Understanding the Connection Between Wealth and Social Anxiety: The Money Mysteries
National Opinion Research Center had conducted surveys across nation. Results from these surveys have shown that American happiness levels have not altered since the conclusion of World War II, despite improvements in technology and living conditions.
Over one-third of Americans said they were “very happy” in the 1950s, and studies conducted now consistently show that this figure.
Since 1950, there has been a considerable increase in the prevalence of depression, with clinical depression today being 3–10 times more common than in earlier generations.
According to a Harvard Medical School research, serious depression affects 1 in 15 Americans every year.
Happiness levels have not changed despite increases in income and living standards, and in certain circumstances, having more money might make you depressed.
There are concerns regarding the connection between wealth and mental health in light of this spreading epidemic.
The remarks of our grandparents, many of whom lived through the Great Depression and World War Two, mirror the prevalent conviction that money can’t buy happiness.
Despite this knowledge, many people today invest a lot of time and energy into accumulating financial riches rather than doing things that truly please them, including forming relationships, giving back to the community, and developing their spirituality.
Let’s learn more about below points in depth ( tap / click to jump to the respective topic )
1. Money and Happiness – What do studies show ?
2. Reference Anxiety: The Psychological Impact of Keeping Up With the Joneses
3. The Wealth Paradox: How Increased Income Can Trigger Dissatisfaction
4. The Benefits of Positive Thinking: How a Positive Outlook Improves Overall Well-being
5. Conclusion
Money and Happiness - What do studies show ?
According to sociology professor Ruut Veenhoven’s research at Erasmus University in Rotterdam, poverty is a significant contributor to sadness.
The relationship between money and happiness starts to diminish after a person’s or family’s yearly income hits about $100,000. That happiness cannot be purchased with money is supported by this.
Numerous studies conducted; in the last 40 years have found little connection between a person or family’s wealth and their overall well-being.
According to a recent survey, happiness rises up to an annual income of $50,000, but further increases in income have no effect.
Just a slight improvement in happiness is shown, even among the richest Americans, such as the Forbes 400. This is due to the fact that persons who are wealthy frequently still harbour envious thoughts towards the status or riches of others, and money does not always bring contentment.
Reference Anxiety: The Psychological Impact of Keeping Up With the Joneses
Reference Anxiety; the tendency for people to evaluate their belongings in perspective of those of others. They enquire as to whether their home is prettier than that of their neighbour rather than if it fulfils their necessities.
As the rich ( small percentage of population ) are getting richer faster than the rest of us, this type of anxiety is frequently brought on by the widening income gap, which causes the middle class to feel inadequate. In USA rich are those with annual income great than 2 million USD
There used to be less reference anxiety since most individuals lived in cities or small towns where conditions were comparable.
A sizable minority now lives noticeably better than the middle class due to new economic factors, which has increased reference concern. This is evident in countries with high income equality, such those in Scandinavia, where people tend to live happier than they do in countries with unequal wealth distribution, like the United States.
Additionally, the proliferation of television and the internet has made it easier to know how the wealthy live, further fueling reference anxiety.
The Wealth Paradox: How Increased Income Can Trigger Dissatisfaction
The paradox of wealth is that as material expectations keep rising, more money may only lead to more desires. Regardless of their economic level, studies demonstrate that People feel they need more money to live well.
Individuals frequently lose sight of their higher circumstances and concentrate on what they still lack.
This is due to the fact that as individuals move up the economic ladder, their expectations and demands also increase, making it harder to find real happiness.
During various research studies it’s found that, a person’s aspirations for the future may have a bigger impact on their sense of wellbeing than their current circumstances do.
Individuals living modestly but anticipating better days to come are likely to be happy than persons living lavishly but not looking forward to changes in their living standards.
United States hasn’t seen a material pay raise in twenty years, and the growth of middle-class income has all but stopped.
World War II has ended in 1945 and US citizens have seen living standards, education levels, and other important indicators of social well-being have all increased, but these trends are unlikely to last.
More than more money, the nation may need stability and equality.
High standards of living in the United States, however, may have become a hindrance to happiness because people are trained to believe there is something wrong if they don’t make more money each year.
Fixated on constantly getting more, individuals forget to appreciate how much they have. Despite this, it’s better that there are large numbers of Americans who are materially comfortable, if a bit whiny about it, than who are destitute. In spite of American prosperity, 1 in 8 people still live in poverty, which is a sobering reality.
The Benefits of Positive Thinking: How a Positive Outlook Improves Overall Well-being
Positive thinking about current good things in life can have numerous benefits for your overall well-being. While money can certainly provide a sense of security, happiness and fulfillment cannot be bought with it.
Learn to focus on the good things in life while ignoring negative things / events / circumstances and people. Positive things can be your health, relationships, and accomplishments, will elevate your mood and raise your level of satisfaction with your life as a whole.
This type of positive thinking continuous practice, definitely leads to increased motivation, creativity, and productivity in work and personal life.
Cultivating a positive outlook can help a person cope with stress and difficult situations, allowing that person to bounce back more quickly from any kind of setbacks.
By prioritizing positive thinking about current good things in life, you can experience a more fulfilling and satisfying existence, while earning more money can be by product of this activity.
Conclusion
The truly essential aspects of life, such as love, friendship, family, respect, and a sense of purpose can NOT be purchased with money. These are some of the many reasons why it is impossible to buy happiness.
While everyone needs a certain amount of money to live, prioritizing the pursuit of wealth over meaningful experiences leads to dissatisfaction.
Many Americans have made materialism and the cycle of work and spending their primary goals, leading to unhappiness. Love, friendship, family, respect, a sense of purpose are the essentials of human fulfillment and they cannot be purchased with cash.
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