A New Study by BeyondThePurchase.org Explores the Link Between Money and Happiness—Reports the Emotional Benefits and Financial Costs of “Living for Now”

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Research done by BeyondThePurchase.org explains why money and happiness are related. Finds that present-oriented people are extraverted, they experience positive emotions, and value stimulation; however, they are also less financially clear and less likely to save money.

money and happiness

Beyond The Purchase

To be happier and experience more positive emotions, focus on the present more by savoring the experiences you have and enjoying them thoroughly.

BeyondThePurchase.Org helps people understand the relationship between money and happiness by having participants take a happiness quiz and numerous personality quizzes. The researchers at BeyondThePurchase.org conducted a study to identify the benefits and costs of “living for now.” The study measured people's time perspectives, money management skills, tendency to experience positive emotions, and personality factors. Results indicated that focusing on the present has positive impacts on emotions, but it may come at a cost to your bank account. They summarized the findings as follows:

Benefit #1: People who have present hedonistic time perspectives experience the positive emotions joy, love, amusement, and compassion more frequently. Research has shown that focusing on the past reduces the frequency of positive emotions and compassion for others. To be happier and experience more positive emotions, people can focus on the present more by savoring and enjoying each moment in life.

Benefit #2: People who have a present hedonistic time perspective, tend to value stimulation in their life, and probably agree with statements like “change is good” and “whatever the challenge, bring it on.” The benefit of having these perspectives is intuitive; life is consistently changing and providing new challenges, so being able to adjust to these novelties comes in handy.

Benefit #3: A present hedonistic time perspective can affect a person's social life as well. People who focus on the now are more likely to be extraverted, active, and high-spirited. Research has shown that extraverted individuals tend to be happier than introverts.

Cost #1: Living in the now can have detrimental effects on a person's bank account. Those who have a present hedonistic time perspective report a weaker desire to save money. Research has suggested that individuals who score higher on savings management tend to feel more financially secure and are more satisfied with their lives. Focusing on the present is a great way to increase positive emotion and social connections, but it should be balanced with a conscious awareness of the finances being used in the moment as well.

Cost #2: People who live in the now are also less likely to have financial clarity. This means they are less likely to know how much money they have, what they owe, and know how much to plan for future events. Research has suggested that individuals who don’t manage their money well are more likely to make compulsive and impulsive purchases, have less savings, more debt and are less satisfied with their lives.

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. To read more about the connection between money and happiness, go to the Beyond the Purchase blog.

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Graham Hill
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