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SUMMARY:Money buys happiness when spending fits our personality - Sandra M
 atz\, the Psychometrics Centre\, University of Cambridge 
DTSTART:20160202T163000Z
DTEND:20160202T173000Z
UID:TALK64190@talks.cam.ac.uk
CONTACT:Youyou Wu
DESCRIPTION:In contrast to decades of research reporting surprisingly weak
  relationships between consump-tion and happiness\, recent studies suggest
  that money can indeed increase happiness if it is spent the “right way
 ” (e.g. on experiences or on others). Drawing on the concept of psycholo
 gical fit\, we extend this research by arguing that individual differences
  play a central role in determining the “right” type of spending to in
 crease wellbeing. In a field study with over 76\,000 bank transaction reco
 rds we find that individuals spend more on products which match their pers
 onality and that those whose purchases match their personality report high
 er levels of life satisfaction. This effect of psychological fit on happin
 ess was stronger than the effect of individual’s total income or their t
 otal spending. A follow-up experiment showed a causal effect: Personality-
 matched spending increases positive affect. In summary\, when spending mat
 ches personality\, it appears that money can indeed buy happiness.
LOCATION:Room KH109\, Judge Business School\, Trumpington St.\, Cambridge
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