We’ve all heard that “money is the route of all evil.” Although that can be true in some respects, money is not always an evil thing. In recent years, psychological research surrounding money shows how money may negatively affect someone’s psychology.
More money equals less empathy
Psychologists have found that individuals of low socio economics status had better abilities to read facial expressions of others. Facial expressions are a gate way to emotions and so being able to read them is a marker of recognising empathy. Those in higher socio economic status are not able to do this as readily.
Fun fact: The same effect was seen within a game of monopoly. The player with more money behaved arrogantly, displayed taunting behaviour and moved their pieces loudly.
Wealth links to addiction
Although there is a strong link with lower-socio economic status and addiction, the same trend is visible in the higher end of the economic spectrum. The reason for this isn’t that more money equals enables the purchasing of alcohol, but rather those on the higher end of the socioeconomic spectrum are more vulnerable to substance abuse issues due to the high-pressure society they live in. More specifically, children of rich people are subject to constant demands form their families and environment to do specific things. This usually causes them to internalise their problems and as a result they abuse alcohol as a way of gaining relief and to ‘drink away their problems’.
Fun fact: Rich adults out drink adults of the lower economic strata by over 27%
Money can’t buy happiness or love
Money can provide momentary bursts of happiness or pleasure, but in the long run, the happiness and excitement dwindles away. I’m not saying that money can’t make you happy. Money provides us with means to pay for necessities allowing us to live a fulfilling lifestyle, but no direct correlation has been found between one’s income and happiness. Studies have shown that people in poorer parts of the world are equally happy, if not happier than those with higher incomes. One possible reason for this is that poorer people don’t over indulge in materialistic goods.
Price affects perception
Have a super bad headache? Buy the expensive brand of painkillers instead of the cheaper ones. Studies show that if the medicine is more expensive, you will believe it will work better and faster, despite both the cheap and expensive medicine having the same exact ingredients in it.