Money isn’t everything, but it sure is nice to have.
However, wealth does not always translate to psychological or physical well-being... or does it?
Cold, hard cash may play an unusual role in pain management as it is said holding or merely thinking about money can help alleviate physical and mental pain.
Is this true?
VERDICT:
TRUE
The notion that money could have a pain-diminishing effect draws partly on psychological research that links money with a sense of security and self-efficacy.
Psychologist Kathleen D. Vohs studied this effect in a paper titled "The Mere Thought of Money
Makes You Feel Less Pain" and found that “the effect of handling money was quite pronounced” across two painful scenarios.
In one, subjects were asked to dip their hands in extremely hot water – causing physical pain. In the other, subjects were asked to play a computer game wherein they would be intentionally excluded by other players – this induces mental distress.
Professor Vohs’ study found that subjects who physically handled money before undergoing the painful scenarios reported significantly less physical pain, distress or feelings of social exclusion, as opposed to subjects who handled regular paper.
The study went on to explain that the “money effect” was so strong that even mental reminders of money produced similar results.
However, this effect also worked in reverse: participants who were asked to envision spending money, such as by listing down their recent expenses, consistently reported feeling more pain in the subsequent test scenarios.
Professor Vohs added that her team was not able to replicate the effect with other "valuable" items, such as credit cards and jewellery. This suggests that it is unique to cash, showing how deep-rooted and important the concept of money is in modern society.
“Having money makes us feel strong. Lacking it makes us feel weak. [...] Money has its issues, but it can be an amazingly powerful source of strength. If it’s better understood, we can change ourselves and our whole culture,” said Professor Vohs.
Next time, instead of painkillers, try asking your doctor for a few RM100 bills.
Sources:
2. https://hbr.org/2010/03/
