Washington DC, (Pakistan Point News - 12th Apr, 2020) Individuals who lay the foundation of self -worth on their financial success often feel lonely in everyday life, a recent study has suggested.
Researchers from the University at Buffalo, UB , and Harvard business school have taken the initial steps to better understand why this link exists, Asian news International, ANI, reported on Sunday.
"When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes," said Lora Park, an associate professor of psychology at UB and one of the paper's co-authors.
"Feeling that pressure to achieve financial goals means we are putting ourselves to work at the cost of spending time with loved ones. It is that lack of time spent with people close to us that is associated with feeling lonely and disconnected," said Deborah Ward, a UB graduate student and adjunct faculty member at the UB's psychology department.
"Depression and anxiety are tied to isolation, and we are certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic," said Ward.
"These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what's required to achieve success in the financial domain comes at the expense of spending time with family and friends," he added.
Ward led the research on a team that also included Ashley Whillans, an assistant professor at Harvard Business School, Kristin Naragon-Gainey, at the University of Western Australia, and Han Young Jung, a former UB graduate student.
The findings, published in the journal Personality and Social Psychology Bulletin, emphasised the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals.
At the centre of this research is a concept psychologists identify as Financial Contingency of Self-Worth. When people's self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person.
The degree to which they succeed financially relates to how they feel about themselves -- feeling good when they think they are doing well financially, but feeling worthless if they're feeling financially insecure.
The research involved more than 2,500 participants over five different studies that looked for relationships between the financial contingency of self-worth and key variables, such as time spent with others, loneliness and social disconnection.
This included a daily diary study that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.
"We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success, which is tied to the quality of their relationships with others," Ward said.
