Cross-cultural personal finance

Amanda Craft, Michelle Cull, Kirsten MacDonald, Mark Brimble and Katherine Hunt

Chapter 16 in Research Handbook on Personal Finance, 2026, pp 281-303 from Edward Elgar Publishing

Abstract: This chapter explores the complexities of cross-cultural personal finance, examining how cultural differences influence financial behavior, goals, and decision-making. Key cultural dimensions such as individualism versus collectivism, power distance, uncertainty avoidance, and long-term versus short-term orientation are analyzed, along with comparing Western and Eastern approaches to personal finance. Further, the role of cultural values in financial decision-making and its impact on attitudes toward debt, savings, spending, and risk tolerance is examined. Also addressed is the interplay between cultural ethics and local laws and the ethical dilemmas that may arise. Supported by case studies, the chapter provides practical strategies for effective cross-cultural communication, including building trust and overcoming language barriers, essential for financial advisors working with diverse clients. The future of cross-cultural personal finance is also examined in the context of globalization and technology, emerging markets, and cultural shifts.

Keywords: Communication; Culture; Ethics; Fiinancial advice; Financial behaviour; Personal finance (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035323005
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