Page 6 - iAV Digital Magazine #400
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Study Finds Money Can Buy You Happiness
Money can buy happi- ness according to Cambridge University. In a study of almost 77,000 bank transac- tions, they found people who spent more on pur- chases that matched their personality were happiest.
The study matched spending categories on the widely recognised "Big Five" personality traits - openness to experience (artistic ver- sus traditional), consci- entiousness (self-con- trolled vs easygoing), extraversion (outgoing vs reserved), agreeable- ness (compassionate vs competitive), and neu- roticism (prone to stress vs stable).
For example, "eating out in pubs" was rated as an extroverted and low con- scientiousness (impul- sive) spending category, whereas "charities" and
ed person.
Similarly, a highly con- scientiousness person spent £124 more annual- ly on "health and fitness" than a person low in conscientiousness.
to be as important to our well-being as finding the right job, the right neigh- bourhood or even the right friends and part- ners.
By developing a more nuanced understanding
"pets" were rated as agreeable spending cat- egories.
The researchers then compared the partici- pants' actual purchases to their personalities using this scale, and found that people gener- ally spent more money on products that match their personality. For example, a highly extro- verted person spent approximately £52 more each year on "pub nights" than an introvert-
What makes people happy?
Extroverts - Eating out and going to the pub.
Agreeable - Contributing to charity.
Conscientious - Settling bills and keeping fit.
Our findings suggest that spending money on products that help us express who we are as individuals could turn out
of the links between spending and happiness, we hope to be able to provide more person- alised advice on how to find happiness through the little consumption choices we make every day.
– SANDRA MATZ, PHD CANDIDATE IN THE PSYCHOLOGY DEPARTMENT OF THE UNIVERSITY OF CAM- BRIDGE
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