India ranks 4th among money obsessed nations

India ranks 4th among money obsessed nations

By SiliconIndia   |   Friday, 26 February 2010, 03:09 Hrs   |    25 Comments
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India ranks 4th among money obsessed nations
Bangalore: With importance of money being increased after financial crisis, India has emerged one of those nations, which believes the saying "money talks" more than people in other countries, and typically thinks that cash is very important.

According to the World Journal, a public survey launched by Reuters and Ipsos, India ranks fourth with 78 percent of its people placing greater value on money after the financial crisis, which is followed by Russia, Turkey and Brazil. But, there are84 percent of respondents from China, Japan and Korea.

"Money confirms a person's success" is a common opinion among people from these countries. 69 percent of Chinese and Korean's agree, while 67 percent of Indian's and 63 percent of Japanese support it too.

However, most European people, especially the Dutch at 50 percent, think money is no more important than before. Following the Dutch, Mexican's, German's, Briton's, Belgian's and Canadian's hold the same view to a lesser degree.

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Reader's comments(25)
1: I don't believe it's an obsession since money is always important when a person is hungry, ill, has no shelter, has children to feed, has an elder family member they need to take care of, and need money to find that next job. The word "money talks" apparently (from the article) has a different connotation in the USA than it does in India. If India is high on the list then it's because of its large population. In the USA too much emphasis on money for some people gets them into jail but the jails are full so people get time off for good behavior or are on house arrest and or probation. We have a quick judicial system but still the over importance of money and jail time doesn't seem to curtail the problem. Lots of things besides money confirms a person's success. These days when countries are starting to go bankrupt money, barter, contributions and donations, government assistance (city, county, state, federal), the government making its own money, gold and silver are just as important as money.
Posted by:Christie Fox - 27 Feb, 2010
2: One of the reasons would be future security. Westen Govt do compensate their citizens for the heavy taxations with proper retirement and other plans for their citizens. We dont see this in India one would agree
Posted by:Ivy - 27 Feb, 2010
In response, people are reasonably taxed both by state and federal but sometimes by cities as well. Taxes keep rising though and will be higher in the future. Working for the government here is a whole different ball of wax than working for the private employer, than industry, than working under a union. Some but not all have retirement programs but now with stocks down which is what funded the retirement funds is now in trouble and can't produce the retirement funds so many people have lost out. Social Security which was initiated in the 1940's was never meant as a full retirement pay or reimbursement, it was merely meant for a pittance to keep a person alive in old age (but did not support them entirely nor paid entirely for their medications or hospital stays or operations). Today the age a person can collect retirement benefits from the government are getting longer (used to be age 65 but for some it's 66, some 67) and after a short amount of time the social security system will be bankrupt (soon). We know all people over 65 must continue to work or their families need to take them and pay for them and that those who can work should and do want to work till later in life. The problem to that is that there just aren't jobs out there for the elders to work at. So we have a dilemma that would last perhaps 40 years. It's a bell curve.
Christie Fox Replied to: Ivy - 27 Feb, 2010
4: Only simplitons will talk in terms of 'western'. What is usally understood as western over here is 'English nations'. However, west includes the East Europe, West Europe,Russsia, Great Britain, and also USA. At times, people even include the nations of Australia as well as New Zealand as 'west', they being significantly 'white' and English speaking.
If it is English nations that is being compared, let me tell you, money doesnt influece many things about a personsin English systems. For example, over here in India, having money (or power) or not having money (or money) directly connects with the words and usages. Since everyone in the society are connected by the communication system, and the structure it creates, money is terribly important over here. I cam be very candid and to the point. In the south Indian languages, the word You can be more or less meancingly shift from Sar, Thangal, Nignal etc. to the lower grade Nee, when the communication is between personal formally connected. This is the case inside most (is not all) Indian languagages. Immense other words and usages also change.
The lower words can create derisive comments and derisive laughter if one is in a difficult situation. The higher words can induce feeling of great distress and symphathy if that person is in a terrible situation. It is similar to the comparable situation of Gandhi fasting and a poor man going hungry. The latter gets scant attention.
Persons who decry English social systems and say that it is money crazy are really superimposing Indian experiences into their imaginations about English social systems.
Posted by:Ved from Victoria Institutions - 26 Feb, 2010
We are talkin about money obsessed nations in the world. That includes both india and western countries too. I understand people judge others by wealth. For example, a person named nathu. If he is poor, he will be called 'naathe' or 'nathiya'. If he is middleclass person, he is 'nathubhai'. If he is wealthy, he is 'nathuseth' or 'nathalal'. When we talk about money obsessed people in the world, we can not ignore the greed of money of westerns. I still disagree with this survey. Look at some poor people in india, even if they have no money, they still live happy life because they are satisfied with what they have got. On the contrary, a person living in a posh area and driving luxurious cars may not be happy because he is not satisfied with what he has got. Now, you must have seen the global recession since past year. How did it started? It started from the greedy and lavish lifestyles of westerns. It did not start from so called money obsessed indians. India was standing firm and tall against recession and did not let it affect because indians know how to survive with little money. The western banks who must be blamed for the mess, they are still demanding for bonuses. Now tell me who is money obsessed? Easy-going indians or careless westerns?
Mayur Replied to: Ved from Victoria Institutions - 26 Feb, 2010
There is no logic and no substance in your reply. 'India standing tall'! On what?

