Many people know from experience that being generous can have a positive impact on the giver's happiness level and emotional health. Previous studies have demonstrated a correlation between donating time and improved physical health. Now, research shows financial generosity is also positively correlated to improved physical health.
Ashley Whillans, a PhD student at the University of British Columbia in Vancouver, Canada, and her colleagues conducted an experiment to see if spending money on others could improve people's health by lowering their blood pressure, according to the World Economic Forum.
A prior study from 1999 supplied initial evidence that helping others could affect physical health. After five years of volunteering regularly, study participants — all ages 55 and older — who spent more time helping others were 44 percent more likely to be alive than the control group. A more recent study found evidence that older adults who volunteered at least four hours per week were less likely to develop high blood pressure.
To determine if donating money yielded similar physical effects, Ms. Whillans and her colleagues gave 128 adults between 65 and 85 years old $40 a week for three weeks. Half of the participants were told to spend the money on themselves, and the other half was told to spend it on others, and all of the money was to be spent in one day.
The researchers measured all participants' blood pressure before, during and after they spent the money. Among the participants who were previously diagnosed with high blood pressure, spending money on others significantly reduced their blood pressure throughout the duration of the study. Spending money garnered effects comparable to anti-hypertensive medication and exercise, according to the report. The participants who had high blood pressure and were instructed to spend money on themselves did not experience any change in blood pressure throughout the study.
The study also found that the people one chooses to spend money on impacts potential health benefits. People presented the most significant improvement to their blood pressure when they spent money on family and friends, rather than strangers.
However, the research did not conclude how much people should spend on others to reap long-lasting health benefits. According to Ms. Whillans, the best tactic might be to engage in novel acts of financial giving while prioritizing the people you are closest to.