Some still feel that money can get you anything and everything. But not true. Some recent studies have shown that those who push too much for financial success will end up feeling lonely in their everyday life.
Study on the financial success and self-worth was done by the University at Buffalo and Harvard Business School. The study also reiterated the role of social networks and personal relationships in maintaining good mental health, even in the face of obstacles or pursuing challenging goals.
“When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes,” says Lora Park, an associate professor of psychology at UB and one of the paper’s co-authors.
“Feeling that pressure to achieve financial goals means we’re putting ourselves to work at the cost of spending time with loved ones, and it’s that lack of time spent with people close to us that’s associated with feeling lonely and disconnected,” says Deborah Ward, a UB graduate student and adjunct faculty member at the UB’s psychology department who led the research.
“Depression and anxiety are tied to isolation, and we’re certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic,” says Ward. “These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what’s required to achieve success in the financial domain comes at the expense of spending time with family and friends.”