A Qualitative Study of the Impact of Currency on Socio-cultural Identity

Abstract

The purpose of the current study was to investigate the relationship between currency and the socio-cultural identity of a people. The research sought to investigate the phenomenon by examining how a particular community considers currency as an important tenet of their identity.The methodology of the research was qualitative in nature considering its ethnographic premise – culture. To this extent, the research developed an interview schedule and used this to collect data from targeted participants on their perceptions regarding the impact of currency on their culture.The findings of the research were that currency is directly related to culture and strongly impacts the cultural identity of a people. The respondents to the interview agreed that the currency they use is a depiction of their culture and strength and they shared a lot of confidence on the currency as a cultural facet.The implications of the research including fostering the deeper understanding of the role of money in the socio-cultural setting as a multiplier of cultural identity and enthusiasm apart from the common attributes of money.The current study is original in nature in the sense that, while there are numerous researches already conducted about money and the society, the impact of the same in the socio-cultural domain remains unstudied. This qualitative research will highlight the gap and seek to cover it in a step to open up a new dimension of study of the subject of money and society.