A recent study shows that money can make life easier, but it’s not everything. That’s where credit unions come in.
People equate money with happiness. It’s an unfortunate reality but something that Americans have accepted. To understand if the axiom holds up when tested, an economist and a psychologist studied survey data from 2008 and 2009. In an article for Time, Belinda Luscombe examines the study’s findings.
The study’s authors first wanted to understand emotions and how they relate to money. So, participants were asked about their feelings on a typical day, and the lion’s share (85%) reported being happy, nearly half (40%) being stressed and almost one quarter (24%) being sad.
As for money’s role, apparently $75,000 worth of annual income is the cutoff point. People who earned more than that number were found to be less susceptible to unhappiness because of monetary issues and more susceptible to the influence of other negative events or feelings. For those that earned less, the lack of money made their problems seem worse.
A credit union can learn from these findings. Sure, a credit union is a great place to store, invest and borrow money. But members get more from a credit union. Relationships with employees and fellow members are invaluable. Members are boosted by the credit union’s cooperative nature and empowered from knowing that their financial institution is invested in the community.
Not everyone is a millionaire or even close. But, for members that aren’t rolling in the dough, a credit union can help them through the lean times and get them back toward happiness.