Wealth

Study Shows Having More Money Doesn't Make People Compassionate or Grateful

'The effects of income on our emotional well-being should not be underestimated.'
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Apparently, having more money doesn't really make one compassionate or grateful even. According to a new study by the American Psychological Association (APA), while high earners are more likely to feel confident and prideful, how much they earn doesn't affect how they care for others.

In fact, the same goes when it comes to love, anger, and compassion, money.

Researchers looked at data from 162 countries, and found evidence that individuals with higher income felt more positive "self-regard emotions." While individuals with lower income felt more negative emotions such as sadness, fear, and shame.

"The effects of income on our emotional well-being should not be underestimated," says National University of Singapore associate professor and study author Dr. Eddie Tong. "Having more money can inspire confidence and determination while earning less is associated with gloom and anxiety."

How much one earns also has long-term effects. The study predicted levels of self-regard emotions in the high and low earners, and greater levels or positive and negative emotions were seen in the respective groups.

"Policies aimed at raising the income of the average person and boosting the economy may contribute to emotional well-being for individuals," Tong said. "However, it may not necessarily contribute to emotional experiences that are important for communal harmony."

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Paolo Chua
Paolo Chua is the Associate Style Editor of Esquire Philippines.
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