KOREASCHOLAR

Prior research in the U.S. documents the interaction between societal changes, money meanings, and family dynamics in the U.S. (Commuri & Gentry, 2005; Rose & Orr, 2007) and India (Merchant, Rose, & Gour, 2015). The present study extends this line of inquiry by examining and contrasting the money attitudes of couples, money meanings, and dynamics of money management within families of two horizontal collectivist nations (Triandis & Gelfand, 1998): India and South Korea. Twelve and six married couples were interviewed in India and Korea respectively. Both nations are horizontal collectivist nations that place a high value on the perceptions and respect of others. Thus, respondents from both nations emphasize the importance of consuming to convey status and keeping up with their neighbors. Indians frequently discuss religious and mythological texts related to money, doing one’s duty, and prosperity’s fickle nature. In contrast, Koreans are less apt to explicitly discuss religious and mythological texts. They appear to be somewhat more present oriented regarding their attitudes toward money and spending. Findings reveal that Koreans focus on security, respect money’s positive utility and necessity, and greed’s potential pitfalls. Koreans seem less concerned about on saving and focus more on enjoying life. Indians link saving to dharma (doing their duty) and supporting their children. Koreans also place a high value on family and supporting their children, but they appear less concerned about the success of future generations than Indians. These differences appear consistent with cultural values and reflect differences in economic development. For example, the homemaker is highly revered in the Hindu religion and Indian culture (Bharat, 2012) where the role is tied to doing one’s dharmatic duty. Korean and other cultures also revere nurturance within the family, but this reverence tends to be expressed within the culture’s specific economic and historical circumstances. Compared to Korea, Indian culture seems less egalitarian and more conservative in attitudes toward woman.

• Altaf Merchant(University of Washington, Tacoma, USA)
• Gregory Rose(University of Washington, Tacoma, USA)
• Sunmee Choi(Yonsei University, Republic of Korea)
• Drew Martin(University of Hawaii, Hilo, USA)