They say that money cannot buy happiness, but as you can manage.
A surprising new study found that financial behavior is constantly linked to less anxiety and life satisfaction.
The research, published in The Journal Stress and Health, was controlled for revenue, which means that no bank is needed to enjoy mental health benefits.
It seems that good fiscal management, that is, saving regular money and paying your time credit cards, is the true Bliss key.
The findings were based on the data of more than 20,000 Australians over twenty years and used the Mental Health Inventory 5 (a screening instrument scientifically validated for anxiety and depression) to calculate the results.
An increase of 1% in savings habits was related to an improvement of 0.475% of mental health scores, while an increase of 1% of consistent credit card payments led to an increase of 0.507%, which is more significant than it seems.
Most importantly, the people who made the same amount of money but had different fiscal management styles showed very different levels of happiness and tranquility.
Although many studies have shown a correlation between revenue and life satisfaction, this study is unique, as it indicates good financial habits, rather than a fare salary, can significantly improve mental health.
These results were kept constant through the main economic disorders, including the 2008 financial crisis and the Covid-19 pandemic.
Researchers believe that being taxable can help reduce “financial tension”, which constant fund stress not knowing if you can cover unexpected bills, emergencies or costs.
It can also have an unpleasant domino effect.
“When individuals are financially released, they often cannot save or invest so much, so they lose their growth and meet the goals they could have set for the future,” said Rajabrata Bamerjee, a applied economics professor at the University of South Australia, in a statement.
“People can also rely on loans to meet their basic needs and this can lead to high interest payments and continuous debt cycles.”
Researchers also expect these findings to inspire people to take actionable measures to control their financial and later mental health.
“That is why healthy financial behavior is important in creating long -term stability and safety, allowing goals, independence and access to opportunities, as well as a reduction in stress and good mental health,” he said.
Interestingly, the benefits were more pronounced for men when they were saving habits, although both genres saw improvements in multiple well -being measures, including emotional resilience and social functioning.
The researchers also examined whether the relationship worked on the other way around, that is, if poor mental health caused worse financial decisions, but they hardly found evidence of this.
So go ahead and set up this automatic payment, because deleting the balance leads to a balanced mind.
#People #habit #money #happier #happier #matter
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