Think Money Wouldn't Change You? Think Again

According to a recent report in Science, even the thought of money changes people, and not necessarily for the better.

Psychologist Kathleen Vohs, now at the University of Minnesota, has been studying the influence of money on behavior with surprising results. Even the most seemingly benign exposure to images of money, such as seeing a poster depicting different types of currency in the research area resulted in increased "self sufficiency" as well as selfishness in the subjects. 

People who had received cues to think of money were significantly more reluctant than their non-money exposed counterparts to ask for assistance solving difficult problems.  They were far less eager to offer help as well, spending only half as much time, on average, assisting others around them who were in need of assistance.  Consistently, money-primed subjects chose individualistic activities, apparently not wishing to depend on nor be depended upon by others.

If merely thinking about money primes people to behave in more narrowly self-interested ways, social scientists contend that financial success as a goal may have an eroding effect societies standing in direct opposition to community-focused goals.

The scientific study of psychology of money is a relatively recent phenomena but with results such as these, expect to see more in the future. The article concludes, "Being overly preoccupied with money, especially for the "wrong" reasons, is characteristic of those who score highly on a measure of materialism, and such people tend to be less happy than others. Given the centrality of money in modern societies, gaining a more comprehensive understanding of the causes and effects of behavior toward money is clearly not just a scientific project; it also has a contribution to make toward understanding, and perhaps enhancing, human happiness and well-being.

And from what I understand, it can't buy you love, either.

Personally, I find these findings quite intriguing when I reflect back on the "money issues" my clients have brought to me over the years.  One fear often stated by individuals I have spoken with is that they associate wealthy individuals with such characteristics as selfishness and lack of compassion for those of lower socioeconomic status and harbor concerns that money may cause them to develop some of these same qualities. Knowing these individuals the way I did, I was disinclined to share their fears as I knew them to be generous, conscious and socially minded individuals.  Perhaps they had been attuned to the subtle effects that money played upon their psyches as demonstrated in this research, making their caution warranted. 

There is quite a delicate balance to be struck as we live in a world that requires greater sums of money every year to maintain a basic standard of living with access to food, clothing, shelter, transportation, education and healthcare.  Particularly for those who are self-employed or business owners where so much thought must be given to income streams and the monetization of their lives, the issue of money and the place it has in one's life may be a psychological minefield. The costs of attaining financial prosperity may pose more of a threat to the peace of mind and sense of security we assume money will bring than we realize.

And for those couples focused on establishing a solid prenuptual agreement, this research adds to my personal belief that placing primary importance on the equitable division of material goods may have toxic effects on the relationship.  Money does funny things to trust in relationships when so much focus in on self-protection.

I'd love to hear your thoughts on this. In your experience and observation, have you seen the trend toward selfishness or more narrowed self-focus play out? 

Voted The Best Post of the Week, Anywhere! in On the Moneyed Midways, Dec 2, '06

Comments

[Peter]

Laura, your recent articles on money and happiness have led me to do some thinking about the extreme materialism of our society. Now, I’m no ascetic – I like my creature comforts and my toys as much as anyone. Nor do I advocate returning to some pastoral Eden that never really existed. Still, things really WERE different in the past and not so very long ago. As evidence, I would like to offer this excerpt from a speech that was quite famous in its day.

“The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.

“Happiness lies not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. The joy and moral stimulation of work no longer must be forgotten in the mad chase for evanescent profits. These dark days will be worth all they cost us if they teach us that our true destiny is not to be ministered unto but to minister to ourselves and our fellow men.”

So, are these the words of some fuzzy-headed do-gooder? A naïve cleric ignorant in the ways of power and politics? An ivory-tower intellectual who never spent a day in the real world?

No, they were spoken by a President of the United States. Franklin Delano Roosevelt, to be exact. Hardly someone who could be described as a starry-eyed idealist or ignorant of political realities.

