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An individual 's finance can greatly affect their behaviour. Throughout this blog post, we will explore the psychological and behavioural effects of wealth, work and consumption on individuals.
Firstly, an individual's financial status is a major factor in determining their lifestyle. Wealthier people tend to be wealthier because they have been able to find the means to earn wealth such as getting a higher salary and are able to save it or invest it in property etc. They are also more likely to have better access to loans that are not required for collateral which allows them get richer quicker than those with less money who may wait years before they can pay back large loans without any additional income .
Secondly, there are links between how hard someone works and their level of financial success. People with a high level of wealth work longer shifts, perform better and are more motivated than someone who is not as wealthy.
In contrast, those that have a lower income are less motivated to work overtime or at all as they already have what they need. This can be attributed to the fact that when people are poorer they tend to become satisfied with what they have and so do not aspire to get more whereas wealthier people strive for more wealth as it's seen as a marker of success .
Thirdly, once an individual has amassed enough wealth or has reached their goal of becoming richer then their motivation for working may decrease as there is nothing left for them to achieve in terms of work.
Firstly, an individual's financial status is a major factor in determining their lifestyle. Wealthier people tend to be wealthier because they have been able to find the means to earn wealth such as getting a higher salary and are able to save it or invest it in property etc. They are also more likely to have better access to loans that are not required for collateral which allows them get richer quicker than those with less money who may wait years before they can pay back large loans without any additional income .
Secondly, there are links between how hard someone works and their level of financial success. People with a high level of wealth work longer shifts, perform better and are more motivated than someone who is not as wealthy.
In contrast, those that have a lower income are less motivated to work overtime or at all as they already have what they need. This can be attributed to the fact that when people are poorer they tend to become satisfied with what they have and so do not aspire to get more whereas wealthier people strive for more wealth as it's seen as a marker of success .
Thirdly, once an individual has amassed enough wealth or has reached their goal of becoming richer then their motivation for working may decrease as there is nothing left for them to achieve in terms of work.
