Money management and control in the Indian joint family across generations

Studies of money management and control will have more cross‐cultural relevance if the family context of money across generations is taken into account. The study of money management and control in middle‐income nuclear and joint family households in urban India illustrates the importance of examining money flows within the wider family context because there is a two‐way flow of money beyond the married couple – between parents and adult children, siblings and other members of the extended family. In the three or four generational joint family, control and management at the household level is not necessarily duplicated for the constituent couples. We draw on open‐ended interviews of 40 persons from 27 urban middle‐income households in North India, between November 2007 and January 2008, to show that the male control of money is the dominant pattern. This pattern is linked to the ideology of male dominance that is found among the middle, lower middle and struggling households, particularly in non‐metropolitan households. The upper‐middle‐class households predominantly in metropolitan households show a pattern of joint or independent control. The focus is on the couple's money decisions within the context of the wider family.     

Estimates of Money Demand Functions for Estonia

This paper examines the money demand function of Estonia in the period 1995–2006. Since Estonia has a currency board system, euro area interest rates are taken into account. We apply different cointegration procedures like the Engle–Granger, the dynamic OLS, and the Johansen procedure to estimate the long-run relationship among money, output, and interest rates. The results show that it is difficult to find a cointegrating relationship for the broad money aggregate M2. For the preferred relationship including euro area money market rate and euro area bond rate a dynamic equation is estimated. This dynamic equation is stable for the whole period. The change of the anchor curreny in the currency board and the accession to the European Union do not alter the relationship.      

Money as a Tool for Negotiating Separateness and Connectedness in the Therapeutic Relationship

It is nothing new to suggest that money has meaning. Whether or not one accepts Freud's (1908)linkage of money and feces, within our culture money is frequently seen as a direct pathway to feelings of power, agency, self-directedness, and personal satisfaction. Trachtman (1999) states, Money, psychologically speaking, is our projection onto coins, bills, bank accounts, and other financial instruments of our beliefs, hopes, and fears about how those things will affect who we are, what will happen to us, and how we will be treated by others or by ourselves...(Trachtman, 1999, p. 283). Yet this material is often unavailable for therapeutic exploration or understanding until it explodes into the therapy, often in unmanageable and countertherapeutic ways. This article will look at some of the ways in which money can be utilized to negotiate the ever-changing tensions between self and other, object and subject, intrapyschic and interpersonal, connection and separation that appear in every relationship. In particular, it will explore some ways that money issues within the therapeutic relationship can be turned into significant tools for understanding and working with anxieties about connection and separateness, both within and outside the therapeutic dyad.     

Money Management Patterns of Dual-Earner Families in Israel

The purpose of the present study is to assess money organizing patterns and banking arrangements in dual-earner families and how they are affected by both the economic and social context. A log linear analysis of data from the International Social Survey Program for working couples in Israel indicates that the combination of money organizing patterns and banking arrangements enables meaningful distinction between traditional, modern and individualistic spousal economic behavior modes. A further comparison of demographic, employment and attitudinal effects suggests that both the economic and social context approaches are necessary to identify the factors associated with different spousal economic behavior modes. Both the spouses' labor force positions and their attitudes regarding family roles contribute to their using a particular mode.     

Inclusive Financial Markets: Is Transformation Under Way in Kenya?

Policy emphasis on financial‐sector development has shifted away from microfinance and towards the development of ‘inclusive financial markets’. But, for inclusion to take place, policy must address barriers to access. This article analyses the socio‐economic, demographic and geographical factors associated with financial‐service use across formal, semi‐formal and informal financial services in Kenya between 2006 and 2009, including the new and rapidly growing mobile‐phone‐based payments service – M‐PESA. It finds that, despite an expansion of services, evidence of access barriers is now clearer than it was in 2006. However, there is some evidence that M‐PESA is reversing age as a barrier to inclusion, but, as yet, it is more of a complement than a substitute for formal services.     