In fact, there was no pie-in-the-sky idealism involved at all. When he spoke them, he was engaged in the very serious and practical business of rescuing the country from its most treacherous economic crisis, the banking collapse of 1932. Few people today recall just how dangerous the situation was but at the time the United States was precariously balanced between anarchy and dictatorship. FDR could not afford to fail and knowing this, he chose to speak to Americans not about arcane economic theory, but about values that transcend economy. Amazing, isn’t it? Even more amazing from our 21st century perspective is that it worked.

We all know that George W. Bush told us that the proper national response to the horror of September 11, 2001 was to go shopping and spend money. (If we don’t go to the mall the terrorists win, right?) But I have to believe that if words like FDR’s came from ANYONE occupying today’s White House people would begin to wonder if the President had slipped on something and hit his head.

Still, FDR’s presidency was not all THAT long ago – less than one lifetime. My mother, who would have been a little girl but old enough to have heard this speech come across the living room radio is still alive today. So perhaps, if we have come so far so fast, it will be possible to reverse course and travel just as quickly. I for one would like to live to see a day in which a U.S. President can once again speak about “values more noble than mere monetary profit,” the “joy of achievement” and the “thrill of creative effort” and be taken seriously while doing so.

[Dick Rowan]

Texas businessman Clint Murchison said, "Money is like manure. If you spread it around, it does a lot of good." I think he meant that money is a symbol of wealth and desire. I also think humans have never handled either quality very well. Excess and greed appear to be eternal vices. As for the secret of selfishness, do you think I would tell you if I knew?

[Laura Young]

Peter, what excellent commentary. You are absolutely right, that this gives a perspective to just how far, how fast, we have travelled down this road. Mind boggling. Much to digest here.
And Dick, could I buy that secret of selfishness from you (you stingy son of a...) : )
L

[Danny]

Have you heard quote "Money is not everything, but everything needs money". Every people try to find money either become slave of money or master of money.

Right now people start thinking how to get money without have to work hard. Some of them decide to have goal in the future to get $100.000 per year by doing business. They visualize that in their mind and believe they can do it.

Recently, I read a free report - An Interview with Bob Proctor on Science Of Getting Rich.
I like to share this with you.
http://www.attractionlawprinciple.com

[Juno888]

Their are other people could easely change their attitude coz of money,, but thier are some people will make more good to other poor people..

[Barry Rice]

Money allows you to get the things you must have and need in your daily life. Money allows you to house, clothe, feed and provide other life sustaining functions for yourself and your family. Basically, anything more than that is 'window dressing'.

Many folks harbor the belief that if they could just get their 'mitts' on a 'pile of money', they would be set for life. However, people who receive money without working for it almost always find themselves reverting back to their original financial level or worse. Their standard of living does not really increase, and, in many cases decreases, because of their excessive spending on material related 'toys'.

If you receive money without earning it, and, subconsciously, see yourself as having money without earning it, you can literally spend yourself back into mediocrity because you did not learn to respect money as an energizer. You did not earn the money through your own knowledge, skills, productive actions or talent.

Having a transparent vision of the money you will earn in the future is a must. Most importantly, the amount of money you plan on earning must be supportive of, and not conflict with, your overall definition of success. The amount you earn and the method by which you earn it, must be in lock-step with all other aspects of your overall plan for individual success or money will not be an energizer.

"It's good to have money and the things that money can buy, but, it's good, too, to check once in a while and make sure that you haven't lost the things that money can't buy." George Horace Latimer

Money can only be a positive energizer when the amount you earn is in direct proportion to the service you render, personally and professionally. Further, money is good, but it cannot, itself, make you happy. Money can only allow you the opportunity to investigate the other things that can contribute to your already happy and successful life.

I am not implying that you should not want to earn 'tons' of money. I hope you do. But, I do hope the amount you earn will be in direct proportion to the service you give to others and aligns with your overall definition of success. If not, you stand the chance of being in constant conflict with yourself and possibly find yourself bouncing from one method of making the 'sure and easy' buck to another.

Money, the "root of all evil"? NOT! Planned for and earned through positive effort and service to others, money CAN be the aphrodisiac that turns you on to a rich, full
living experience.

[Oscar]

Someone know which is the best way for ean money online?? :P