Although the wealthy might not have the same financial concerns, they experience their share of stress, especially if they achieved their wealth through entrepreneurship or investment prowess.
In addition to those well-documented costs, it turns out that the poor not only experience more stress than the rich on a daily basis, but it is also more likely to be “bad” stress, which can have long-term effects on the ability to plan for and invest in the future.
Being wealthy can mean becoming accustomed to a certain way of life. This presents a new challenge — the pressure to maintain this lifestyle. A 2015 survey by UBS Investor Watch found that millionaires are just as stressed as everyone else, but they have different worries.
The majority of respondents cited inflation as the main cause of their stress. “Things are getting more expensive, and people usually have a sense of anxiety or fear surrounding inflation,” says Wendell Clarke, a behavioral wealth specialist at Wealth Enhancement Group.
Reading helps reduce stress and is associated with benefits including higher levels of empathy and emotional intelligence, according to studies published in PLOS ONE and the Journal of Research in Personality. When the billionaire isn't reading, he enjoys playing the ukulele. He's not afraid to share his hobby either.
Wealth Affects Mental Health When People Mask Problem Behaviors. Anxiety, isolation, worries about work and love, and fears over their children can all lead to problem behaviors for someone who's wealthy.
Alongside substance and alcohol abuse, there are disturbingly high rates of depression, anxiety, eating disorders, cheating, and stealing among wealthy teens. There are several possible reasons for this: High pressure for attainment/expectations to excel at school from parents, coaches, and peers.
For one, it often puts you in different social circles, and it might mean you spend less time with certain friends because they don't have the means to enjoy a similar lifestyle. That can lead to feelings of guilt or loneliness. Plus, Norlander said wealth often magnifies the character of the person.
Depression can affect anyone — no matter your income level or degree of financial success. If you're experiencing symptoms of mental health conditions like depression and anxiety that begin to affect your ability to function daily, it may be helpful to seek help from a mental health professional.
Fear of losing their wealth
As it turns out, when we dig a little deeper, the affluent don't just fear losing some (or a little bit) of their wealth…they fear losing most or ALL of their wealth!
Once you hit an annual household income of $75,000 (£62,000), earning more money didn't make you any happier. In 2021, the happiness researcher Matthew Killingsworth released a dissenting study, showing that happiness increased with income and there wasn't evidence of a plateau.
Regardless of other living conditions, a higher income was consistently linked to a reduced self-rated level of loneliness.
Key Takeaways. Sudden Wealth Syndrome (SDS) refers to a psychological condition or an identity crisis in individuals who have become suddenly wealthy. Sudden Wealth Syndrome is characterized by isolation from former friends, guilt over their change in circumstances, and extreme fear of losing their money.
The rich live longer and are healthier
While rich men lived to an average of 87.3 years, the poor lived to 72.7 years. Even a little more money leads to better health. In her dissertation on “Reichtum in Deutschland” (“Wealth in Germany”), researcher Dorothee Spannagel investigated what it is that people worry about.
Results showed that people in very poor countries were not as happy as those in rich countries. But that difference vanishes when a country reaches a moderate GNP. The research between salary and happiness suggests similar insights.
Keltner cites a study conducted by Independent Sector, a network of nonprofit groups that measured how much people give depending on how much they have: "The poor, say with family incomes below $30,000 and $25,000, are giving about 4.2 percent of their wealth away, whereas the wealthy are giving away 2.7 percent."
There's also the perception — and sometimes reality — of constant competition and failure doesn't seem to be an option. Grueling hours, constant criticism from others, including strangers, and a loss of the identity you once possessed can open the door to mental health conditions such as depression.
Money can be used to purchase certain things that make you feel more peaceful, such as a nice house and car. However, money will never be able to give you true inner peace – this comes from having strong core values, being mindful about your behavior in life, and continually working towards personal growth.
People from higher socioeconomic backgrounds tend to have more friends than people coming from a lower-income background. Kids who grow up in areas where there's a higher rate of friendships between people of low and high socioeconomic status "have much higher rates of upward mobility."
The rich are susceptible to pain, fear, worry, negativity, and may still fall prey to a poor mindset towards money. Having the luxury to spend in a carefree manner does not make life a straightforward joyride. Being rich also requires you to shoulder the responsibilities that come with the power of money.
A number of studies have demonstrated a cyclical link between financial worries and mental health problems such as depression, anxiety, and substance abuse. Financial problems adversely impact your mental health. The stress of debt or other financial issues leaves you feeling depressed or anxious.
This spring, affluent Americans felt relatively pessimistic about the economy, with several perceived threats to personal wealth, according to CNBC's May 2023 millionaire survey. Respondents said the top three threats to personal wealth were the stock market, inflation and U.S. government dysfunction.
The Boston studies have consistently found respondents to be a generally dissatisfied lot, whose vast fortunes have contributed to deep anxieties involving love, work, and family. They are often even dissatisfied with the size of their fortunes.
High-functioning anxiety can affect people of any age and gender, but some people have a greater risk of experiencing it. Women are more than twice as likely as men to be affected by generalized anxiety disorder in their lifetimes. This may be due to societal pressures, gender roles and relationship concerns.