To Save More, Think Like an Optimist.
New research shows that the power of positive thinking can also have a positive effect on your bank balance.
The motley fool reports:
A whopping 90% of optimists say they have saved up for a big purchase, compared to 70% of pessimists. 61% of the optimists have created a MSS, and the pessimists have done the same. Optimists are also more likely to find ways to save even when money is tight: 75% said they were creative when it comes to saving money, compared to 60% of pessimists who did.
This data comes from a recent study by Frost Bank and positive psychology researcher Michelle Gilan , according to which optimists are seven times more likely than pessimists to have “better financial health.”
Why does it have to be like this? Well, optimists may be more likely to believe that they can make positive choices about their future – and that includes choosing to procrastinate.
Or, as Frost Bank put it:
Optimists are not perfect. They are still financially stressed (81 days a year on average), and most of them only have a rough financial plan (54 percent) rather than a detailed one (35 percent). It is important for them to simply make progress towards their financial goals – 58% are optimistic about their personal finances because they are making progress towards their financial goals.
If you are of the more pessimistic type, you can train your brain to think more positively – or at least trick it by instilling temporary optimism in it. It all comes down to how you choose to perceive the world (or how you tell yourself that you are going to perceive the world). Are you looking for dark clouds or silver overlays? Do you think others are the worst or do you assume the best?
Optimists, according to Frost Bank, are more likely to view negative events or financial setbacks as learning opportunities and then use the knowledge gained as a way to once again return to their financial goals.
And you? Do you consider yourself an optimist or a pessimist? Have your outlook on life influenced your financial habits, and have you ever changed your outlook on life by changing your financial habits, or vice versa?