Thinking About Money: Cross-national Comparison of Social Representations of “Money” in Italy and the United States

The significance of studying the psychological meanings of money has been widely\r\nacknowledged in the literature. However, some gaps still need to be filled: crosscultural\r\nstudies are limited, and prior research has mainly focused on the notion\r\nof money attitudes, leaving the concept of social representation in the background.\r\nThe present research employed a two-study design to explore the unique social\r\nrepresentations of money in Italy and the U.S. Using the free association technique,\r\nthe shared image of money has been reconstructed, revealing notable differences in\r\nthe perspective of individuals coming from Italy and the U.S. Italians build their\r\nconception of money around the notion of work and well-being, defending an abstract\r\nand strongly symbolic vision. The social representation of U.S. individuals\r\nreflects a pragmatic approach to money, recognizing its centrality in determining\r\none’s happiness. The research contributes to the psychological literature on money\r\nfrom a methodological and a theoretical perspective: the mixed use of qualitative\r\nand quantitative data allows to better understand the subjectivity around money,\r\nand the concept of social representation enriches the extant knowledge on the subjectivity\r\nof money. Last, the findings offer practical insights in terms of financial\r\neducation programs and interventions.