Purpose and Financial Success: A Surprising Link

Have you ever asked yourself, “What’s your why?” This question has permeated our conversations, from inspiring reads on leadership to engaging podcast episodes and online workshops.

A Sense of Purpose: Its Impact on Your Life

The concept of having a purpose in life is more than just appealing—it’s fundamental. In our current society, it provides a guiding light, infusing our lives with meaning. Researchers are now shedding light on the positive influence of living with purpose.

The Research Journey with Anthony Burrow

Almost literally diving into this realm is Anthony Burrow, a developmental psychologist and director of the Purpose and Identity Processes Laboratory at Cornell University. His extensive research reveals the various benefits of achieving a sense of purpose.

In a study published in 2018 in the Annals of Behavioral Medicine, Burrow and his team closely observed nearly 2,000 middle-aged adults over eight days. The objective? To explore how having a sense of purpose aids in navigating daily stressors.

Navigating Stress through Purpose

Regardless of how they rated their sense of purpose, participants encountered a similar number of stressful events. Yet, those with a strong sense of purpose showcased remarkable resilience against negative emotions triggered by daily stress. They reported lower levels of nervousness, hopelessness, loneliness, and irritability. Furthermore, they experienced heightened positive emotions such as calmness, cheerfulness, activeness, and confidence. Notably, they also reported fewer physical symptoms like fatigue, headaches, or coughs.

Burrow’s research underscores a crucial point: Individuals with a sense of purpose are better equipped to manage daily stress and regulate their emotional responses.

In a separate study published in the Journal of Research and Personality, Burrow and his team explored if having a sense of purpose translates into financial success. The findings were intriguing. Analyzing survey data from over 4,600 middle-aged adults, they discovered a significant connection. Participants with a sense of purpose earned an average of $2,578 more annually and had a net worth $14,680 higher than those without a sense of purpose. Remarkably, individuals driven by purpose were more likely to improve their financial standing over the study period.

A Sense of Purpose and Material Well-being

“Investigating the significance of having a sense of purpose in the realm of material wealth is indeed thought-provoking,” commented Burrow. “The mounting evidence suggests that a sense of purpose in life is a valuable asset worth nurturing.”

In a smaller-scale experiment, Burrow found that having a sense of purpose diminished the impact of social media “likes” on participants’ self-esteem. Those with a sense of purpose displayed less reactivity to the number of likes received on Facebook compared to those without a sense of purpose. The key takeaway: A sense of purpose not only dampens emotional reactions to adversities but also reduces the influence of external validation on our self-worth.

The Broader Canvas: Unveiling the Greater Good

Understanding your personal “why”—the driving force behind your actions—is pivotal for overall well-being.

Burrow emphasized, “Consistently across our work, we find that a sense of purpose in life holds immense value. It enhances our well-being, reduces our reactivity to daily stressors, and even predicts better financial earnings and longevity. Purpose truly emerges as a valuable resource for individuals.”

Purpose Beyond the Self

Beyond personal benefits, having a sense of purpose has a ripple effect, positively impacting the community and society at large.

Burrow highlighted, “A greater benefit emerges when we consider how an individual’s purpose impacts the world around them. Acknowledging that a sense of purpose enhances an individual’s well-being is one thing. Recognizing that this benefit extends to the actions that purpose inspires, possibly benefiting others, is another. However it manifests, it suggests that the benefits of purpose reach far beyond what any single study can unveil.”

Understanding and nurturing your sense of purpose can bring about a positive transformation in your life. So, dive into YOUR “why” and embrace the transformative power it holds.

---

Resource:
Hill, P. L., Turiano, N. A., Mroczek, D. K., & Burrow, A. L. (2016). The value of a purposeful life: Sense of purpose predicts greater income and net worth. Journal of Research in Personality, 65, 38–42. https://doi.org/10.1016/j.jrp.2016.07.003

Burrow, A. L., & Rainone, N. (2017). How many likes did I get?: Purpose moderates links between positive social media feedback and self-esteem. Journal of Experimental Social Psychology, 69, 232–236. https://doi.org/10.1016/j.jesp.2016.09.005

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6052784/

1. Sin NL, Graham-Engeland JE, Ong AD, Almeida DM. Affective reactivity to daily stressors is associated with elevated inflammation. Health Psychol. 2015;34(12):1154–1165.
2. Sin NL, Sloan RP, McKinley PS, Almeida DM. Linking daily stress processes and laboratory-based heart rate variability in a national sample of midlife and older adults. Psychosom Med. 2016;78(5):573–582.
3. Piazza JR, Charles ST, Sliwinski MJ, Mogle J, Almeida DM. Affective reactivity to daily stressors and long-term risk of reporting a chronic physical health condition. Ann Behav Med. 2013;45(1):110–120.
4. Mroczek DK, Stawski RS, Turiano NA et al.. Emotional reactivity and mortality: Longitudinal findings from the VA normative aging study. J Gerontol B Psychol Sci Soc Sci. 2015;70(3):398–406.

