Those who live below the poverty line can suffer from long-lasting psychological effects. Anyone who is fortunate enough to live above the poverty line can be affected by money in different ways. This could be because, according to studies, money cannot buy happiness.

We offer mental health support for Selby and the surrounding areas. Why not give us a call? Our phone line is open from 7 pm – 10 pm on weekdays and all day Saturday and Sunday.

Call us on (01757) 642 399. If you call before our phone lines are open and we cannot answer, you will be diverted to an NHS Helpline.

A study that took place at the University of Pennsylvania found that a person’s well-being improved with their income. However, the data taken from the study showed that well-being increases by a similar amount each time a person’s income is doubled. For example, if your income rose from £12,000 to £24,000 a year, your sense of well-being is likely to increase. It was also found that those whose income only increased by a little did not experience a greater sense of well-being.

How To Feel Happier

According to research, buying experiences rather than things is beneficial to a person’s well-being. If you were to spend your money attending a sporting event, chances are you’d feel happier than if you bought some clothing. In addition to this, it was found that people who had more free time rather than more money were likely to be happier.

However, there is evidence to suggest that experiences and having the time to enjoy them can make you happier than if you were to buy things, but only if you are quite well off.

Comparing Yourself to Those Around You 

If you were to compare yourself to those around you, chances are you you will have a greater sense of well-being if you earn almost the same as those around you. This is regardless of how much you earn.

If you earn less than those around you, it’s likely that you will feel envious of them, with some people even feeling a sense of despair.

There is evidence that those who have an agreeable personality can be at risk of financial hardship. This is because they place less value on money and are more likely to value their own. 

If you are experiencing financial hardship, there is help available. Organisations such as Citizens Advice and StepChange might be able to help you. 

 

We offer mental health support for Selby and the surrounding areas. Why not give us a call? Our phone line is open from 7 pm – 10 pm on weekdays and all day Saturday and Sunday.

Call us on (01757) 642 399. If you call before our phone lines are open and we cannot answer, you will be diverted to an NHS Helpline.

Interested in helping those who are struggling with their mental health? We offer Mental Health First Aid training in Selby. Contact us at info@communitea.org.uk