The rich don't cry: people with high incomes feel more proud and confident

Earning a higher income makes people feel more satisfied, confident and have a greater sense of pride – this was a key finding from a recent study by Associate Professor Eddie Tong and his team at nus Arts and Social Sciences. 

Financial well-being predicts improved psychological health: Past research has shown that income shapes people's lifestyles. However, it was unclear whether income affected their well-being. To shed light on how income affects emotional well-being, Associate Professor Tong and his team analyzed data from five studies, including surveys of more than 1.6 million people in 162 countries.

They found consistent evidence that income reliably predicted stronger positive self-esteem emotions (e.g., pride, confidence, determination) and lower negative self-esteem emotions (e.g., worry, sadness), and that sense of control mediated the relationship between income and such emotions. .

The analysis, which is the most comprehensive to date, also included categories of emotions that people feel toward others, such as love, gratitude, compassion, and anger. Although higher income was associated with self-esteem emotions, there was no conclusive evidence that it was associated with these other-related emotions.

The team then went further to investigate whether income associated with future emotional well-being. Analyzing data from a longitudinal survey of more than 4,000 participants in the US, they found that 10 years later, income predicted stronger positive self-esteem emotions and lower negative emotions. So, current income can predict the types of emotions a person might feel in the long run.

“This study really shows how how much you earn and what emotions you tend to feel are related, but only for certain kinds emotions The more you earn, the more likely you are to feel emotions like pride and confidence, and the less likely you are to experience emotions like anxiety and sadness. However, we found no replicable evidence that income is associated with social emotions such as gratitude and compassion. That is, if you earn more, you do not become more – less caring,” says Tong.