Mindfulness and Monetary Attitudes
Research shows money is associated with achievement (success), status (respect), freedom, and power. On the dark side, people who value money as a sign of achievement are often dissatisfied with pay and life. Those who use their money to show off, get power, or compare themselves to others experience low subjective well-being. The mere presence of money triggers envy toward the rich and activates feelings of self-sufficiency. It is not money but motivation that leads to low happiness. In multiple-panel studies, self-interested monetary attitudes lead to high dishonesty and predict unethical intentions. Those who do not manage their money carefully have harmful desires that plunge them into destruction.
Mindfulness cultivates compassion, openness, generosity, and kindness, contributes to intrinsic and other-oriented values, and curbs materialistic and hedonistic values. Mindfulness also relates to basic psychological needs, including autonomy, relatedness, and competence, and negatively correlates with impulsiveness. Because of these characteristics, mindfulness promotes healthy, rational behavior and reduces suffering derived from cravings. Individuals with high mindfulness are less materialistic than those with low mindfulness. Research shows mindful individuals are less likely to immerse in “money and attractive cues.”
Benefits of Mindfulness Training
Mindfulness interventions are not just about reducing materialistic goals; they also encourage self-transcendent values. Mindfulness training can be a powerful tool in developing ethical decision-making skills and increasing awareness of potential ethical issues linked to consumption. Mindfulness-trained consumers are more likely to make purchases morally and ethically. Mindful individuals naturally gravitate towards products or companies that embody ethical values. The impact of mindfulness training extends beyond personal choices, and it can help organizations gain a competitive edge, foster employees’ ethical mindsets, and enhance the positive image of companies’ green equity and corporate social responsibility (CSR), ultimately leading to sustainable innovations and growth.
Research shows that people, especially millennials, are more concerned with meaningful work than earning money. This value shift creates generational gaps between older and younger generations. Although pay is still a consideration for most people, it must be more relevant. People are driven more by intrinsic rewards and types of work. Consequently, investing in mindfulness training could be connected to young generations’ emerging search for meaning. Companies should aim to balance the intrinsic drivers of motivation with mindfulness training programs in their human resource policies.
In Summary
Mindfulness promotes ethical beliefs directly and indirectly by reducing self-centered monetary attitudes. It prevents people from falling into temptation and becoming unethical. In the short term, after mindfulness training (within one year), mindfulness directly and indirectly enhances consumer ethical beliefs. However, the power of lower self-oriented monetary attitudes to enhance consumer ethical beliefs diminishes in the long term.
While some studies suggest that the benefits of mindfulness training may diminish after a year, it's important to remember that mindfulness is not a one-time fix. Continuous practice is critical to reap the long-term benefits. This commitment to mindfulness can lead to a healthier, more ethical relationship with money and a more fulfilling life.
