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Money does not buy happiness but financial control does

Happiness, wellbeing and overall self-esteem are influenced by our sense of financial control and not by what we earn, suggests a new study. Aviva’s Feel-Good Insight Study, produced in conjunction with a psychologist at City University, London, indicates a strong link between financial behaviour and self esteem. Those with sensible financial plans in place are happier overall and have a stronger sense of financial wellbeing, regardless of their salary. Good health is seen as twice as important as earning more money.

Two out of three people in the UK have good or high self-esteem. 85% of those with high self-esteem also feel in control of their finances, and half are happy about their financial situation. 70% of those suffering from poor self esteem, do not feel in control of their finances and are unhappy about their financial situation.

Dr Malcolm Cross of City University says, “It is a widely held belief that financial stress has an impact on overall health and happiness. We now know that there is a direct correlation between money and self esteem, and unrelated to salary, employment status or age.”

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Money does not buy happiness but financial control does
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