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  • December 2020
  • Article
  • Personality and Social Psychology Bulletin

Can't Buy Me Love (or Friendship): Social Consequences of Financially Contingent Self-Worth

By: D. Ward, L.E. Park, K. Naragon-Gainey, H. Jung and A.V. Whillans
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Abstract

Although people may think that money improves one’s relationships, research suggests otherwise. Focusing on money is associated with spending less time maintaining relationships (Whillans & Dunn, 2018) and less desire to rely on others for help (Vohs, Mead, & Goode, 2006). But why does focusing on money relate to worse social outcomes? We propose that when people base their self-esteem on financial success – i.e., have financially contingent self-worth – they are likely to feel pressured to pursue success in this domain, which may come at the expense of spending time with close others. Consistent with this idea, results of four cross-sectional studies (N=2,439) and a daily diary study (N=246) revealed that basing one’s self-worth on financial success is associated with greater feelings of loneliness and social disconnection, and this may be related to experiencing less autonomy and spending less time with family and friends.

Keywords

Self-Esteem; Autonomy; Lonelines; Social Connection; Money; Relationships; Well-being

Citation

Ward, D., L.E. Park, K. Naragon-Gainey, H. Jung, and A.V. Whillans. "Can't Buy Me Love (or Friendship): Social Consequences of Financially Contingent Self-Worth." Personality and Social Psychology Bulletin 46, no. 12 (December 2020): 1665–1681.
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About The Author

Ashley V. Whillans

Negotiation, Organizations & Markets
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    Perceived Job Difficulty Influences Unionization Support for Workers in Low-Wage Jobs

    By: Elizabeth R. Johnson and Ashley V. Whillans
More from the Authors
  • The Secret Tax on Women’s Time By: Lauren C. Howe, Lindsay B. Howe and Ashley V. Whillans
  • The Emotional Rewards of Prosocial Spending Are Robust and Replicable in Large Samples By: Lara B. Aknin, Elizabeth W. Dunn and Ashley V. Whillans
  • Perceived Job Difficulty Influences Unionization Support for Workers in Low-Wage Jobs By: Elizabeth R. Johnson and Ashley V. Whillans
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