Would you rather have money or respect? According to a new report by researchers at the Haas School of Business at the University of California, Berkeley, and published in the journal Psychological Science, how much you are respected and admired by those around you contributes more to your overall happiness than the contents of your bank account.
The researchers conducted a series of four studies among enrolled college students and MBA graduates, using peer ratings, self-reporting, leadership positions, total household income and questions related to their well-being to determine measures of peer respect and personal wealth. The evidence suggests that respect predicts happiness and well-being more strongly than financial success.
“I was surprised at how fluid these effects were,” said coauthor and psychological scientist Cameron Anderson. “If someone’s standing in their local ladder went up or down, so did their happiness, even over the course of nine months.”
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