Predictors of happiness - Money post class post

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Oct 30, 2023

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PREDICTORS OF HAPPINESS (PART 2) MONEY & MATERIALISM? WEEK 7
TODAY’S CLASS • Announcements • Response to midcourse f • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
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ANNOUNCEMENTS • Thank you for submitting your Podcast contracts – Groups have been created, and everyone with a completed contract has been given 1 point – Need to change your topic?
TODAY’S CLASS • Announcements • Midcourse feedback reply • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
Midcourse Feedback • Thank you for the abundant, thoughtful, and constructive input! • I appreciate it and take it to heart
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Midcourse Feedback • What is working for you? Why? – Small groups/pods fun to talk to, new friends – RCW accountable, come prepared, stay on top of work – demos! fun, memorable, engaging – time use/class structure – group discussions/synthesis application, memorable, fun – lecture audio accessibility, easy to revisit – no final reduced stress – late pass caring – fast friends new friends, fun content, idea for elsewhere – topics interesting – clear explanations of content and assignments – workload is manageable – slides are easy to read – recaps distill info – assignments are fun/meaningful, spread out – prof is caring and energetic
Midcourse Feedback • What is NOT working for you? How can I change it? – Most common answer = nothing – Slides before class to avoid rushed notetaking, allow focus – More time for group assignments – Additional 5 min break or 2 short breaks? – lack of TA support (strike) – wish there were quizzes > papers – Assignment instructions are vague please come ask questions – RCW questions 4-5 confusing – Split assignment to parts – Wish synthesis could be done from home
Midcourse Feedback • Anything else? – learning a lot – enjoying the class! – appreciate the organization – class is fulfilling and boosts happiness – thanks for the energy, honesty, and clarity – more Taylor Swif
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TODAY’S CLASS • Announcements • Midcourse feedback reply • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
LESSON OUTLINE • PURSUING MORE MONEY? • HAVING MORE MONEY? • SPENDING CHOICES? • CONCLUSIONS
LESSON OUTLINE • PURSUING MORE MONEY? • HAVING MORE MONEY? • SPENDING CHOICES? • CONCLUSIONS
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PURSUING MONEY? • People vary in extent to which they prioritize money • Demo link: https://tinyurl.com/2p8f3m5a
PRIORITIZING MONEY? • You just completed the Resource Orientation Measure (ROM) • Designed to identify whether people prioritize time or money • Relatively stable trait
PRIORITIZING MONEY? • Prioritizing money associated with lower SWB (Whillans, Weidman & Dunn, 2016) – Survey with nationally rep sample of working Americans (N=1,265) • Report SWB • ROM – Respondents prioritizing money reported lower overall happiness and life evaluations
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PRIORITIZING MONEY? • Why? – Focus on money, at expense of time, may involve more negative activities and less time socializing – Importance of social relationships (Week 5)!
PURSUING MONEY? • MATERIALISM = Prioritizing money and possessions as valuable and meaningful ends in and of themselves • Strong and negative association between materialism and well-being (e.g., Belk, 1985; Kasser, 2003) – People who pursue money and material possessions are less happy than those who do not
Tiktok Made Me Buy It
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Materialism Self-Reflection • BACKGROUND: – Each day, the avg N. American is exposed to ~4,000 ads (Jhally, 1997; Story, 2007) – Ads that are intended to increase profit are everywhere (online, TV, news, popular media, music and email sites) – May realize its ubiquity, but are we desensitized from its presence?
Materialism Self-Reflection • DEMO: – This activity is designed to help you explicitly and systematically… • Consider your interactions with materialistic content • Imagine what abstaining from materialistic content would entail • Consider what consequences a reduction in materialistic content may have
Materialism Self-Reflection • STEP 1: REFLECT ON DAILY INTERACTIONS WITH MATERIALISTIC CONTENT – Take 2-3 minutes to mentally revisit a typical day – What forms of advertising and materialistic content do you encounter? – Don’t forget : YouTube, TV, news, radio, Facebook, clothes with logos, bus ads, branded coffee cups, etc. – Take 2-3 minutes to share key ideas with someone next to you
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Materialism Self-Reflection • STEP 2: CONSIDER IF/HOW YOU COULD REDUCE MATERIALISTIC CONTENT – With your neighbor, consider how you could minimize exposure to ads if you wanted to? • All, some, none? • Which ones? How? • Easy or effortful? • Involve time, money, social costs?
