Buddhism recommends that wealth and materialistic possessions should be acquired by right livelihood

We live in a world dominated by materialism. Acquisition of things has become the core of our existence. Status and wealth are given so much importance. People like to flaunt their wealth and other material objects such as new vehicles, trendy clothes, houses, modern gadgets and even lovely holidays spent in faraway exotic places. In a materialistic society people are more inclined to demonstrate their status through visible materialistic consumption. They constantly try to attract the attention of others.   

Contemporary materialism as a mindset is a part of a long history that established its roots in the twentieth century. Briefly, materialism is the desire for wealth and material possessions with little interest in ethical or spiritual matters. The Oxford Dictionary defines materialism as “a tendency to consider material possessions and physical comfort as more important than spiritual values”. Materialists have a general tendency to define success in terms of the amount and quality of one’s possessions. In a purely materialistic society people tend to act with a perverted sense of values and fling themselves into the blind unbridled pursuit of wealth, power and material possessions. There is a misconception that the wealthier you are, the happier you will be.  Materialistic people tend to be more competitive and constantly compare themselves to others. Materialism is closely linked to consumerism. 

Gautama Buddha declared that leading a materialistic life does not necessarily disqualify a person from following a Buddhist spiritual path

People who live in a materialistic society, are constantly and continually influenced by advertisements on social media tempting them to buy products and other ostentatious articles, which sometimes they do not really need.

Advertisers relentlessly attempt to hook unsuspecting customers with the sole objective of selling their products regardless of their impact on them. The higher the exposure to advertisements on television and other social media platforms the more materialistic the individual’s values become. Further, widespread use of online shopping and e-commerce in the last few decades has also deeply aggravated the materialistic mindset in people.  Although, in a materialistic society people tend to buy things far in excess of their needs yet they seem to be less satisfied with almost everything.

Materialism conveys the idea that wealth and possession of other tangible things are the root of happiness and wellbeing of people.  There are certain self-centered and negative qualities generally associated with materialism such as lack of empathy, jealousy extravagance, indifference, narcissism and lack of concern for others and detachment from personal relationships. 

What the Buddha discouraged was attachment to wealth and the misconception that wealth alone could bring happiness. It should be understood that one day we all have to give up our wealth, power and position and leave behind what we have gathered during our lifetime

Moreover, materialism is associated with low levels of pro social behaviour, more ecologically destructive behavior, poor management of personal finances and debt and also health problems such as depression, mental illness, drug dependence etc. 

 Human beings are slaves to their desires, particularly material desires. Most of them have at one time or another experienced an all-consuming desire for material objects. A desire so strong that it seems like they could not possibly be happy without buying those particular objects. Yet when they give in to this impulse they often find themselves frustrated and empty. As human beings they all tend to lean towards materialism in all their actions.

Their desires are insatiable, limitless and inexhaustible and their personal lives are governed by the assumption that gratification of the craving is the only way to happiness. If we deeply examine the lives of people who are obsessed with materialistic desires whether it be sensual, wealth power or possession we would find in their heart of hearts they enjoy very little contentment and happiness. Happiness derived from material possession is short lived.

Against this background, questions arise whether teachings of the Buddha are compatible with the secular philosophy of materialism which primarily focuses on the importance of physical matter. 

