Spending Money can Increase Your Happiness If You Spend It Right

by Bidita Debnath on  April 10, 2016 at 11:50 PM Lifestyle News
RSS Email Print This Page Comment
Font : A-A+

It is well known that money can buy happiness, if those purchases fit your personality, says a study, adding it may be strongly linked to greater life satisfaction than your total income and total spending.
 Spending Money can Increase Your Happiness If You Spend It Right
Spending Money can Increase Your Happiness If You Spend It Right

According to researchers, spending money on products that help us express who we are as individuals could turn out to be as important to our well-being as finding the right job, the right neighbourhood or even the right friends and partners.

"Historically, studies had found a weak relationship between money and overall well-being," said Joe Gladstone from the University of Cambridge in Britain.

"Our study breaks new ground by mining actual bank-transaction data and demonstrating that spending can increase our happiness when it is spent on goods and services that fit our personalities and so meet our psychological needs," Gladstone said in the study that published in the journal Psychological Science.

The study was conducted at Cambridge Judge Business School and the Psychology Department of Cambridge University in collaboration with a Britain-based multinational bank. It was based on 76,863 transactions of 625 participants over a six-month period.

The study matched spending categories on the widely recognised "Big Five" personality traits -- openness to experience (artistic versus traditional), conscientiousness (self-controlled vs easygoing), extraversion (outgoing vs reserved), agreeableness (compassionate vs competitive), and neuroticism (prone to stress vs stable).

The researchers then compared the participants' actual purchases to their personalities using this scale, and found that people generally spent more money on products that match their personality.

For instance, a highly extrovert person will spent more on "pub nights" than an introvert. Similarly, a highly conscientious person will spent more on "health and fitness" than a person low in conscientiousness.

The finding showed that those who bought products that more closely matched their personalities reported higher satisfaction with their lives, and this effect was stronger than that of their total income or total spending.

Source: IANS

Post a Comment

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
Notify me when reply is posted
I agree to the terms and conditions

More News on:

Celebrating Life: Positivity and Rejoicing Top Thirty Quick and Easy Health Tips 

News A - Z

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

News Search

Medindia Newsletters

Subscribe to our Free Newsletters!

Terms & Conditions and Privacy Policy.

Advertisement

Stay Connected

  • Available on the Android Market
  • Available on the App Store

Facebook

News Category

News Archive