Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Can money buy you happiness? New study has the answer.

% of readers think this story is Fact. Add your two cents.


Who says that money can’t buy you happiness? Certainly not researchers from the Cambridge Judge Business School and the  Cambridge University Department of Psychology who reported that purchases really could have a positive impact on a person’s life satisfaction rating.

The researchers, who published their findings in the latest edition of the journal Psychological Science, teamed up with a UK-based multinational bank to examine nearly 77,000 transactions, asking the customers involved to fill out a standard personality and life-satisfaction survey.

They found that people who spent a more on purchases that closely aligned with their personality traits tended to be more satisfied with life, and that the spending-personality trait association was even stronger than the link between happiness and total income or total spending.

“Historically, studies had found a weak relationship between money and overall well-being,” Joe Gladstone, a research associate from Cambridge Judge Business School and one of the authors of the new study, explained in a statement. “Our study breaks new ground by mining actual bank-transaction data and demonstrating that spending can increase our happiness when it is spent on goods and services that fit our personalities and so meet our psychological needs.”

Findings could be used by online retailers to make customers happy

Gladstone, along with Sandra Matz, a PhD candidate in the Cambridge Psychology Department, and Big Data Analytics and Quantitative Social Science lecturer David Stillwell, reviewed a total of 76,863 anonymous transactions from 625 participants as part of their study.

The customers were asked to complete a standard personality and life satisfaction questionnaire, and consented to their responses being matched anonymously to their bank transaction date. Data was then broken down in 59 different categories of spending, each with at least 500 transactions over a six-month period.

Those spending categories were then matched with the “Big Five” personality traits, according to Gladstone and his colleagues: openness to experiences (artistic vs. traditional), conscientiousness (self-controlled vs. easygoing), extraversion (outgoing vs. reserved), agreeableness (compassionate vs. competitive) and neuroticism (prone to stress vs. stable). The purchases of the actual customers were then rated into one or more of these classifications.

The results showed that, in general, people tended to spend more money on products that match their personalities, and that those who bought goods or services that more closely matched their personalities reported higher overall satisfaction with their lives. The authors believe that the results could be used by online merchants to improve their search-based recommendations to recommend goods that will actually make customers happier, thus improving the relationship between buyer and seller.

“Our findings suggest that spending money on products that help us express who we are as individuals could turn out to be as important to our well-being as finding the right job, the right neighborhood or even the right friends and partners,” said Matz. “By developing a more nuanced understanding of the links between spending and happiness, we hope to be able to provide more personalized advice on how to find happiness through the little consumption choices we make every day.”

—–

Image credit: Thinkstock

The post Can money buy you happiness? New study has the answer. appeared first on Redorbit.

redOrbit.com
offers Science, Space, Technology, Health news, videos, images and reference information. For the latest science news, space news, technology news, health news visit redOrbit.com frequently. Learn something new every day.”


Source: http://www.redorbit.com/news/science/1113413537/money-buy-happiness-study-040916/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.