Although people living in consumer-based cultures such as the U.S. often believe that they will be happier if they acquire more money, the findings of a newly published paper by a University at Buffalo research team suggest that there may be downsides to this pursuit.
The pursuit of money in and of itself is not bad, but there are risks to consider when it is fueled by a desire to boost self-esteem. When people tie their self-worth to the pursuit of financial success, they are more vulnerable to negative psychological consequences, according to Lora Park, an associate professor of psychology at UB and the study’s lead author.
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