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Earning a higher income makes people feel more contented, confident, and have a greater sense of self-pride, researchers report.
The new study also found that current income can predict the types of emotions people may feel over the long-term.
Financial wealth predicts better psychological health, with past studies revealing that income shapes the way people think about their lives. However, it was unclear whether income reliably affects how they feel.
To shine a light on how income affects emotional well-being, the researchers analyzed data from five studies, including a survey of more than 1.6 million people across 162 countries. They found consistent evidence to show that income reliably predicted greater positive self-regard emotions (e.g., pride, confidence, determination) and lower negative self-regard emotions (e.g., anxiety, sadness), and that sense of control mediated the relationship between income and such emotions.
Rich feelings: better or worse?
Study suggests the wealthy have greater self-regard, but aren’t more compassionate.
Credit: mixmagic / Getty Images
It’s the age-old question: we all want money, but does it make us happy? Invariably, the answer is nuanced but some consistent themes have emerged.
Researchers have pooled data on the relationship between money and emotions from more than 1.6 million people across 162 countries and found that wealthier people feel more positive “self-regard emotions” such as confidence, pride and determination.
People with lower incomes, on the other hand, had more negative emotions towards themselves such as anxiety, sadness and shame, reports the study published in the journal
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