Spending money on others or social causes gives a person more happiness than the memory of money spent on themselves. In fact, this kind of happiness is apparently is addictive enough to want you to do it all over again. These are actually scientifically validated findings, too.
Researchers Lara Aknin and Elizabeth Dunn from University of British Columbia and Michael Norton from Harvard Business School conducted the said study. The team wanted to know whether there is a connection between social spending and happiness.
Their experiment consisted of 51 people answering questions about their last spending. The level of happiness of every participant before and after answering were recorded. Researchers found that recalling the spending done on someone else made people happier than remembering an act of personal spending.
After this, the researchers handed a small sum of money to the participants. They could choose to spend it on themselves or on a social cause. People who had expressed happiness about donating to a social cause in the first instance were more likely to give this windfall amount away for a social cause. There was a group of participants who said that keeping the money for later use would make them happier.
“That evening, we found that people who had spent the money on someone else were happier over the course of the day than did those who spent the money on themselves,” said a report by the researchers. Those who had spent their money on themselves had not changed their mood since the morning.
Want to test this phenomenon? Come over to Crowdera where you can choose a cause or person to help with. Donate once and see if you want to come back to the platform for a second round of giving. You could make it more interesting by involving other people you know.
Alternatively, if you know someone who could be happier with some financial help coming their way, create a crowdfunding campaign for them. At Crowdera, they will be able to raise funds for their needs for FREE! Happy Crowdfunding.