Duncan CJ: What can money buy for our psychological well-being?
AI: Money can buy some things that can have an impact on our psychological well-being, but it is not a guarantee for happiness or well-being. Here are a few ways that money can affect our psychological well-being:
- Meeting basic needs: Money can provide access to basic necessities such as food, shelter, and clothing, which can help to reduce feelings of stress and anxiety related to financial insecurity.
- Access to healthcare: Money can provide access to healthcare services, which can help to reduce the physical and emotional toll of illnesses and chronic health conditions.
- Access to education and career opportunities: Money can provide access to education and training, which can help to open up opportunities for personal and professional growth and can lead to greater job satisfaction and overall well-being.
- Leisure and entertainment: Money can provide access to leisure activities and entertainment, which can help to promote relaxation and enjoyment, and can add variety to life.
- Fulfillment of goals: Money can help to provide the resources necessary to achieve certain personal or financial goals, which can provide a sense of accomplishment and well-being.
It’s important to note that the correlation between money and well-being is not linear, research has shown that once basic needs are met, the relation between money and well-being gets weaker. It’s also worth noting that having more money doesn’t automatically guarantee happiness or well-being, and other factors such as relationships, personal values, and self-care practices are also important. Additionally, having money can also bring its own set of problems, such as stress from wanting to maintain or increase wealth, or the pressure to keep up with others.