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A Comparison between the Psychological Benefits of Giving Money vs. Giving Time

Author

Listed:
  • Hong Zhang

    (Nanjing University)

  • Jiawei Zhu

    (Nanjing University)

  • Li Wei

    (Nanjing University)

  • Wenting Zhang

    (Nanjing University)

Abstract

Four studies investigated the differential effects of giving time vs. giving money on well-being and related mechanisms. Studies 1 and 2 used a recall paradigm, Study3 was a laboratory experiment, and Study 4 combined daily surveys with a recall procedure. Across the studies, we failed to find any substantial difference in happiness or meaningfulness associated with the two types of prosocial behaviors, which was probably due to insufficient statistical power. Yet, we found that individuals tended to recall experiences of giving time (vs. money) that were associated with higher satisfaction of the needs for relatedness and competence. Moreover, for both types of prosocial behaviors, the fulfillment of the three basic needs in SDT, autonomy, competence, and relatedness, as well as beneficence (i.e., perceived prosocial impact), all acted as important predictors of happiness and meaningfulness. Implications for research on the psychological consequences of prosocial behaviors, and the roles of basic needs and beneficence in promoting well-being are discussed.

Suggested Citation

  • Hong Zhang & Jiawei Zhu & Li Wei & Wenting Zhang, 2021. "A Comparison between the Psychological Benefits of Giving Money vs. Giving Time," Journal of Happiness Studies, Springer, vol. 22(6), pages 2677-2701, August.
    • Handle: RePEc:spr:jhappi:v:22:y:2021:i:6:d:10.1007_s10902-020-00336-3
    DOI: 10.1007/s10902-020-00336-3
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    References listed on IDEAS

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    Cited by:

    1. Hong Zhang & Yongle Ding & Li Wei & Wenting Zhang, 2023. "Personal Relative Deprivation Reduces the Meaningfulness of Engaging in Prosocial Behavior (7,756 Words)," Journal of Happiness Studies, Springer, vol. 24(1), pages 35-56, January.

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