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Materialism Self-Reflection • STEP 3: CONSIDERING THE CONSEQUENCES – What would it be like to reduce the materialistic content in your life, beyond the immediate hurdles? – Predictions for: Emotion, Time, Social Relationships?
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Materialism Self-Reflection • Self-reflection maps a “commercial media fast” developed by Dr. Tim Kasser, expert in materialism – Reveals ubiquity of materialism – Challenging and (ofen) unpleasant to escape – But many report benefits • More time for hobbies, school work, reading, friends/family
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Intrinsic vs. Extrinsic Goals • INTRINSIC GOALS : Pursuit of self growth, helping others/community, close relationships assoc greater well-being • EXTRINSIC GOALS : Pursuit of popularity, wealth, appearance, fame assoc lower well-being • Exposure to media material, extrinsic goals – Ads tell consumers that they need X to be happy – Removing/reducing exposure -> focus on intrinsic pursuits
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Materialism Self-Reflection • STEP 4: CONSIDER WHETHER A COMMERCIAL MEDIA FAST IS FOR YOU? – Worth a try? – For 1-2 days? A week? – NOT required, may help explain costs of hedonic adaptation and complicated relationship between money and happiness
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PURSUING MONEY? • Why is materialism be associated with lower well-being? 1. Hedonic adaptation –initial goal is achieved  seek more 2. Comparisons – look to others to determine what is needed 3. Trade offs – Material/extrinsic pursuits often come at the cost of psychosocial/intrinsic pursuits
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INSTEAD OF PURSUING MONEY • Thus, instead of pursuing money, Csikszentmihalyi (2000) suggests pursuing other intrinsically rewarding tasks and finding “flow” • FLOW = A positive, consuming, and effortless state that people experience when participating in a task they love, matched at their ability or just above – Composing music, at work, through sport – Mine = data analysis
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Flow example • “You are in an ecstatic state to such a point that you may feel as though you do not exist. My hands seem devoid of myself, and I have nothing to do with what is happening. I just sit there in a state of awe and wonderment. And [the music] just flows out of me.” – Composer interviewed by Csikszentmihalyi
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Flow: Preconditions 1. Activity or task has clear goals 2. Activity or task provides clear and immediate feedback 3. Activity or task level is equivalent or just above your skill level
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LESSON OUTLINE • PURSUING MORE MONEY? • HAVING MORE MONEY? • SPENDING CHOICES? • CONCLUSIONS
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HAVING MORE MONEY? • Hundreds of studies examine link between money and happiness • General finding: More money is associated with greater happiness • BUT…. – Strength of relationship depends on how the question is examined
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HAVING MORE MONEY? • What does that mean? – Across nations – people in wealthier nations are happier than people in poorer nations • Correlation ~ .50 – Within nations – In most countries, people with more money are happier • Correlation ~ .15-.30
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HAVING MORE MONEY? • Within sample over time – One of the most striking = Easterlin Paradox
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HAVING MORE MONEY? • Moreover, relationship may vary by type of SWB considered • Kahneman and Deaton (2010) examined the relationship for PA, NA, and life evaluations – Associations for PA and NA taper off at higher levels of income – Yet, life satisfaction continues to climb with income • Recently reconsidered in adversarial collaboration: Killingsworth, Kahneman & Mellers (2023)
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HAVING MORE MONEY? • So, more money seems to bring more happiness but …not as much as people think • People overestimate the happiness costs of having low levels of income
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0 1 2 3 4 5 6 7 8 Actual Hap- piness Household Income Happiness Rating Real vs. Predicted Relationship between Money and Happiness N = 429 (Nationally rep. sample of Americans) Aknin, Norton, & Dunn, 2009, Journal of Positive Psychology
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TODAY’S CLASS • Announcements • Midcourse feedback reply • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
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15 MINUTE BREAK
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TODAY’S CLASS • Announcements • Midcourse feedback reply • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
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LESSON OUTLINE • PURSUING MORE MONEY? • HAVING MORE MONEY? • SPENDING CHOICES? • CONCLUSIONS