5. McKnight PE, Kashdan TB. Purpose in life as a system that creates and sustains health and well-being. Rev Gen Psychol. 2009;13:242–251.
6. Ryff CD. Beyond Ponce de Leon and life satisfaction: New directions in quest of successful ageing. Int J Behav Dev. 1989;12:35–55.
7. Harber KD, Einev-Cohen M, Lang F. They heard a cry: Psychosocial resources moderate perception of others’ distress. Eur J Soc Psychol. 2007;38:296–314.
8. Burrow AL, Hill PL, Sumner R. Leveling Mountains: Purpose Attenuates Links Between Perceptions of Effort and Steepness. Pers Soc Psychol Bull. 2016;42(1):94–103.
9. Scheier MF, Wrosch C, Baum A et al.. The Life Engagement Test: Assessing purpose in life. J Behav Med. 2006;29(3):291–298.
10. Fogelman N, Canli T. ‘Purpose in Life’ as a psychosocial resource in healthy aging: An examination of cortisol baseline levels and response to the Trier Social Stress Test. NPJ Aging Mech Dis. 2015;1:15006.
11. Lindfors P, Lundberg U. Is low cortisol release an indicator of positive health?Stress Health. 2002;18:153–160.
12. Burrow AL, Hill PL. Derailed by diversity? Purpose buffers the relationship between ethnic composition on trains and passenger negative mood. Pers Soc Psychol Bull. 2013;39(12):1610–1619.
13. Burrow AL, Hill PL. Purpose as a form of identity capital for positive youth adjustment. Dev Psychol. 2011;47(4):1196–1206.
14. Kiang L. Deriving daily purpose through daily events and role fulfillment among Asian American youth. J Res Adolesc. 2012;22:185–198.
15. Ryff CD. Happiness is everything, or is it? Explorations on the meaning of psychological well-being. J Pers Soc Psychol. 1989;57:1069–1081.
16. Ryff CD, Keyes CL. The structure of psychological well-being revisited. J Pers Soc Psychol. 1995;69(4):719–727.
17. Almeida DM, Wethington E, Kessler RC. The daily inventory of stressful events: An interview-based approach for measuring daily stressors. Assessment. 2002;9(1):41–55.
18. Kessler RC, Andrews G, Colpe LJ et al.. Short screening scales to monitor population prevalences and trends in non-specific psychological distress. Psychol Med. 2002;32(6):959–976.
19. Mroczek DK, Kolarz CM. The effect of age on positive and negative affect: A developmental perspective on happiness. J Pers Soc Psychol. 1998;75(5):1333–1349.
20. Leger KA, Charles ST, Ayanian JZ, Almeida DM. The association of daily physical symptoms with future health. Soc Sci Med. 2015;143:241–248.
21. Hill PL, Turiano NA, Burrow AL. Early life adversity as a predictor of sense of purpose during adulthood. Int J Behav Dev. 2018;42:143–147.
22. Almeida DM. Resilience and vulnerability to daily stressors assessed via diary methods. Curr Dir Psychol Sci. 2005;14:64–68.
23. Raudenbush SW, Bryk AS.. Hierarchical linear models: Applications and data analysis methods. Vol. 1 Thousand Oaks, CA: Sage;2002.
24. Curran PJ, Bauer DJ. The disaggregation of within-person and between-person effects in longitudinal models of change. Annu Rev Psychol. 2011;62:583–619.
25. Bronk KC, Hill PL, Lapsley DK, Talib TL, Finch H. Purpose, hope, and life satisfaction in three age groups. J Posit Psychol. 2009;4:500–510.
26. Schmutte PS, Ryff CD. Personality and well-being: Reexamining methods and meanings. J Pers Soc Psychol. 1997;73(3): 549–559.