Joseph Chancellor and Sonja Lyubomirsky have reviewed decades of social and consumer psychology research on the relationship between money and happiness. The two psychologists conclude that living a thrifty lifestyle – a life concerned with “strategic underconsumption” and an efficient use of resources – can: (a) bring about hedonic benefits to its practitioners; (b) help tackle the materialistic society’s chronic habit of overspending; and (c) overcome hedonic adaptation, whereby an individual’s happiness that arises from positive change erodes due to diminishing positive emotions and rising aspirations. By aiding the development of sustainable happiness, thrift can extend “the meaning of sustainability, ensuring that the collective can flourish as well as the individual”.
Find the review here with ten suggestions on how people can practice thrift in their daily lives – consuming less and becoming happier in the process:
Money for Happiness: The Hedonic Benefits of Thrift
Here Chancellor and Lyubomirsky explain how today’s materialism is harmful to the individual, economy, and environment. Thrift, on the other hand, helps eliminate distressing debts, increases positive experience through appreciation and savouring, and encourages individuals to focus on intrinsic rather than extrinsic goals, making a greater positive impact on out psychological well-being:
Happiness and thrift: When (spending) less is (hedonically) more
Discover more about Sonja Lyubomirsky’s research on her website:
Sonja Lyubomirsky website
(If you have any problems following links in our research, then please copy and paste the text from our footnote* into your browser top bar)