A recent study by the American Psychological Association found that people with higher incomes are prouder and more confident than people with lower incomes. Researchers found consistent evidence that people with higher income feel more positive “self-regard emotions” including confidence, pride, and determination.
Researchers conducted an independent analysis that included 1.6 million people in 162 countries. The analyses also included a category of emotions people feel about others, such as love, anger, or compassion. The findings are correlational. The study didn’t find a consistent link between income level and how people feel about others.
Researcher, Eddie M.W Tong, said “The effects of income on our emotional well-being should not be underestimated. having more money can inspire confidence and determination while earning less is associated with gloom and anxiety.” The study also pointed out that levels of income may also have long-term effects. In an analysis of 4000 participants in the United States, it was found that higher-income predicted higher levels of self-regard emotions about 10 years after the initial survey of participants. On the other hand, lower-income predicted higher levels of negative self-regard emotions such as fear and shame. “Having more money doesn’t necessarily make a person more compassionate and grateful, and greater wealth may not contribute to building a more caring and tolerant society,” Tong said.
To Know More, You May Refer To:
Eddie M.W. Tong et al. Income Robustly Predicts Self-Regard Emotions. Emotion, 2021 DOI: 10.1037/emo0000933 1
- Tong, E. M. W., Reddish, P., Oh, V. Y. S., Ng, W., Sasaki, E., Chin, E. D. A., & Diener, E. (2021). Income robustly predicts self-regard emotions. Emotion. Advance online publication. https://doi.org/10.1037/emo0000933