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May Luncheon 2015 - The Psychology of Money Across Cultures

16 Jun 2015 12:35 PM | TB OWIT (Administrator)

Are humans different across the world when it comes to business and money?

Is this person rude because she is from Fill-In-The-Blank-Country or just because she is old?


May luncheon speaker, Holly P. Thomas, gave a very informative presentation on the psychology of money and how that impacts your work. Holly did an excellent job of drawing in the audience through the use of examples, humor, and audience participation. From Holly's studies, she has found that humans as an aggregate tend to have certain money hang-ups. By country, these universal truths take their own shape. Topics included: loss aversion, belief systems, negotiating, the endowment effect, time, & active listening. For example, most people are motivated by not wanting to lose. In North America, that typically means money. In Asia, that typically means loss of face/dignity.  Holly offered helpful tips as well, such as, if you are dealing with someone in India, it would be a good strategy to negotiate the timing of a deal first before the actual deal itself as people from India tend to be less sensitive to time.  Holly had lots of good information in her presentation. Too much to write here!  Holly said it best, if you are not aware of your money/business beliefs, you will think that others have the same and that can be very bad for business!





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