Optimistic people could save more money as compared to others, revealed a new study.
According to HealthDay, a new study published in the Journal of Personality and Social Psychology suggested that people who are optimistic about the future could save more money.
The lead author, Joe Gladstone of the University of Colorado Boulder, said in a news release, “We often think of optimism as rose-coloured glasses that might lead people to save less for the future. But our research suggests optimism may actually be an important psychological resource that helps people save, especially when facing economic hardship."
He explained, “For someone living pay cheque to pay cheque, saving can feel futile. But an optimistic outlook may provide the motivation to set aside money despite present challenges."
The researchers analysed data from more than 140,000 people across the US, UK, and 14 other European countries and found that they could save more money even with lower incomes if they have higher optimism. Even a little improvement in optimism scores could lead to $1,352 in savings.
In a news release from the American Psychological Association, researchers concluded that “a mindset of hope for the future” incorporated with the skills to manage money “wisely” could help people in building financial stability.
