The Buddhist Perspective on Wealth: Balancing Materialism and Spirituality

The Buddhist Perspective on Wealth: Balancing Materialism and Spirituality

By Dr. Nivitigala Sumitta Thero (Bhante Sumitta)

This essay explores the Buddhist perspective on wealth, highlighting the delicate balance between materialism and spiritual development. It emphasizes that while poverty can obstruct spiritual progress by causing suffering and social issues, wealth itself is neutral in Buddhism. The critical factor is how wealth is acquired and used. The essay outlines the importance of ethical accumulation and responsible use of wealth, aligning with the principle of Right Livelihood. It distinguishes between poverty as deprivation and voluntary renunciation, demonstrating the Buddhist view that material wealth should support basic needs and ethical living rather than fostering greed. Ultimately, Buddhism advocates a balanced approach to wealth that supports spiritual and communal well-being while avoiding excess and attachment.

Buddhism, as a spiritual tradition, offers nuanced views on wealth, shaped by its ethical teachings and philosophical principles. For lay practitioners, who are deeply engaged in the material world while striving for spiritual progress, understanding Buddhism's approach to wealth is crucial. This essay explores the Buddhist attitude towards wealth, emphasizing its role in spiritual development and ethical living, while also addressing the distinction between poverty as deprivation and voluntary possessionlessness.

The Role of Wealth in Buddhist Practice

Buddhism acknowledges that for laypeople, financial stability is essential for a well-balanced life. Poverty, according to Buddhist teachings, can be a significant barrier to spiritual progress. The Buddha himself recognized that material deprivation impedes one's ability to focus on spiritual practices. In the Anguttara Nikaya, it is stated that “for householders in the world, poverty is suffering” (A.III.352). This suffering includes not only the lack of basic necessities but also the broader social implications of poverty, such as increased susceptibility to crime and social instability (D.III.65-70).

The Ethics of Wealth Accumulation

Wealth in Buddhism is neither inherently good nor evil; its value is determined by how it is acquired and used. The Buddha's teachings emphasize that wealth should be obtained through ethical means, adhering to the principle of Right Livelihood as outlined in the Noble Eightfold Path. This principle excludes livelihoods that involve harm, deceit, or exploitation (Payutto, 1994). Thus, wealth acquired through unethical practices, such as violence, theft, or deception, is viewed negatively.

The Buddha used the metaphor of “two-eyed” vision to describe the ideal approach to wealth. A person with “two eyes” understands both the means of wealth generation and the ethical considerations involved. Such an individual not only enjoys the benefits of wealth but also secures a favorable rebirth through righteous actions (A.I.128).

Accumulating and Using Wealth Wisely

Buddhist scriptures provide guidance on how to accumulate and use wealth effectively. Key factors for financial success include industriousness, vigilance, and having good company. Industriousness refers to diligent work in one’s vocation, while vigilance involves safeguarding one’s assets from loss or theft (A.IV.281-5). The company one keeps can influence one’s actions and success, underscoring the importance of surrounding oneself with virtuous friends.

Conversely, wealth can be squandered through indulgences such as addiction, gambling, and excessive pleasure-seeking. Such behaviors not only waste resources but also contribute to moral and spiritual decline (D.III.183-4).

Ethical Utilization of Wealth

Once wealth is obtained, its use should align with Buddhist principles. According to the Sigalovada Sutta, a balanced approach involves investing half of one's wealth in business, spending a quarter on personal enjoyment, and saving the remainder (D.III.189). Additionally, wealth should be used to foster happiness, support one’s family, offer charity, and make gifts to the virtuous, such as monks and nuns (A.II.67-8).

The Buddha highlighted the importance of generosity and proper enjoyment of wealth. He advised that even if one’s wealth is minimal, sharing it enhances one’s spiritual well-being and prevents the taint of stinginess (It.18). This reflects the broader Buddhist view that material wealth is a means to support one's spiritual and communal obligations rather than an end in itself.

Distinguishing Poverty and Renunciation

A crucial distinction in Buddhist thought is between poverty as a lack of basic needs and renunciation as a voluntary choice to forgo material possessions. Mavis Fenn discusses this distinction in her exploration of poverty in the Pali Canon. Poverty as deprivation represents a lack of basic resources, which can lead to suffering and social issues. In contrast, voluntary possessionlessness or religious poverty signifies a deliberate choice to live simply, emphasizing spiritual over material wealth (Fenn, 1996).

This distinction highlights the paradox within Buddhism regarding wealth. On one hand, material poverty is viewed as detrimental to well-being and spiritual practice. On the other hand, renunciation of material wealth is seen as a path to spiritual liberation. The Sangha (monastic community) exemplifies this balance by living minimally to avoid burdening lay supporters while still meeting basic needs (Fenn, 1996).

Conclusion

In Buddhism, wealth is a tool that can support or hinder spiritual progress depending on how it is acquired and used. The ideal approach involves balancing material needs with ethical considerations, aligning with the Middle Way between excess and asceticism. The Buddhist attitude towards wealth underscores the importance of ethical living, responsible accumulation, and wise utilization. As Lily de Silva aptly summarizes, Buddhism advocates feeding our needs rather than our greeds, emphasizing that true contentment and spiritual development come from a balanced approach to material wealth (de Silva, 1986).

In essence, while wealth itself is not condemned in Buddhism, avarice and unethical practices are. The ultimate goal is to use wealth in ways that support personal and communal well-being, fostering a foundation for spiritual advancement and contentment.

References

Harvey, P. An Introduction to Buddhist Ethics. Cambridge: Cambridge University Press, 2000.

Payutto, Ven. P. A. Buddhist Economics – A Middle Way for the Marketplace. Translated by Dhammavijaya and Bruce Evans. 1994. http://www.geocities.com/Athens/Academy/9280/econ.htm#Contents.

de Silva, Lily. “Livelihood and Development.” One Foot in the World. Accessed August 11, 2024. http://www.accesstoinsight.org/lib/bps/wheels/wheel337.html#dev.

Fenn, Mavis. “Two Notions of Poverty in the Pali Canon.” Journal of Buddhist Ethics 3 (1996): 98-125. http://jbe.gold.ac.uk/3/fenn1.pdf.

Digha Nikaya III.65-70; Walshe, Maurice. The Long Discourses of the Buddha. Kandy: Buddhist Publication Society, 1987.

Anguttara Nikaya III.352; Harvey, 2000.

Anguttara Nikaya IV.281-5; Harvey, 2000.

Digha Nikaya III.183-4; Walshe, 1987.

Digha Nikaya III.189; Walshe, 1987.

Anguttara Nikaya II.67-8; Harvey, 2000.

Anguttara Nikaya II.69; Payutto, 1984.

Samyutta Nikaya I.89-91; Payutto, 1984.

Itivuttaka 18; Payutto, 1984.

Fenn, Mavis. “Two Notions of Poverty in the Pali Canon.” 1996: 119.

Fenn, Mavis. “Two Notions of Poverty in the Pali Canon.” 1996: 118-9.