Organization Releases Findings on the Relationship of Money and Happiness

HYANNIS – Research by Happy Money, a fintech company, has shown that financial hardships are some of the biggest stress causers and for many these problems have become worse over the COVID-19 Pandemic.

As May is Mental Health Awareness Month, Happy Money has suggested several strategies for dealing with financial woes, including paying off credit card debt.

Those with little-to-no credit card debt feel 40% less financial stress than those that have more credit card debt.

According to their study, 75% of people are now experiencing more stress that they did before the COVID-19 Pandemic.

Debt levels have increased over the course of the pandemic for 35% of those sampled during the research.

Aside from the negative impacts finances can have on happiness, it can also improve mental health.

“You’re actually more likely to derive happiness from spending money on somebody else than spending that same amount of money on yourself, so giving really is essential,” remarked Chief Science Officer of Happy Money Dr. Elizabeth Dunn.

Spending money on yourself or others can be a mood boost, if doing so will not increase debt.

About Maura MacDonald

Maura recently graduated college with a degree in political science and a passion for all things media. She also enjoys writing when not in the NewsCenter, working on projects such as her novel and music, and spending time with her dog.
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