Gratitude is an important element to experience contentment and inner wealth. But does it have a positive impact on our financial wealth?
Apparently, YES it does! And now there is proof.
According to a research study published June 2014 in Psychological Science
, when people feel grateful, they make better financial decisions. Being in a state of gratitude made participants more likely to have the patience to save for a higher return on their money.
Best yet, the study demonstrated that gratitude helps people delay gratification and save more money effortlessly – without having to strive for willpower or contemplate the “rule of 72.”
David DeSteno of Northeastern University’s Department of Psychology led the inter-disciplinary research project, entitled “Gratitude: A Tool for Reducing Economic Impatience.”
The study’s aim was to weigh how various emotions affected people’s ability to make better financial decisions by choosing to receive a greater amount of money in 30 days versus a lesser amount immediately.
In the study, participants were given a classic test of their ability to delay gratification, not unlike the famous Stanford “Marshmallow Experiment.”
The Stanford experiment tested to see if children could wait 15 minutes to receive a second marshmallow (or other goodie) along with the first.
In the Gratitude study, adult participants were given a choice between receiving $54 now or $80 in 30 days. While the dollar figure was modest, the rate of return was impressive – a monthly return of 48%, or, as the Truth Concepts calculator below demonstrates, an annualized return of 577.78%!