March 2020

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    Spending money on others makes us 10 times happier than spending it on oneself

    Pro-social spending creates more happiness than self-focused spending.

    Using one’s money to benefit others, as opposed to oneself, is the definition of pro-social spending. Paying for a colleague’s coffee, buying the order of the next person in line at the drive-thru, or donating to a charity you feel passionate about are just a few examples of how it is done. The power of money as a connective force is the main benefit.

    At ‘Spending Money on Others’, a study led by psychology professor Elizabeth W. Dunn at the British Columbia University, people on a university campus and gave them a $5 or $20 bill to spend by the end of the day ). Half the participants were instructed to spend the money on themselves (“personal spending”), and half to spend the money on someone else (“prosocial spending”). That evening, people who had been assigned to spend the money on someone else reported feeling happier mood over the course of the day than those assigned to spend the money on themselves. Interestingly, the amount of money they got had no bearing on their happiness. More