Snippet: Those who focus their lives on accumulating wealth are more likely to end up lonely — as they sacrifice social time with loved ones in order to work — a study has found. Experts from the US explored why basing one’s self-esteem around financial success — the so-called ‘Financial Contingency of Self-Worth’ — can have drawbacks.
According to the team, pursuit of money in itself is not inherently problematic, but the impact such has on much-needed social connections can be. ‘When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy,’ said paper author and psychologist Lora Park of the University of Buffalo.
The findings, they added, emphasise the importance of maintaining social networks and personal relationships — alongside other goals — for one’s mental health.