They say that money makes the world go round, but while we're all busy trying to earn a living or make a quick buck, what effect does living in an economically-oriented world have on our contentment and relationships? Researchers from a number of prominent institutions from around the world say that they've managed to come up with some objective answers, and many of them are rather startling.
1. A higher income comes with less daily sadness, but doesn't make you happier.
A research team from the University of British Columbia decided to answer the age-old debate of whether money can buy happiness. Their conclusions are interesting because they show that while money doesn't make you any happier, it can certainly reduce the amount of misery and suffering that a person experiences in a lifetime. A simple example would be that rich people who get ill can afford the best and most immediate healthcare available, while poorer people could end up on a waiting list for years on end.
2. Your personality type defines your attitude towards money.
Researchers from three British universities conducted a study which explored the relationship between personality and loss aversion. It emerged that making more money won't make you happier, regardless of your personality type. However, losing money will have a heavier impact on people who are more conscientious.
3. Many women still prefer marrying rich men and staying at home.
According to a YouGov survey, 69% of women would rather marry a man who earns more money than they do, and would prefer to quit work entirely and stay at home with their kids. Additionally, 59% of the respondents said that social pressure was one of the main reasons that they went to work.
4. A marriage where a husband earns less than his wife is more likely to end in divorce.
While women seem to prefer a higher-earning man, men appear to want quite the opposite. A research paper from the National Bureau of Economic Research found that gender identity has a massive impact on everything we do regarding married life and the level of marital satisfaction.
5. You're more likely to find love if you're a high-earner.
A leading British study found that people who earn more than £50,000 a year (approximately $65,000), are more likely to have experienced true love than those who earn less. Interestingly, the same study showed that higher-earners are more likely to fall in love over five times throughout their lives.
6. Fighting about money is one of the best predictors of divorce.
Arguments over money, especially in a relationship's early stages, can indicate a higher likelihood of divorce, according to a Kansas State University study. The findings indicate that this is generally true for people of all income levels.
7. Spending is typically the primary cause of arguments about money between couples.
According to a 2016 study, spending, as opposed to saving, is one of the most common reasons for arguments about money that couples have. 73% of respondents said that this was the major reason that they had experienced financial arguments. On a more positive note, however, only 20% of respondents said that their arguments were ever highly serious or destructive to the relationship.
8. Most of us want a partner with a similar philosophy towards finances and money.
77% of respondents to the 2016 study above felt that finding a significant other who shares your financial philosophy is of utmost importance. The same study also found that the number of couples who share bank accounts is directly related to their ages. This seems to indicate that people have a tendency to trust each other more over time.
9. Many people are more attracted to strong budgeters, as opposed to extravagant spenders.
A study by Ally Bank found that the most desirable money management characteristic was having strong budgeting skills. People who have a higher credit limit and are extravagant spenders only appealed to 3% of the respondents.