Financial Control Brings More Happiness Than Money Does
It is a well known phrase that money can not buy happiness, although I am sure that many people without any and those who have large debts through personal loans and credit cards, would be keen to test this theory!
But a new psychological survey conducted by Aviva, has found that financial control and being on top of ones finances and loan repayments, is more likely to create a sense of happiness and well being, than having actual money will do.
The “Feel good insight study” carried out by Aviva in conjunction with Psychologists at City University in London, found that those individuals with sensible financial plans in place and who were in control of their personal loan repayments and credit cards, were generally happier than those without, irrespective of how much they earned.
The survey found that around two thirds of the population of the UK have either good, or high self esteem and that around 85 per cent of these individuals also have a good grasp of their finances, managing their loans and household budget effectively.
Similarly, around 70 per cent of those people who are considered to have a poor self esteem do not feel as though they are in control of their finances and regularly worry about money and keeping on top of their personal loan and credit card debts.
Gary Price of Aviva commented on the survey’s findings, he said “It’s long been said that money doesn’t buy happiness, but there’s been little evidence to prove it. This study shows a strong link between financial behaviour, self esteem and happiness and proves that those with sensible financial plans in place are happier overall.”
“ By understanding the psychological impact of money and by helping people to face their financial fears, we can hopefully pave the way to happiness, whatever their bank balance says!”
