Thanksgiving and Money

For many of us, Thanksgiving may feel very different this year, with the unique COVID situation and the constant political tension. For this reason, I think that makes it easy to forget about the importance and the value of gratitude. Every year, but this year in particular, we have an opportunity to better ourselves, our community, and believe or not, our finances, through Thanksgiving. 

First of all, gratitude promotes better financial decisions. 

There was a really fascinating study on this back in 2014 that was published in the Journal of Psychological Science where they took participants and gave them the option between receiving $54 today or $80 thirty days from now; however, before making this decision participants were split up into 3 groups:

Group 1 was asked to write about a past event that made them feel grateful.

Group 2 was asked to write about an event that made them feel happy.

Group 3 was asked to write about a neutral life experience.

Interestingly enough, those that reflected on experiences of gratitude were much more likely to delay monetary gratification. And it wasn't merely feelings of positive emotions that induced financial patience, but the feelings of gratitude specifically. 

The authors of the study concluded that gratitude reduces excessive economic impatience. Meaning, those that are more grateful are less likely to give in to financial instant gratification. 

But beyond a benefit to yourself, gratitude also promotes generosity. 

In 2017, the American Psychological Association published a study that looked at the connection between gratitude and prosociality, or behaviors that benefit others. And it may be no surprise, but those that are more grateful tend to be more generous. When you are truly thankful for what you have, you are more inclined to give to others. So not only can thanksgiving benefit your financial decision making, but it can also encourage behaviors that help society as a whole, which is very much needed right now. 

So in the midst of the political debates that are bound to unfold over the dinner table at Thanksgiving, don't forget to actually give thanks, because it's beneficial for everyone. 

Have a great week and a Happy Thanksgiving!