Cultural Financial Norms in Ghana

S03 Ep06 Peter.png

Peter Kwadwo Asare advocates for financial literacy in Ghana. He has written two books - Mastering Personal Finance and Journey to Financial Freedom. He focuses on helping clients and people who attend his local seminars work through the cultural barriers that people face in Ghana to achieve the financial freedom they desire.

Peter’s followers are facing a wide range of financial expectations. For example, eldest siblings in some Ghanaian families are responsible for financially supporting their siblings, as well as their parents as they age. This can be a challenge for many families in Ghana who don’t necessarily have the funds to support a large family full of younger siblings.

In this situation, Peter has helped work with families to embrace the cultural norm of supporting their families, but also providing them with financial education to encourage them to become self-sufficient. He wants his clients and his followers to understand that you can support your family financially while still setting boundaries and protecting your own financial success.

It’s also typical in Ghana’s culture to view rich people as greedy or desperate for money. This negative connotation around wealth often prevents people from making financially savvy decisions that would put them on the path to financial freedom. Earning wealth, and having money, is often considered wicked or evil - and that can be challenging when people want to live a fulfilling life, financially and otherwise!

This episode is full of fascinating information, and a completely different viewpoint about money that we should be taking into consideration when working with clients or interacting with others.

What You'll Learn:

  • What cultural norms exist around money (and otherwise!) in Ghana

  • How Peter works with his clients and followers to understand that financial freedom isn’t a bad or negative goal to have

  • How we, as financial planners, can work with people who come from this culture to embrace their own financial success

  • Ways that money is viewed around the world

  • What societal expectations can have a negative impact on how people approach money, and how to embrace those expectations while balancing your own financial needs

Show Notes:

Episode Transcript

Coming soon!