When working as a budget advisor, one thing quickly becomes clear - people think about money in different ways! Culture, family values and life experiences all shape how people earn, spend, save and share money. It is particularly important that we understand cultural approaches to money so that we can give better support and advice.
Family and community first
In many cultures, money is not just for the individual or the immediate household; it is for sharing with extended family or the wider community. Helping parents, siblings or relatives financially is seen as a normal responsibility. There is no such thing as borrowing from family; financial help is a gift not a loan.
In such cultures, it is normal to regularly send money to relatives or to help pay for family events, funerals and/or celebrations. From a budgeting perspective, these are needs, not wants, and budgets must be put together reflecting this.
Saving for security or the future
Other cultures place a strong focus on saving money. This may come from past experiences where money was uncertain or hard to earn and so saving provides security and peace of mind.
People from these backgrounds will prefer to avoid debt and will even save before buying something large. As budget advisors, we therefore need to help produce a cashflow of when to save, advise on where to keep savings and help set goals for the savings.
Sometimes people want to save so they can set up a business. We would give the same help as for general saving, but additionally we would work to agree a timeline, set interim goals and ensure these goals are celebrated on the way to the big goal.
Living for today
Other cultures focus more on enjoying life in the present. Spending money on family gatherings, celebrations, food and experiences can be important. These moments help strengthen relationships and create lasting memories.
While this approach can sometimes make budgeting more challenging, it also reflects values that place people and connection above money. A good budget does not remove these moments – it simply helps make space for them without causing financial stress later. A budget advisor can help set up a cashflow to show when fun spending can safely take place.
Talking about money
In some cultures, money is openly discussed within families. Children learn about budgeting, saving and financial responsibility from an early age.
In other cultures, money is a private topic and may not be discussed easily. This can make it harder for people to seek help when they are struggling. Budget advisors can create a safe and respectful space for these conversations, which is particularly important.
What budget advisors can learn
Working with people from within different cultures teaches us that budgeting is not just about numbers. It is about values, priorities and relationships. It is an art, not a science.
As good budget advisors at Levin Budget Service, we do not try to change anyone’s cultural approach to money; instead, we acknowledge a culture and work with people to build a financial plan that works with their values.
As ever, we are here to help.
