Social and Psychological Value of Money - Psychological Value of Money

Psychological Value of Money

In addition to its economic, social and political value, money has acquired a psychological value for the individual as well. Society has instilled an appreciation of the value of money which becomes in its members a settled emotion serving to release the productive energies of each individual. The social power of the collective becomes internalized as individual power in the personality of each member of the group who exercises the strength and capacities of that personality to produce, attract, employ and control money.

As levels of education and social freedom increase, the members of the collective become more individualized. In addition to meeting their economic needs, achieving social acceptance or exercising political influence, they also seek to acquire a personal value as individuals in addition to or distinct from the value accorded to them by society. They seek to enhance their psychological value as individuals. Money has also become a symbol of this psychological value. It has come to stand not only for economic security and social status, but also for individual capacity. It has become a source of self-confidence and self-esteem. Each individual conceives the value of money for success, perceives the value of money for social status, and senses the value of money as a means to fulfill physical needs. Money became a symbol for the success and fulfillment of the individual as a member of the collective. Other factors such as education, occupation and competence in work also acquire this symbolic value, but none of them are as tangible and quantifiable as money, so none has been as universally accepted as a symbol of personal worth as money.