Thursday, September 17, 2009

Are bankers friendless and unemotional?

Counting money 'makes people feel better about themselves'

"Just handling and thinking about money can actually lessen pain and even ease the social stigma of having no friends, researchers believe. The psychological benefits [of handling money] increase feelings of internal strength, fearlessness and confidence. ... These findings have great importance for a social system such as ours that is characterised by wide disparities in financial wellbeing."

Posted by drewster @ 04:59 PM (760 views)
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3 thoughts on “Are bankers friendless and unemotional?

  • I always wondered what those people with a few coppers in a McDonald’s Styrofoam cup were doing.

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  • Drewster,

    I wonder if this might explain why so many gold bugs like to take physical possession (at least that’s the impression I get in the forums.) Can having the real thing in your hands cheer you up a bit because it’s just another form of cash? A sort of comfort blanket for worried/paranoid people?

    Seriously, I’m going to nick this and put it on the gold bug forum thread to see if anybody else thinks similarly. Due credit will be given when I introduce you to the gold bugs.

    (It’s OK, there’s no need to thank me 🙂 )

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  • quiet guy,

    You could be right – I’m sure holding the physical gold is quite reassuring. I think it explains bankers better though, and possibly wealthy politicians (Cameron?) too. It might also explain the general public’s attitudes during the recent long boom: as house prices go up, people feel richer, but they (perhaps) also pay less attention to friends and care less about whether they are liked. Could this be true?

    The research doesn’t take into account whether its relative wealth or actual wealth – some people enjoy handling a fresh crisp £20 note, whereas people who are already wealthy might need a £50 to get the same uplift.

    There’s a slightly more sarcastic and detailed interpretation of the same report here:

    The Register: Rich people cannot feel pain, don’t care if they’re liked
    “So there you have it: being (or feeling) rich means you care nothing for the opinions of others, and also makes you invulnerable to torture. Being/feeling poor turns you into a grizzling crybaby. According to the study authors, that is.”

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