus on the long-term in many markets.
"There were only two markets where a fully-funded self retirement rated a top three mention as a measure of financial success and they included Russia where it was number one and the UK where it was number three.

"Financial services organisations have the continuing challenge to get long-term thinking on the table in homes around the world. Clearly, attitudes to money are just as dependent on culture as they are on what people actually have. Money may be universal, but how people feel about it is most certainly not," she said.

Developing a dislike for debt

The number one definition of financial success in developed markets is 'I have no debt'. This was especially the case in the US and the UK, but also very evident in Australia, Netherlands and Canada.

Braverman said the definition of success in these markets is less about what people can afford and more about how they pay for it.

"Debt is public enemy number one in the US at the moment. The sub-prime crisis has brought debt into sharp focus and people would clearly feel much more financially successful if they were rid of it.

"The US situation has flow on effects for the rest of the world too, as most economies are intrinsically linked to the US market.

"There is another reason for this focus on debt in developed markets versus emerging ones though. It is partly an attitude towards money, not wanting to take on debt in the first place. Equally though, it is about access to debt. Despite the current environment, debt is a relatively easy thing to sign up for in developed markets. In many emerging markets, for many consumers, it's not even an option," she said.

Does money make the world go 'round?

Consumers in emerging markets are far more likely to attribute financial success to good luck rather than good management, and are also more likely to think about money and how to get it.