"Our findings suggest that dealing with credit card debt and loans has the biggest impact on happiness," says Grant Donnelly, a researcher at BeyondThePurchase.org.
San Francisco, CA (PRWEB) April 22, 2013
Recent research into the age-old question “Can Money Buy Happiness?” has resulted in some intriguing results. Individuals feel happiest when they use their money to buy life experiences, such as eating a dinner out or going to the movies, as opposed to material items.
Researchers at BeyondthePurchase.org were interested in determining if how one manages their money can also influence happiness. To answer this question they examined people's responses to several money and happiness quizzes completed by members of the Beyond the Purchase community.
Results indicated that how an individual handles their money (i.e., do they repay credit card debt on time, track their purchases, or save money regularly?) has a great influence on their feelings of security. Also, when people feel more secure, they experience increased happiness and life satisfaction. Specifically, the researchers at BeyondthePurchase.org determined that individuals who manage their money are happier, more satisfied with their lives, and experience less negative emotion.
This is not unexpected as, in today’s world, many consumers do not manage their money well and end up suffering from overwhelming levels of debt. Prominent financial counselor, Suze Orman suggests that "You've got to Face it to Erase it", referring to the need to start looking at and managing your debt.
"Our findings suggest that dealing with credit card debt and loans has the biggest impact on happiness," says Grant Donnelly, a researcher at BeyondThePurchase.org. "Developing a repayment plan might not only improve a person's financial situation, but might actually make them happier as well. "
Beyond the Purchase allows individuals all over the world to take free psychology quizzes to find out how their spending choices affect their happiness. The academic website uses peer-reviewed published psychological surveys to provide individual's with personalized feedback, graphics, and practical happiness tips. The company also offers many services for businesses, including: online questionnaire and survey hosting, employee education about consumer psychology, and happiness metrics. With these insights, people can better understand the ways in which their financial decisions affect their happiness. Responses to these surveys will also help researchers further understand the connection between money and happiness.