Tag Archives: self-esteem

You Cannot Buy Me Love: Social Consequences Of Financially Contingent Self-Worth

Worklife Journal_YOU CANNOT BUY ME LOVE_SOCIAL CONSEQUENCES OF FINANCIALLY CONTINGENT SELF-WORTH

Click to read: You Cannot Buy Me Love: Social Consequences Of Financially Contingent Self-Worth

Source: SAGE Journals

Snippets: Although people may think that money improves one’s relationships, research suggests otherwise. Focusing on money is associated with spending less time maintaining relationships and less desire to rely on others for help. But why does focusing on money relate to worse social outcomes?

We propose that when people base their self-esteem on financial success—that is, have financially contingent self-worth—they are likely to feel pressured to pursue success in this domain. Which may come at the expense of spending time with close others.

Basing one’s self-worth on financial success is associated with greater feelings of loneliness and social disconnection. And this may be related to experiencing less autonomy and spending less time with family and friends. So, you cannot buy me love, time spent together is priceless.

Note: Access to the journal requires subscription.

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Career-Focused People Who Prioritise Making Money Are More Likely To Be Lonely

Worklife Daily_Career-Focused People Who Prioritise Making Money Are More Likely To Be Lonely

Click to read: Career-Focused People Who Prioritise Making Money Are More Likely To Be Lonely

Source: DailyMail

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.

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