Living Apart Together and Money: New Partnerships,Traditional Gender Roles

Drawing on qualitative interview data from a sample of 54 men and women engaged in living apart together (LAT) partnerships in Belgium (Flanders), this study explored the organization and exchange of money in LAT arrangements. The data showed that the heterogeneity of LAT partnerships is reflected in couples' monetary behavior, with couples who foresee cohabitation (transitional LATs) showing more marriage‐like exchanges of financial support than those who perceive living apart together as a more permanent arrangement (permanent LATs). The economic position of the partners and the importance attached to economic independence and breadwinning mediate the impact of future expectations on the financial practices of LAT couples. The data also showed that traditional notions of gender and coupledom continue to be strongly influential, even in nontraditional types of partnerships.     

The Money Taboo: Its Effects in Everyday Life and in the Practice of Psychotherapy

A cultural taboo regarding discussion of money affects psychotherapists as well as the lay public. As a result, the psychological literature regarding money is sparse while issues relating to money are seldom addressed in our training, our self analyses, or the treatment of our patients. This article cites some of the literature that does exist, discusses the reasons for and effects of the money taboo, provides a psychological definition of money, and offers some case material that should help to focus thinking about money through the lens of psychodynamic, object relations, and self psychological theories.     

College Students' Money Beliefs and Behaviors: An Asian Perspective

The multidimensionality of money was investigated, using exploratory factor analysis (EFA). The respondents, 290 college students from Korea, Japan, and the United States, were administered a survey, which included socio-demographic questions, and Furnham's (1984) Money Beliefs and Behaviors (MBBS) Scale. Through a series of principal components analyses, a three-factor model with 10 MBBS items was identified. The three factors, Power, Security, and Financial Modesty accounted for 53.6% of the variance. The findings have implications for college students and financial management practitioners.     

The Role of Monthly Spending Money in College Student Drinking Behaviors and Their Consequences

Objective: Alcohol use among college students is pervasive and affected by economic factors such as personal income and alcohol price. The authors examined the relationship among students' spending money, drinking rate, and alcohol-related consequences.

Participants: In 2005, the authors conducted a Web-based survey among a random sample of 3,634 undergraduate students from 2 large universities.

Methods: The authors used multiple logistic regression to model drinking behaviors and multiple linear regression to model alcohol-related consequences.

Results: The lowest reported levels of average monthly spending money were associated with reduced levels of drinking and getting drunk. Spending money was independently associated with experiencing alcohol-related consequences caused by a student's own drinking, even after the authors controlled for personal drinking behaviors. The effects for consequences caused by others' drinking were significant for students who had gotten drunk.

Conclusions: These findings have implications for alcohol price and marketing, particularly around colleges, and suggest actions for parents to consider.     

On the Use of Differing Money Transmission Methods by Mexican Immigrants1

Interest in the factors shapin migrants’use of a given money transmittal method has recently intensifiled following researchers’agreement on the often inadequate infrastructure surrounding remittances transfers. This concern has also captured the attention of government officials, who appear more eager to promote more efficient and safe transfers of emigrant's earnings given the otential that remittances hold for increasing resources at the disposal of receiving nations. This study uses data from Mexican immigrants who have resided in the United States to examine the various factors that shape migrants’use of the various methods to remit earnings to Mexico. We find, not surprisingly, that accessibility factors play a key role in explaining migrants’use of the various moneytransfer mechanisms. Migrants are less likely to use banks and more likely to use nonbank money‐transmitting services when they lack immigration documents. Additionally, migrants’awareness of alternative remitting methods, either through educational attainment, skill level, or networks of friends and family in the city to which they migrated, makes them more likely to use banks relative to the more expensive nonbank money‐transmittin mechanisms. In contrast, the use of informal money transfer mechanisms (cash in the mail and hand‐carried transfers) is more likely among workers with “less regular” employment ‐ such as self‐employed and specific‐task workers, more newly arrived migrants, and migrants remitting to rural and poorer areas.     

