Contributed by Ingrid K.

Each country, city and household has its own culture and culture affects the way we approach the decisions we make in a variety of areas from dating to money.  Here are some interesting differences across cultures when it comes to money matters:

What is the measure of success?  For some countries, such as Britain and the United States a measure of success is what type of luxuries you can purchase.  While in Italy, Germany and Indonesia, success is how well you can provide your family with the basic necessities such as housing and food.

Credit Card Usage. Japan, South Korea and North Korea use credit cards for every type of purchase from toothbrushes to flat screen TVs.  In China, credit cards are only for big purchases while all others are paid for in cash.  If you are Muslim, then you are not allowed to do business with any company that charges interest under Sharia law so your credit cards don’t charge interest.

Haggling. Under certain circumstances in North America such as garage sales and car dealerships, haggling is expected; but most purchases have a set price.  On the other hand, in Asia, the Middle East, Africa, Mexico, Central and South America, haggling is a large part of every purchase.  Understanding how to negotiate for a better price is a necessary skill.

Are there any ways in which your cultural beliefs affect the way you spend money?