Pandemic Priorities: Study indicates that valuing wealth over health comes at a psychological cost
A study conducted by PsychTests.com reveals that people who value their money over their well-being are more likely to be struggling to cope with the stress of the COVID-19 crisis.
MONTREAL, July 24, 2020 /PRNewswire-PRWeb/ -- Price gouging is an unfortunate reality during a crisis. The cost of household items that most people don't think twice about, including toilet paper, masks, and gloves have become hot commodities. With the pandemic came profiteers who saw no need to let a good crisis go to waste. The consequences of valuing wealth over health are costly, however. A study conducted by PsychTests.com indicates that people who care more about the condition of their bank account than their body are paying the emotional price.
Analyzing data from 2,571 people who took PsychTests' Pandemic Resilience Test, researchers evaluated the mental state of people who value wealth (Wealth group) to those who value their health (Health group). Here's what the data revealed:
MENTAL HEALTH STRUGGLES
> 40% of the Wealth group are struggling with major to severe stress, compared to 35% of the Health group.
> 47% of the Wealth group are ruminating excessively, compared to 32% of the Health group.
> 36% of the Wealth group are experiencing anxiety or panic, compared to 26% of the Health group.
> 62% of the Wealth group are seriously worried about their job and/or finances, compared to 51% of the Health group.
> 28% of the Wealth group are paranoid about getting sick, or experiencing somatization/hypochondria, compared to 15% of the Health group.
> 38% of the Wealth group are experiencing profound feelings of sadness, compared to 28% of the Health group.
ATTITUDE TOWARDS COVID-19
> 64% of the Wealth group believe that if they take precautions, like washing their hands and keeping a distance, they can keep themselves safe, compared to 76% of the Health group.
> 9% of the Wealth group believe that there is no reason for an infected person to self-isolate if they are asymptomatic, compared to 4% of the Health group.
> Along the same lines, 14% of the Wealth group believe that there is no reason for an infected person to self-isolate if they are young and healthy, compared to 3% of the Health group.
> 47% of the Wealth group believe that information about the virus that is posted on social media should be taken with "a grain of salt," compared to 58% of the Health group.
DEALING WITH THE FALLOUT OF THE PANDEMIC
> 36% of the Wealth group believe that the economy will pick up as soon as the pandemic is over, compared to 67% of the Health group.
> 60% of the Wealth group believe that the current circumstances will teach us how to deal with pandemics in the future, compared to 85% of the Health group.
> 55% of the Wealth group have made it a point to treat others with extra kindness, compared to 75% of the Health group.
> 64% of the Wealth group said that they have been doing their best to help friends and family, and to be neighborly, compared to 78% of the Health group.
> 10% of the Wealth group believe this pandemic is a sign of the end of the world, and that humanity is doomed, compared to 4% of the Health group.
> 16% of the Wealth group admit that they are buying out food and supplies in order to sell them at a profit, compared to 4% of the Health group.
COPING STRATEGIES
> 50% of the Wealth group are taking time to relax and unwind, compared to 61% of the Health group.
> 59% of the Wealth group are revising their routines, making adjustments, and said they are adapting the best they can, given the circumstances, compared to 80% of the Health group.
> 62% of the Wealth group said that they striving to keep the current circumstances in perspective, compared to 72% of the Health group.
> 59% of the Wealth group said that they regularly remind themselves that things will eventually get better, compared to 75% of the Health group.
> 60% of the Wealth group have an outlet to relieve their stress, such as exercise, mediation, mindfulness, or talking things out, compared to 74% of the Health group.
> 62% of the Wealth group are using humor to get through this difficult time, compared to 64% of the Health group.
> 57% of the Wealth group said that they are focusing on the good in their life instead of the bad, compared to 63% of the Health group.
> 55% of the Wealth group said that in spite of everything that has happened, they are making it a point to look for the silver lining, compared to 66% of the Health group.
"Although the belief that health is more valuable than wealth is a maxim we should all live by every day, it is particularly important to keep in mind during this pandemic," explains Dr. Jerabek, president of PsychTests. "This virus does not discriminate - not by gender, skin color, employment status, how much there is in your bank account, or how your stocks are doing. While the wealth may give you access to a better health care, the virus cannot be bribed … if it hits severely, our finances suddenly become rather irrelevant."
"It is in times like these that our values and priorities become clearer. When people take stock of 2020 and reflect on everything that happened, they will be thinking about how many lives were lost, how much the crisis brought their family closer together, and how it reminded them about what really matters. I understand that it's difficult to subdue the urge to panic when you don't have a job, when you're not sure how you're going to pay your bills and mortgage. But we need to remind ourselves that we should be grateful for the things that money cannot pay for: Our health, the health of our loved one, and having someone to lean on."
To schedule an interview with Dr. Jerabek, go here: https://calendly.com/ilonajerabek/30-min-meeting-with-dr-ilona-jerabek (30-min interview).
The free Pandemic Resilience Test can be taken from this link: https://testyourself.psychtests.com/testid/4106
This test is also available free of charge to all ARCH Profile clients (employers/companies, coaches, and therapists) who can offer it as a screening and personal development tool to employees and clients. Businesses can request a free demo for this or other assessments from ARCH Profile's extensive battery here: http://hrtests.archprofile.com/testdrive_gen_1
To learn more about psychological testing, download this free eBook: http://hrtests.archprofile.com/personality-tests-in-hr
About PsychTests AIM Inc.
PsychTests AIM Inc. originally appeared on the internet scene in 1996. Since its inception, it has become a pre-eminent provider of psychological assessment products and services to human resource personnel, therapists, academics, researchers and a host of other professionals around the world. PsychTests AIM Inc. staff is comprised of a dedicated team of psychologists, test developers, researchers, statisticians, writers, and artificial intelligence experts (see ARCHProfile.com).
SOURCE PsychTests AIM Inc.
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