Psychology of Consumer Behaviour
The relationship between money-making motives and subjective well-being
There is presently much controversy regarding the motives behind making money and the concept of subjective well being. Most people associate finances with positive feelings and thus come to focus on making as much money as possible regardless of the risks involved. The masses needs to understand that people are not necessarily interested in money as an object, as they are actually certain that finances are likely to satisfy a series of their needs, thus meaning that people want to achieve particular states of minds and believe that having money is the only method of doing this.
Although it is difficult to determine the exact effects that money has on happiness, studies have shown that "within nations people's finances correlate with their reported well-being, but that richer nations show no greater happiness than poorer ones" (Buunk & Gibbons, 1997, p. 331). People have the tendency to compare themselves with individuals from the community that they live in and the individuals who experience better financial conditions are thus likely to be happier. This means that many people are not satisfied with having money, as they actually want to have more money than the persons that they interact with in order to be happy. As long as other people represent the standard within a particular community, half of the respective community is likely to feel satisfied with its financial condition while the other half is probable to feel unhappy (Buunk & Gibbons, 1997, p. 331).
People are generally inclined to believe that the importance that someone attaches to finances has a negative effect on subjective well being. However, most individuals tend to ignore the motives behind making money and only focus on the negative aspects of the process. It seems perfectly normal for...
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