Some are of the view that the teachings of the Buddha are not compatible with the concept of materialism and they think they are two opposittes and two irreconcilable extremes. They think to lead a life in conformity with Buddhist teachings in a materialistic society one has to abandon and reject all enjoyment of material comfort and things. The Buddha was concerned with the material welfare of laity as much as with their spiritual advancement. He declared leading a materialistic life does not necessarily disqualify a person from following a Buddhist spiritual path. He did not stipulate that a person should withdraw from social and civilian obligations and lead an ascetic life. Further, he did not discourage laymen from mundane happiness. He simply declared that mundane happiness should be obtained in keeping with Buddhist moral and spiritual principles. Buddhism recommends only that wealth and materialistic possessions should be acquired by right livelihood and be utilized in meaningful ways for the benefit of oneself and others. Moreover, Buddha did not condemn the acquisition of wealth nor did he prohibit a person from having material possessions, on the contrary, he expressly encouraged hard work to gain wealth so that he will be able to live his normal life and do meritorious deeds.   What matters in Buddhist context is that one can enjoy the pleasure that possession of material things brings but without attachment. He only recommended a life regulated by moral values aimed at the cultivation of wholesome qualities of mind.  It should be understood that even in a totally hardened materialistic person there is deep within his mind a religious dimension.  Spiritual and materialistic lives are not totally incompatible.

Buddhism is not against owning possessions nor is it against consumption altogether. Only when human beings are overly attached to wealth, does wealth become a cause of disaster. As long as one does not possess any attachment or cravings, living in a plush house and dressing in gorgeous, trendy clothes and partaking of exquisite delicacies will not be an issue in Buddhism.  

However, material progress devoid of any spiritual or moral foundation would be of no avail. What the Buddha discouraged was attachment to wealth and the misconception that wealth alone could bring happiness. It should be understood that one day we all have to give up our wealth, power and position and leave behind what we have gathered during our lifetime. There is nothing that is permanent in life be it goodness, wealth, health and happiness. This is the natural law of impermanent. Losing all what we have acquired is inevitable but the pain that accompanies the losing of what we have acquired is proportional to the force of attachment, as strong attachment brings much suffering little attachment brings little suffering and no attachment brings no suffering. Therefore, all acquisition of wealth material possessions and power should be done with a clear comprehension of impermanent.

Human being is a complex entity that has a diversity of needs, which must be met to ensure his happiness and well-being. They need certain basic needs such as food, clothing dwelling, for their sustenance. These basic needs are simple for a person who is not obsessively materialistic in his outlook and pursuing the Right Livelihood.  But our action getting those basic needs should not be motivated by craving. Buddhism teaches us that leading a life fueled by materialism will never make us happy.   Buddha declared “It is not life and wealth and power that enslave men, but the clinging to life and wealth and power”

 Buddhism as one of the major religions of the world promotes the philosophy minimalism in the life style. It is an approach to life epitomized by simplicity and sparseness. One of the Buddhist principles that underlie minimalism as a lifestyle is found in the Second Noble Truth which describes the cause of suffering as craving we suffer because of our cravings and our attachments A central aspect of minimalism is the application of this teaching.
It is important that we as Buddhist should diverge from the destructive materialistic mindset, to one that favours more sustainable form of happiness.

Real solution to our economic and financial problems does not lie completely in putting our trust in an economic theory that promotes multiplication of wants in materialistic world. Any economic and social policy should be grounded firmly from start to finish by ethical norms. An economic policy which runs counter to the Dhamma and condone unethical behavior is bound to bring about widespread misery and suffering.  

Today, those who enjoy the most abundant wealth, who exert greatest power who revel in luxuriant pleasure suffer. They live on the edge of despair. 

Although in the affluent societies people enjoy high standard of living in terms of material goods and services inward quality of their lives does not represent commensurate level of improvement. as materialistic outlook has led to erosion of higher spiritual dimension of life.

For example, the United State is a highly developed country with a free market economy and has the world’s largest nominal GDP and wealth. It enjoys one of the highest gross domestic products per capita in the world.

However, its crime rate is one of the highest in the world millions of elderly people are negligent by their children and die of loneliness in retirements homes, domestic violence, child abuse and drug addiction, gun culture is some of the major problems with which the government has to grapple with. 

Right understanding in the eighth path is the foundation for developing a proper sense of values without right understanding our vision is dimmed, all our efforts will be misguided and misdirected, we operate with a perverted sense of values and pursue blind and unbridled pursuit of wealth power and possession.