Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
As a former financial advisor, I’ve always been fascinated by how the “culture” around money differs from one region of the world to another.
This can be influenced by a country’s economy, cultural values, religion, key industries, and the opportunities available to its citizens.
Cultural narratives “influence how we interpret actions, how we think, and how we behave,” World Bank’s Lead Economist Karla Hoff wrote in 2016.
Today, I’ll outline some of the interesting money habits that I’ve noticed while travelling the globe, starting with some of our own!
1. Canada
Canada has its own cultural norms around money that are so habitually ingrained that you probably don’t give it a second thought.
Take the tipping culture, for example. It’s considered very rude if you don’t tip at a restaurant or for other services such as:
The United States also shares a similar sentiment toward tipping.
However, you may be surprised to hear that tipping could even be considered offensive or belittling in countries such as Japan, South Korea, and China.
Another interesting money trait in Canada is that taxes are usually not included in the displayed price of goods and services. Foreign visitors may be surprised to see that their total after taxes is higher than the listed price of items and services.
2. Mexico
Aside from the large difference in value between the Mexican peso and the Canadian dollar, visitors may be surprised to see:
Mariachi bands are very common in Mexico and are especially popular at restaurants. These mariachis typically aren’t paid to perform by the restaurant, though, as you may expect in Canada. Instead, they rely on tips from the patrons. In many cases, patrons can hire the band to play a popular song to serenade their partner or celebrate a birthday.
After speaking to some of the locals, I also realized that many Mexicans have a strong distrust of banks. Many locals prefer to bury their money underground rather than trust it in a bank. Part of this is also due to the lack of banking infrastructure outside major cities.
Since bank loans aren’t common, families and friends often pool their money together to invest in land, fund a party, or support a sick family member. This practice is known as a tanda.
3. Japan
One thing I noticed about Japan is how prevalent coins are. The Japanese yen has many coins, including 1, 5, 10, 50, 100, and even a denomination of 500 yen (around C$5).
One very interesting difference you may notice when shopping in Japan is that it’s common to use a small change tray (called a koin torei) to place money in when making a transaction. It’s actually considered rude to hand the money directly over to them without using the tray.
It is often considered disrespectful for a merchant to “grab” money from a patron’s hand, plus the change tray is a more clean and organized way of handing cash over.
4. Vietnam
If you’re travelling to Vietnam, make sure that you exchange some of your Canadian dollars for Vietnamese dong (the country’s primary currency). Outside of major resorts, hotels, and other international retailers, the country’s economy is primarily cash-based, and your cards won’t be accepted in many places.
Vietnam has a very strong bargaining culture that may seem strange to Westerners who are used to paying a set price for most items. This is not always the case in places such as department stores, but if you go to a market, you have the green light to bargain . When purchasing goods, the first price given to you is often the top haggling point.
Many vendors expect customers to engage them and haggle the price of goods or services down until an agreed-upon price is settled by both parties. This may seem confrontational to some, but it’s just the standard way of doing business for many Vietnamese.
Something else that I noticed is that if you want to be extra polite when handing money to someone, use both hands and grip the bill on each side.
5. Thailand
Like Vietnam, Thailand’s economy is largely cash-based, with a strong haggling culture for everyday goods and services. You’ll need to convert your Canadian dollars to the Thai baht to pay for most things.
I’ve also noticed that the Thai greatly respect their bills. The image of some of Thailand’s greatest kings are on the front of each bill, and some people show respect for this in several ways:
Respecting the culture
If you want to be respected and treated kindly during your travels, it’s always best to follow the cultural norms of the country you’re in.
Before travelling to a new country, it’s wise to research some of the culture’s money habits. What may be perfectly normal in your home country may be awkward or disrespectful in another country.
If you’re ever unsure, don’t be afraid to ask. It shows that you’re respectful and willing to learn a culture’s way of doing business, and is far better than making incorrect assumptions.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Ron Ellis, who played over 1,000 games with the Toronto Maple Leafs and was a member of Canada's team at the 1972 Summit Series, has died at age 79.
The wildfire that sparked Friday and caused evacuation orders for more than 3,000 people in Fort Nelson, B.C., and the nearby Fort Nelson First Nation, has grown to nearly 1,700 hectares in size, according to a Saturday morning update from the BC Wildfire Service.
Hours before the final, Dutch contestant Joost Klein was dramatically booted out by organizers over a backstage incident. He had failed to perform at two dress rehearsals on Friday, and contest organizer the European Broadcasting Union said it was investigating an "incident."
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.
A growing number of civilians and police officers are demanding the dismissal and arrest of Haiti's police chief as heavily armed gangs launched a new attack in the capital of Port-au-Prince, seizing control of yet another police station early Saturday.
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.