The Financial Upside of Being an Optimist
Michelle Gielan: We surveyed more than 2,000 Americans, testing for optimism, financial health, and attitudes and behaviors around money, using scientifically validated measures such as the Life Orientation Test and the Consumer Financial Protection Bureau Well-Being Scale. After controlling for wealth, income, skills, and other demographics to level the playing field, the data clearly showed that optimists were significantly more likely to experience better financial health than pessimists, and engage in healthier habits with their money. For instance, we found that 90 percent of optimists have put money aside for a major purchase, compared to 70 percent of pessimists. Nearly two-thirds of optimists have started an emergency fund, while less than half of pessimists have. Additionally, optimists are more likely to seek out and follow advice from someone they trust. In my opinion, the most compelling finding was how optimists felt, reporting that they stressed about finances 145 fewer days each year as compared to pessimists.