According to a recent report in Science, the mere 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 on 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.
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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, for whom 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.
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?
December 30, 2009, 09:39 PM
M.o.n.e.y.
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