Cultural conflicts
Sometimes, you will find that clients are caught in the middle of cultural conflicts around
money. Their family culture may emphasize saving and avoiding debt, while their broader
community may ascribe status to material things like new cars or expensive clothes, which could
require taking on debt to purchase. Or the culture in which they were raised might emphasize
caring financially for parents as they age, while their peers at work are not expected to take on
the same level of responsibility.
Sometimes, these conflicts aren’t just internal, but take place within a family: one spouse may
have cultural influences or a family background that encourage them to save for their children’s
education, while the other may feel that children should be responsible for their own
educational expenses. Consequently, one parent may want to save the family’s tax refund; the
other will think that money should go towards things the family needs or simply wants now.
These conflicts can lead to emotional decisions that may not look rational on the outside but
make perfect sense given their background, values, and culture.
How can this understanding help my
clients?
Discover your clients’ cultural and emotional context
When discussing clients’ financial behavior, don’t just accept their expressed wants at face
value; probe gently to discover their underlying attitudes, needs, goals, and roadblocks. Ask
them questions like:
“Who handles the finances in your family?” “How does your community of faith view money?”
“How did your family handle finances when you were growing up? Did you discuss
money openly?”
“How do your friends view money? How do you think this may influence you?”