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How Well Does A GDP Approach to Measuring Personal Happiness Work?

  • November 4, 2017
  • Ginny Sassaman
  • Inspiring News, Measure What Matters, Positive Pyschology
One way that people can better understand the limited utility of measuring societal success using only GDP-type results (i.e., money and material wealth) is to ask the same question regarding our personal lives. Does trying to live up to a GDP standard make us happier, less happy, or neither?
That’s essentially the question Greater Good Magazine reporter Jill Suttie sets out to answer in her October 30, 2017 article, “How Does Valuing Money Affect Your Happiness?”Scroll To Top
 

“Two new studies find that tying your self-worth to financial success hampers happiness and well-being — even for the well-off.”

Suttie wrote: “It may seem that money is a sure path to prestige and happiness. After all, many of our most well-paid citizens are held up as role models of success, leading seemingly perfect, enviable lives. Still, some people embrace the opposite idea: Money can’t buy you happiness. So, which of these is right?

“In recent studies, scientists have found that the connection between wealth and well-being is not clear-cut. While some studies seem to tie wealth to well-being, others show that, after a certain point, a higher income will not bring more happiness or life satisfaction.

“Now two new studies shed further light on the relationship between wealth and happiness. Their findings suggest that money doesn’t fulfill basic psychological needs, like belonging and competence. That’s why making more of it will not increase your happiness, even if you value money above other things. In fact, it may do the opposite. …

“In one study, University of Buffalo researcher Lora Park and her colleagues investigated what happens when people tie their self-worth to financial success, scoring high on the “Financial Contingency of Self-Worth” scale, or FCWS. The researchers found that doing so made people engage in more social comparisons, experience more stress and anxiety, and feel less autonomy than those who didn’t tie their self-worth to income, regardless of their actual economic status.”

Want to know more about studies? Read Suttie’s full article here.

Greater Good Magazine offers “science-based insights for a meaningful life.” Learn more here.

 

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Ginny Sassaman

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