“The effects of having or not having money on our emotional well-being should not be underestimated“– Paul Ebeling
The Big Q: Can money buy you happiness?
The Big A: Maybe not, but a new study suggests it’s linked to greater feelings of confidence, pride and self-esteem.
Researchers analyzed 5 past studies that included a survey of more than 1.6-M people in 162 countries.
They found that higher income predicted whether people felt good about themselves, including feelings of confidence, pride, self-esteem and determination.
However, the studies did not find a consistent link between income level and people’s feelings toward others including: love, anger, and compassion.
“Having more money doesn’t necessarily make a person more compassionate and grateful, and greater wealth may not contribute to building a more caring and tolerant society,” lead researcher, an associate professor of psychology at the National University of Singapore, said.
But. having a lower income predicted negative feelings toward oneself, including sadness, fear and shame.
The findings were similar in both high-income countries and developing nations, according to the findings published on 4 March by the American Psychological Association in the journal Emotion.
Having more money can inspire confidence and determination while earning less is associated with gloom and anxiety.
In an analysis of a long-term survey, which included more than 4,000 US participants, the researchers found that higher income predicted greater self-regard 10 yrs after the initial survey, while low income predicted more negative feelings.
Policies aimed at raising the income of the average person and boosting the economy may contribute to emotional well-being for individuals.
However, it may not necessarily contribute to emotional experiences that are important for communal harmony.
The study does not prove higher income causes these emotions, just that there is a link between them.
Have a healthy weekend, Keep the Faith!