Profiling Donors of Blood,Money, and Time

Understanding donor profiles is crucial for donor relationship management. Whereas previous research has focused on profiling blood, money, or time donor segments separately, we define seven donor profiles based on their former donation behavior for blood, money, and time donation and compare them to non‐donors. Relying on representative data from the German Socio Economic Panel, we use an extensive set of characteristics that include sociodemographic, psychographic, health‐related, and geographical measures and simultaneously investigate profiles of donors for single and multiple donation forms and non‐donors by means of a multinomial logistic model. Our results reveal valuable insights for donor acquisition and retention strategies of nonprofit organizations along the identified profiling characteristics of donor segments. By this, our findings help nonprofit organization managers to better target single and multiple donors across three donation forms.     

Briefly Noted

The Centers for Medicare & Medicaid Services (CMS) has expanded Medicare beneficiaries' access to telehealth, allowing payment for individual psychotherapy, patient education and group psychotherapy that are delivered in “temporary expansion locations, including patients' homes.” In addition, it will consider adding more services if providers show they are interested in doing this. The April 30 decision will temporarily allow Community Mental Health Centers to offer partial hospitalization and other mental health services to clients in their homes. The CMS previously announced that Medicare would pay for certain services conducted by audio‐only telephone between beneficiaries and their doctors, but has broadened that list to include many behavioral health and patient education services. The payments for telephone visits now match payments for similar office and outpatient visits, retroactive to March 1, 2020. Instead of using a rulemaking process to add Medicare services that may be furnished via telehealth, the CMS will continue to add these during the COVID‐19 emergency on a subregulatory basis, taking into consideration “requests by practitioners now learning to use telehealth as broadly as possible.” And the CMS is waiving the video requirement for certain “evaluation and management services” — the office visits with the doctor — and now these can be provided by telephone only. Some beneficiaries don't have access to the technology for video, or don't want to use it. For more information, go to https://www.cms.gov/newsroom/press‐releases/trump‐administration‐issues‐second‐round‐sweeping‐changes‐support‐us‐healthcare‐system‐during‐covid .     

Breaking the taboo: a history of monetary financing in Canada, 1930–1975

Monetary financing – the funding of state expenditure via the creation of new money rather than through taxation or borrowing – has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007–2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth‐century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present‐day discussions around the governance of money creation.     

Money as a social relation beyond the state: a contribution to the institutionalist approach based on the Argentinian trueque

This paper provides a contribution to the institutionalist approach to money through ethnographic research carried out in two local currency systems in Argentina (known as trueque). It argues that Argentinian local currencies must be considered as monies in their own right even if they differ from state and bank issued currencies, because they can be understood as systems of evaluation and settlement of debts denominated in a specific unit of account (the crédito). Money is said to be an ambivalent social relation because in the two cases studied it mediates very different dynamics, exacerbating inequality in one context and promoting collective emancipation in another. This difference is due to the kind of political communities that the crédito tends to forge. In both Rosario and Poriajhu, the political community is defined by a set of values that legitimizes ongoing monetary practices and institutions rather than the State’s coercion.     

Using Technology to Deliver Career Development Services: Supporting Today's Students in Higher Education

Career services professionals are increasingly involved in decisions regarding the use of technology. This article presents a number of considerations to be explored, including the characteristics and needs of today's students, available technologies, funding requirements, and confidentiality issues. The author recommends an approach that includes strategic planning, needs analyses, training, and ongoing support. Current asynchronous and synchronous technologies are described, and examples of the use of each in the context of career services are provided. The specific technologies presented are e‐mail, discussion boards, video, podcasts, websites, Internet‐based guidance and information systems, telephone, instant messages, and virtual rooms.     

The Moral Economy of Money between the Gold Standard and the New Deal

In this article, I show that Depression‐era popular opposition to gold standard orthodoxy had an identifiable impact on New Deal policy. Popular pressure was rooted in a political‐economic vision I call the “moral economy of money.” The moral economy of money included a critique of the gold standard and creditor classes and advocated a democratization of control over money and credit to restore social justice. Against many odds, Roosevelt narrowly defeated congressional majorities connected to popular groups bent on mandating Treasury currency issue. At the same time, he pioneered a discourse that became generalized in the following decades and discouraged a reemergence of the moral economy of money.     

