Researchers have found that money can buy happiness if you know how to use it

Posted on April 18, 2016

“People should stop worrying too much about making more and more money and start asking themselves how they can use the money they have in a way that benefits their happiness,” said Sandra Matz, a PhD candidate in the psychology department of the University of Cambridge and one of the authors of the study.

After analyzing people’s personalities and money habits, Matz and her colleagues found that people who spent more of their money on the activities and causes that were important to them were more satisfied with their lives.

The researchers analyzed participants' financial transactions, organizing the transactions into 59 categories that each corresponded to a personality trait. The participants were also asked to answer online surveys that gauged their personality types and they were polled on how happy they were with their lives. They found that generally, people spent their money in ways that matched their personality. For instance, extroverts spent about $60 more a year at bars than introverts.

Researchers conducted a second experiment where people were given money and required to spend it a certain way. Again, people who had to spend the money in a way that fit their personalities were more satisfied with their experiences.

However, this research applies to those with enough cash to satisfy basic needs such as food and shelter. Once we have extra cash to spend, Matz says that we should "ask ourselves whether spending money on a certain product will actually help us to lead the lifestyle that we want to lead.”

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Source material from The Washington Post

Mental Health News