What is western? Are we speaking about Asia and Europe, or about India and any specific European nation, USA, or GB and other English nations? One can't put the whole of West into one brackett. English nations are different from the west, or at least they were till the rest of the world swarmed. As to money craze in India, go to any government office and see what makes things move. Simply do not joke.
As to the US, if there are money crazy people there, blame it on the nations that send people there. They reach there to create the American dream, and end up creating a nightmare there.
VEDfromVICTORIA Replied to: Mayur - 01 Dec, 2012
The global recession happened because people who could not afford to own homes were given that opportunity and then those mortgage loans were bundled and sold to banks all over the world. when the loans defaulted everyone lost money. It was that they depended that that money would be there and people would pay up but they were lower middle class people with not enough money to own, their paychecks weren't checked prior to giving the loans. So you see the recession was NOT caused by greedy and lavish lifestyles of westerners. Bonuses were given out indiscriminately when our President gave out stimulus packages. But the stimulus packages MUST BE PAID BACK AS THEY WERE ONLY LOANS so now those companies who gave out the bonuses when they should not have are being made to demand the money back. The western people are not to blame. It's just that every accounting system, systems dealing with money, need a double checking system and this system did not have one so it failed.
Christie Fox Replied to: Mayur - 27 Feb, 2010
8: I don't accept this survey result. As far as westerns concern, money has always been and will always be priority for them. Money can not buy happiness. Indians know how to live or i should say how to survive with lack of money. Indians do compromise (even if they don't want to)with quality of life but westerns don't want to do compromise with quality of life. Look at living standards of indians and westerns. Westerns are heading to india to understand how indians can live and survive without enought money and they have realized that money can not buy happiness. As arun commmented, if we look at the history before british raj, india was richest country moneywise and happinesswise in the world. If we stick to our culture and ethic, money doesn't come first.
Posted by:Mayur - 26 Feb, 2010
Life is expensive in USA as I'm sure it is elsewhere so naturally money is a priority. Money does buy the things that make people happy though. And money in the hands of investors brings in research and medications to help humanity and help pay for the needs of struggling nations of which the USA is one of the largest contributors when bad situations happen like starvation, needed medications, sending food, shelter, water and our doctors without walls to those in need all over the world. This is what our money is used for.
Christie Fox Replied to: Mayur - 27 Feb, 2010
10: Not true at all. western society has always been money oriented, infact it was build on that concepts of money. Even today it hasn't changed a bit. Ofcourse developing countries have to think about money, but it does in not by mile reflect the attitude and culture of society being money oriented.
Posted by:ajj - 26 Feb, 2010
11: If you make a survey in all the schools in Doon, your survey result will show some Lakhs of Rupees is required per month to meet the expenditure on education of one child.

Remember the joke published in the same site "Knowledge of Domin is necessary".

Well, there are people in cosmo cities. They head for there because they prefare money over peace of mind but there are small towns and villeges also in India. Was the survey made on the people leaving there and beautifully maintaining the treditional culture of India?

If not, then recalculate the percentage of accuracy and republish the result please.
Posted by:AK Sinha - 26 Feb, 2010
12: Financial crisis aside, let's move a couple of levels up and take a more generic look at the Indian psyche. Ask a rich Indian if he's rich and he'll do everything in his power to convince you that he's not. Why? For two reasons:

1. He equates money with sin. He thinks he has one of two options, either stash money and enjoy this life, because he will be going to hell anyway because of his "greed" or denounce this material life, live like a beggar and be welcomed into heaven until eternity. That's what the Hindu philosophy is all about. Or so he thinks.

