Wealthy? You're Probably Lonely

So you've lost everything in the coronavirus meltdown.

But be comforted.  People with money tend to be more lonely than the rest of us.  That's because people who base their self-worth on their financial success often feel that way in everyday life, a newly published study by the University at Buffalo and Harvard Business School, newswise.com reports.

“When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes,” the web site quotes says Lora Park, an associate professor of psychology at UB and one of the paper’s co-authors.

“Feeling that pressure to achieve financial goals means we’re putting ourselves to work at the cost of spending time with loved ones, and it’s that lack of time spent with people close to us that’s associated with feeling lonely and disconnected,” adds Deborah Ward, a UB graduate student and adjunct faculty member at the UB’s psychology department who led the research on a team that also included Ashley Whillans, an assistant professor at Harvard Business School, Kristin Naragon-Gainey, at the University of Western Australia, and Han Young Jung, a former UB graduate student.

"The findings emphasize the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals,"newswise reports.

“Depression and anxiety are tied to isolation, and we’re certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic,” says Ward. “These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what’s required to achieve success in the financial domain comes at the expense of spending time with family and friends.”

Ward says it’s not financial success that’s problematic or the desire for money that’s leading to these associations.

When people’s self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person. The degree to which they succeed financially relates to how they feel about themselves -- feeling good when they think they’re doing well financially, but feeling worthless if they’re feeling financially insecure.

The research involved more than 2,500 participants that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.

“We saw consistent associations between valuing money in terms of who you are and experiencing negative social outcomes in previous work, so this led us to ask the question of why these associations are present,” says Ward. “We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success, which is tied to the quality of their relationships with others.”