Does Saving Money Make You Happy?
Ally Bank published the results of their recent online survey (1,025 adults over 25) on savings and happiness, and — surprise! — they found that happiness correlates directly with the amount of money a person has saved. More specifically, 57% of people with over $100,000 saved are happy, vs. 34% of those with less than $20,000.
Now, I do love and use Ally Bank but it should be noted that 1. they are a BANK that specializes in high-yield savings accounts, and 2. correlation does not equal causation. But per this Yahoo Finance article, Ally’s not-exactly-scientific findings are in keeping with other research:
Joe Kable at the University of Pennsylvania is a neuroeconomist doing research into what happens in our brains when we make choices about money. He says people who make smart “discounting” decisions — those who trade cash offers today for better cash offers in the future — also are good at making other long-term choices. They eat better, get divorced less often, and are less prone to addictions. In other words, people who are good with money are also healthier and happier; they are better at thinking of the future.
Not that I needed Science to tell me that people who have their lives together are more likely to have their lives together, but fair.
Now if anyone can help inspire me to finally call Ally Bank and get them to reset the password on the savings account I accidentally locked myself out of three months ago, that would be wonderful.