Doing Money Work in a Door‐to‐Door Sales Organization

Previous sociological accounts of money have focused on meanings that attach to types of money but have given insufficient attention to how these meanings arise out of and are sustained by their use in interpersonal interactions. In this case study of a door‐to‐door sales company, we use a “cultural toolkit” conception of money meanings to show how managers and salespersons draw on these meanings to get things done. We examine how money meanings are used in three settings: (1) the salesperson–sales prospect interaction, wherein the presentation of self takes center stage, (2) the managerial relationship between the salesperson and his or her manager, and (3) salespersons' time “between doors,” when they attempt to make sense of their situation and motivate themselves to continue. We show how money work is used for persuasion, worker control, decision making, and impression management.     

Armed robbery and the meanings of money

In this study, we investigate the meanings active armed robbers give to money before, during, and after their crimes and how these meanings shape their offending. We do so by examining interviews undertaken from 1994 to 1995 with robbers in St. Louis, Missouri, USA. Prior to their robberies, the interviewees' desperation leads them to define money as essential to survival. Immediately following robberies and in looking back on them, they come to view this essential money in other ways as well—as too time-consuming to get, as “easy,” or as guilt-free. These meanings facilitate the contradictory way robbers see money as “fast” after offences. We discuss how these shifting meanings of money shape and are shaped by robbers' structural positions, cultural outlooks, and social relations. In doing so, we also help to explain how the shifting meanings of money play into criminogenic cycles of predatory offending.     

Your Money or Your Life: Behavioral and Emotional Predictors of Money Pathology

This study sought to examine self-reportedemotional and behavioral correlates of money pathology,defined as inappropriate behavior with respect to moneyand associated material goods. In all, 267 British adult subjects completed a battery ofquestionnaires including Rubinstein's (1981) extensivePsychology Today survey on money and Forman's ipsativemeasures that describe five Money Pathology Scales(miser, spendthrift, tycoon, bargain hunter, gambler),an overall pathology scale combining the five and hisshort moneysanity measure. The former measure was factoranalyzed and selected factor scores regressed on to the moneysanity measure along withdemographic measures in order to attempt to establishwhich individual difference factors best predicted thedifferent types of money pathology. Thus females were more extravagant, prone to depression, but lesslikely to take moral risks for money, while richer, moreright-wing people tended to be more materialistic. Thosewith overall less money sanity tended more to believe luck and dishonesty were moreimportant in making money; were self-denying andeconomically pessimistic, and had powerful negativeemotions like anger and anxiety around money. Multiple regressions on to the money types showed thatbetween 15 and 30% of the variance could be explainedand accounted for, by the selected independent variables(demographic, religious and political belief, illness, and more general attitudes towardwealth). Demographic variables like age, and negativeemotions about money were consistent predictors of moneypathology. Results are discussed in terms of the small, but growing literature on the psychologyof money (Furnham, 1997; Furnham & Argyle,1998).     

Pennies from heaven? Conceptions and earmarking of lottery prize money,

The source of money has been shown to be important for how money is spent. In addition, sudden wealth is often associated with social and psychological risks. This article investigates if conceptions of lottery prize money – as a special kind of money – imply restrictions on how it can be spent. Analysis of interviews with lottery winners shows that interviewees use earmarking of the prize money as a strategy for avoiding the pitfalls associated with a lottery win. Conceptions of lottery prize money as ‘a lot’ or as ‘a little’, as shared or personal, and as an opportunity or a risk, influences the ends for which it is earmarked: for self‐serving spending, a ‘normal’ living standard, paying off loans, saving for designated purposes, or for economic security and independence. Clearly defining and earmarking lottery prize money thus helps lottery winners construe their sudden wealth, not as a risk, but as ‘pennies from heaven.’