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SPENDING CHOICES • Science-supported shopping list – Money can buy many things that are critical for happiness – If money doesn’t make you happy, you aren’t spending it right • Dunn, Gilbert & Wilson (2012) offer helpful summary of the literature
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU (Week 8) 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE (Week 10) 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE (Week 4) 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE (Week 4) 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS (Week 4) 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS (Week 4)
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS 9. BUY TIME (Whillans et al., 2017)
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SPENDING CHOICES 1. BUY EXPERIENCES, NOT THINGS (Van Boven & Gilovich, 2003) 2. BUY FOR OTHERS, NOT YOU 3. BUY MULTIPLE SMALL PLEASURES RATHER THAN ONE BIG ONE 4. AVOID INSURANCE 5. PAY NOW, CONSUME LATER 6. THINK ABOUT OTHER THINGS 7. AVOID COMPARISON SHOPPING 8. SEEK INPUT FROM OTHERS 9. BUY TIME 10.LOOK BEYOND SPENDING TO PRACTICE THRIFT…
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SPENDING CHOICES • Chancellor and Lyubomirsky (2011) suggests that, in addition to spending money wisely, people may also find greater happiness by practicing thrift • THRIFT = The best and most efficient use of a limited resources • Unfettered materialism has personal, societal, and environmental costs – Practicing thrift can reduce these pains
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SPENDING CHOICES • Strategies 1. Reduce debt 2. Practice gratitude and appreciation 3. Recycle happiness 4. Rent 5. Pursue what matters
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SPENDING CHOICES • Strategies 1. Reduce debt – SWB includes low NA – By removing the threat of debt, one can substantially increase SWB 2. Practice gratitude and appreciation 3. Recycle happiness 4. Rent 5. Pursue what matters
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SPENDING CHOICES • Strategies 1. Reduce debt 2. Practice gratitude and appreciation – Be thankful what you have • Experimental evidence: Gratitude  increased happiness 3. Recycle happiness 4. Rent 5. Pursue what matters
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SPENDING CHOICES • Strategies 1. Reduce debt 2. Practice gratitude and appreciation 3. Recycle happiness – Find new uses for old things – Relive old fun (e.g., vacation pictures, pleasant memories) 4. Rent 5. Pursue what matters
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SPENDING CHOICES • Strategies 1. Reduce debt 2. Practice gratitude and appreciation 3. Recycle happiness 4. Rent – Skip large cost of ownership and enjoy for short term • Luxury car rental, VRBO allow experiences like ownership, but at fraction of the price 5. Pursue what matters
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SPENDING CHOICES • Strategies 1. Reduce debt 2. Practice gratitude and appreciation 3. Recycle happiness 4. Rent 5. Pursue what matters – Seek intrinsically motivated goals – May be cheaper, and even if not, more rewarding
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LESSON OUTLINE • PURSUING MORE MONEY? • HAVING MORE MONEY? • SPENDING CHOICES? • CONCLUSIONS
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CONCLUSION • Complex relationship between money and happiness! – Pursuing money and material objects associated with lower well-being – Once we have money, there is a positive association but the strength varies by details of examination – Relationship is not as strong as most people predict – Might not be just about how much money you have, but how you spend it
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TODAY’S CLASS • Announcements • Midcourse feedback reply • Lesson + demo (part I) • BREAK (15 min) • Lesson (part II) • Small group discussion and synthesis • Large group discussion/summary • Final 3 Lessons Paper • LCC
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DISCUSS THE PAPERS • Taking turns, Article A (then Article B) readers should explain: – What were the key message(s) of the paper you read? – How did the authors support these claims or ideas? – Why are these claims or ideas important? – Do you agree with the key message(s) of the article? Why?
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SMALL GROUP SYNTHESIS • Lara purchased a lotto ticket for this Saturday’s 6/49 draw. If she holds the winning numbers, she’ll split the prize money evenly with all students in Psyc 364. – How would you spend your share? Why? • As a group, list 4 things you’d do or buy – and explain why using the lessons learned from this week’s readings and lesson. Reminder to list names and put your notes in your group’s etherpad
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LARGE CLASS DISCUSSION • What will you buy? Why?
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SUMMARY Having a lot more money doesn’t guarantee a lot more happiness – Pursuing money may be problematic for happiness – Once we have it, depends what we do! – This week’s class offers some guidance on happier spending
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Final 3 Lessons Paper • shown on canvas
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