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Using Self-Determination Theory to Understand when and how Money Buys Happiness: a Cross-Sectional and Intervention Study

Author

Listed:
  • Lara Manganelli

    (UQAM)

  • Jacques Forest

    (ESG UQAM)

Abstract

The objectives of this article were twofold: (1) understand what motivates people to make money and how this impacts well-being and (2) explore whether it is possible to encourage the adoption of healthy reasons for making money. Using confirmatory factor analysis (n = 633), Study 1 found support for three broad categories of reasons for making money, namely Financial stability, Self-integrated and Non-integrated motives. Study 2 (n = 464) revealed that when individuals desire money for Financial stability and Self-integrated reasons, this encourages psychological need satisfaction and in turn leads to well-being. When money is pursued for Non-integrated reasons, this leads to the active thwarting of the psychological needs and in turn greater ill-being. Using structural equation modeling, Study 2 also suggests that materialism may be better conceptualized as a set of unhealthy reasons for desiring money. Finally, Study 3 (n = 41) provided preliminary evidence for the effectiveness of an intervention aiming to help individuals become aware of their own motives for making money and reduce unhealthy motives.

Suggested Citation

  • Lara Manganelli & Jacques Forest, 2022. "Using Self-Determination Theory to Understand when and how Money Buys Happiness: a Cross-Sectional and Intervention Study," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(1), pages 31-56, February.
    • Handle: RePEc:spr:ariqol:v:17:y:2022:i:1:d:10.1007_s11482-020-09875-6
    DOI: 10.1007/s11482-020-09875-6
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    References listed on IDEAS

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