2. It's because he does not believe that there is an honest way to "make money", and that's because he's never given that a thought. He has never considered the fact that to make money one has to give and take "value for value". And the reason for not considering it is because he thinks that the money supply is finite and unless he does whatever it takes to grab as much of it as he can, he will lose out. And that's the mentality that thinks that money is the root of all evil. It's not.
Posted by:OneOpinion - 26 Feb, 2010
13: ET interviewed Mr.Tata and Mr. Naryana Murthy about enterprenaurship.. Everyone in business world agreed some people or public servant teach middle class people poverty / middle class as there birth right which they should impose gen' to gen'... Indians especially people in those areas that are neglected should reliase that this is something which is imposed.. It is better for the country if they start Daring to Dream.. and truly struggle, work towards the goal..
Posted by:udaykumar - 26 Feb, 2010
14: With today's budget you will see more of this
Posted by:sanjay doshi - 26 Feb, 2010
15: We experience the unmasked greed of Indian candidates in the course of our business on a daily basis. But I might venture to say here that those from relatively less deprived backgrounds are far more reasonable in their salary improvement expectations than those who come from the outback. This is especially true of technology professionals who appear to be rather insecure about the longevity of their career, quite like movie stars or sports persons.
Posted by:Chiranjit Banerjee - 26 Feb, 2010
Chiranjit Banerjee sir, show me business place who is giving employee with out having more profit through him,..

We should aim for companies of our country doing excellent business nationally and internationally and paying its employee exceptionally well.. Poverty and developing state title are present situation while we are achiving our goal.. lets not impose them forever on our motherland.. May God Bless the poor stand on there feat and challenge the monarch of the business world..
udaykumar Replied to: Chiranjit Banerjee - 26 Feb, 2010
17: This is the major reason why corporate crime,corruption and failure take place in India. People want money by hook or by crook.they compromise all their values for the money. They forget the means rather they focus on ends. For them end justify means. People forget the contribution of Bill gates, Warren buffet and Narayana murthy. They are the personalities that never focus on money. They focus on value creation for both customer,organization and society. Money is the outcome which automatically pours in. I think money is important but How? It is the important question. If our effort is in right direction and ethically, morally and socially correct, then money earned has value otherwise not.
Posted by:Ajay kumar gupta - 25 Feb, 2010
18: Recently a software engineer has killed his new born girl as his wife also techie who wants to take long leave to take care of the child. The husband, not able to bear the loss of his wife's salary has killed the daughter.
The entire social life is changing or changed in the cities.
The hunger for money has destroyed all our social bindings and people have become self oriented least bothered even about their family. become life of Indians nothing more nothing less...
Posted by:A Sundar - 25 Feb, 2010
19: In India, it is highly accepted that "money talks" more than people.
Posted by:Rajeev - 25 Feb, 2010
"money talks" more than people is something which do not desire but hard we need to accept.. money earned through hard work within ethical value is not bad..
udaykumar Replied to: Rajeev - 26 Feb, 2010
Values, virtues, and morals should not be compromised for money. Money wouldn’t have any value by itself.
Person without morals, virtues and ethics, holding lot of money would not hold any value at all.
Vishnu Vardhan Replied to: Rajeev - 25 Feb, 2010
you are right JUST remeber we can buy a clock but not time
we can buy house but not home.
how fast or bussy we may be in life we should always make a concious effort to take care of our family and releations after all we dont know when we are going to die the money doesnt do any thing after we die the four people who are going to carry us does matter.
sandeep Replied to: Vishnu Vardhan - 25 Feb, 2010
i agree with Vishnu.........& few more the money increases it also increases problems......there are lots of surveys that proved ppl have more money has less peace
Bharath Replied to: sandeep - 26 Feb, 2010
.i cant totally agree with bharath that so many surveys have shown people without peace with lot of money,but the question is how did they make the lot of money?is it ethical?is it white? is it hard earned with right way?does it comes under tax?money matters for people who need it, country like btitian, dutch, mexico and germany doesnt say it is important as htey have seen it and had it more in their times and its india's turn to make some money for its futre prosperity.then may be in next 10 years polkling we might also be one of those countries, which says money is not a matter.
arun Replied to: Bharath - 26 Feb, 2010
I am really with Arun's thoughts. If you look at the history of India before British Raj. We were a reach country with great people and ethics. Now its other way round. No wonder if we will come back on our historic really once again. But only worry is again some one like Britishers will come and make us as so called Gulam.....
NDG Replied to: arun - 26 Feb, 2010