Who wouldn’t want a bigger paycheck? Everyone has bills, and greater financial security certainly makes them easier to pay. But the peace of mind that comes from having more money in your pocket can generate other unforeseen issues. New research shows that getting richer might come with a hidden personal cost.
Research published in Psychological Bulletin explored how paychecks and personalities shape each other. The results are a mixed bag. Making more money pays off in some ways and leaves a deficit in others. So what is it about money that “changes everything”?
The study behind the surprise
Researchers at The Chinese University of Hong Kong pooled data from 11 long-running studies covering more than 130,000 working adults around the world. Some participants were tracked for as long as 20 years.
The team asked a simple question: “Do money and time change who you are?”
The good news: More money, more ability to handle more problems
Let’s start with the bright side. According to the study, as people earn more, they develop thicker skin. Higher earners tend to become more emotionally resilient. The buffer of a bigger paycheck helps them handle life’s daily curveballs. Stress appears not to rattle them quite as easily.
At the same time, an increase in income appears to make people more reliable. Meeting deadlines and keeping commitments gets easier. A solid financial cushion reduces a lot of baseline anxiety. With their cash-flow needs met, people show up more consistently for tasks and responsibilities.
Success brings useful tools for personal growth. But every coin has two sides. An uptick in salary can also affect character in less desirable ways.
The hidden catch: Success is sweet, but it can sour you
If more income can lead to a personality that is (1) more resilient and (2) more reliable, what’s the bad news? The first negative impact is that more wealth tends to close people off socially. The more zeros people add to their bank accounts, the less extroverted they become. The hustle for success can make people focus inward and turn away from colleagues as well as established friends and family.
The second personality downside of more money is less empathy. Understanding and appreciating other people’s circumstances starts to take a back seat to fiscal ambition. Wealthy individuals often live, work, and travel in environments that insulate them from everyday struggles. When they no longer experience the reality they may have at a lower salary, they become less empathetic.
How to keep the undesirable traits in check
We used to think adult personalities were locked in stone. This study shows that more money can shake up that assumption. Increased income can bend a person’s personality in both positive and negative ways. It’s up to you to try to keep the less desirable traits in check as you climb the career ladder.
