Does money buy happiness? Research has an answer.
Recent research by renowned faculty member, John Lynch was featured in the Journal of Consumer Research. The research examines the potential relationship between financial and overall wellbeing. The research tapped into the correlation of the role of finances in a person’s wellbeing using consumer financial narratives alongside large-scale surveys and experiments. Examining the stress related to money management and the sense of future financial security was the primary measurement of the research. Knowing that finances will vary by income groups, the research helps uncover the impacts of the financial domain in relation to other major life domains, including job satisfaction, physical health and relationship support. The results of the research help support the idea that a perceived sense of financial well-being is an important indicator of overall wellbeing in a person’s life. Additional contributors included Richard G. Netemeyer, Dee Warmath and Daniel Fernandes.