Despite High Financial Satisfaction, Americans are Experiencing More Loneliness Than Ever

With communities and businesses racing to reopen, the COVID-19 pandemic continues to pose significant problems. Not only are we experiencing the financial impacts of mass unemployment, but mass loneliness has begun to take its toll on Americans’ wellbeing as social distancing and working from home drain their social reserves. In an interview with McKinsey, former US surgeon general Vivek Murthy, MD, COVID-19 is disconnecting us further from our human relationships potentially causing a “social recession, with profound consequences for our health, for our productivity in the workplace, for how our kids do in school.”

In a recent study tracking how American adults are responding to COVID-19, NORC at the University of Chicago found that the public’s happiness is at a five-decade low; despite financial satisfaction reaching an all-time high of 80%. According to the data, 23% of Americans said they are not too happy–a 10% jump since 2018 and the highest percentage on record since 1972. NORC also found that 50% of Americans said they felt isolated at least some of the time in the past four weeks, while less than a quarter of the public said the same in 2018.
The contrast between significantly less happy, yet financially satisfied Americans suggests that the wealth of the human experience lies outside the limits of monetary gain. The study reflects that Americans’ sense of wellbeing relies heavily on the quantity and quality of our social interactions. As such, it is paramount that we set our connections and contributions to our community as a top priority when developing the systems of a post-COVID society. This is our chance to ask ourselves where money fits in our priority list and whether there’s a gap between our stated priorities and our lived priorities.
Human Wealth™ helps individuals map out the composition of their wellbeing; guiding them in the creation of financial systems that are in line with what makes them feel well. The proprietary process harnesses the power of wellbeing science and financial advisory to create Human Wealth Plans™ that our sustainable and meaningful. If you are looking to experience a healthier relationship with your money, contact your advisor about starting your Human Wealth™ journey.

News | June 25, 2020 | WMBC

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