Melbourne Business School

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Money: a personal and private currency

Wilson, Valerie Ann St. Clair ( 1996)

This thesis confronts the ‘taken-for-granted’ nature of money. It explores the word ‘money’ itself, contrasting the way it is used/defined in the economics discourse with the way it has been approached in the psychological discourse. The thesis crosses disciplinary boundaries in an attempt to come closer to the everyday, personal experience of money. It unwraps the childhood history of money, showing how adult money attitudes emerge from unconscious predispositions and childhood experience. It demonstrates the importance of ‘control’ as a variable and the lifelong balancing act which takes place between spending and saving. Today, the form of money is in the process of change. It has undergone significant changes before: the nineteenth century adoption of paper money upset the bullionists as much as plastic or virtual money can unsettle traditionalists at the end of the twentieth century. Attitudes to the underlying substance 'money' remain relevant, whatever physical form the currency takes. Thus, gold and silver coins, the treasure of childhood pirate stories, may retain mental currency long after their demise as physical currency. Indeed, the more money becomes abstracted from something tangible, the more it is necessary to understand the primal nature of the underpinning attitudes that are affected.