Money matters more to satisfaction than happiness, according to results of global survey - American Psychological Association

Father-son team says positive gains can be made in 'psychological wealth'

Public release date: 8-Aug-2009
Contact: Audrey Hamiltonahamilton@apa.org 202-336-5706
American Psychological Association

Father-son team says positive gains can be made in 'psychological wealth'
Money matters more to satisfaction than happiness, according to results of global survey

Excerpts:

"Essentially, we have two forms of prosperity: economic and psychological," said Diener. "I don't know if one is better than the other. But what we've found is that while money may be able to make people lead more comfortable lives, it won't necessarily contribute to life's pleasant moments that come from engaging with people and activities rather than from material goods and luxuries."

Talking about the recent financial downturn, Biswas-Diener said it's this kind of "psychological wealth" that can help people get through the worst. Some scientifically proven coping methods include learning a new skill, meeting new people, using humor and prayer, and having supportive friends. "Adaptation to both good and bad events is part of our psychological wealth because it helps us to move forward in life," said Biswas-Diener.

Read full press release: http://www.eurekalert.org/pub_releases/2009-08/apa-fts073009.php
***********************************************************************
This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.