Some obvious benefits to strong friendships and being part of your community include having a solid weekly women’s circle and a BFF with whom you can binge-watch Netflix. There are also some less obvious ways that your relationships affect you: Surrounding yourself with the right people can help you live longer, though being a loner recluse can have a seriously negative impact on your health. And beyond health, according to a new study, being social and involved in your community could have a direct influence on your wealth.
The research, conducted by MassMutual, examined 10,000 Americans, and sought to understand links between people’s finances and their relationships with their community (which had multiple definitions in the study, such as interpersonal relationships as well as those with their neighborhood).
According to the findings, people who engaged with their communities were more likely to practice smart financial habits like budgeting, saving, paying credit card debt and student loans, and contributing to a retirement account.
According to the findings, there is a connection between good financial habits and positive social interactions. People who engaged with their communities were more likely to practice smart financial habits like budgeting, saving, paying off credit card debt and student loans, and contributing to a retirement account. Paula Tremblay, assistant vice president of communications at MassMutual, told Forbes that this might because if “they really take their own personal time and sometimes resources to help their communities, they’re putting some of that attention toward their own financial foundation as well.” And good news: Americans are overwhelmingly financially generous, with 53 percent reportedly having helped someone financially at one point or another.
Although millennials aren’t quite known for their economic stock value, according to the study, the generation was most active and supportive in their communities at 60 percent, compared to 55 percent of Gen Xers and 50 percent of baby boomers. Hmmm…. Maybe millennials will be able to buy homes after all.
Here’s how much money science says you need in order to be happy. Plus, here are tips for learning how to save money.
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