We may think spending money on ourselves will make us happier than spending it on someone else. That belief can make it hard to carve money out of our budgets to donate to good causes.
This seems to be a worldwide phenomenon and one that applies whether we have a lot of money or only a little.
“Generosity and happiness are pretty clearly linked in the research,” says Kristy Archuleta, a professor of financial planning at the University of Georgia. “When we are generous of our time, our talents, giving to others in whatever kind of capacity we can, we tend to be happier.”
However, some generous acts create more positive feelings than others. Here is what to consider if you want to maximise your happiness while helping others.
Make it social
Canadian social psychologist Lara Aknin says she has been interested in the emotional benefits of financial generosity since she was about eight and daydreaming ways she could help other people.
“I remember thinking if I save $10, I could give it to my parents and they could go out for dinner,” she says. “I clearly had no concept of money [because] I thought $10 would give them an evening out on the town.”
As a graduate student, Ms Aknin investigated ways money could improve well-being and found that “prosocial spending”, which is spending on others, was a source of happiness.
In subsequent research, Ms Aknin, now an associate professor at Simon Fraser University in Burnaby in British Columbia, determined that giving was most rewarding when it offered a social connection.
The more information we have about the positive impact of our gifts, the greater the emotional rewards
Lara Aknin,
social psychologist
Instead of sending someone a gift card to a restaurant, for example, we will feel happier if we take them out to dinner, Ms Aknin says.
Volunteering can connect us with others, as can organising or attending a fundraiser. Giving a group gift or donation is another way to up the social factor, Ms Aknin says.
Investigate your impact
We also want to know that our giving matters. Being able to see or envision the change our contributions will make tends to increase our happiness, Ms Aknin says.
In a 2013 study led by Ms Aknin, participants were given a choice to donate to one of two charities dedicated to improving children’s health in impoverished areas – Unicef and Spread the Net.
Spread the Net offered a concrete example of a donation’s impact by specifying that every $10 given would buy a lifesaving mosquito net. Unicef did not provide such details. Participants who donated to Spread the Net felt happier after their contribution but those who gave to Unicef did not, researchers found.
“The more information we have about the positive impact of our gifts, the greater the emotional rewards,” Ms Aknin says.
This does not mean you should not give money to Unicef. But you may find more satisfaction from your donation if you read stories about the organisation’s impact or peruse its annual report.
Emphasise choice
Want to take the joy out of giving? Make it an obligation, Ms Aknin says. For maximum happiness, people need to have a choice about whether to give, to whom and how much.
“If people feel caught or forced or obliged, these emotional rewards sometimes disappear or can be severely dampened,” she says.
You can increase your sense of autonomy by planning your charitable giving, says Ms Archuleta, a certified financial therapist and co-founder of the Financial Therapy Association.
Think about what you value, investigate non-profits that support those values and consider making recurring contributions part of your budget
Kristy Archuleta,
financial therapist
Think about what you value, investigate non-profits that support those values and consider making recurring contributions part of your budget, she says.
If you are trying to encourage your children to be charitable, consider letting them choose the cause and how much to donate. (You can offer guidelines, such as giving away a nickel, a dime or a quarter of every dollar they receive.)
Find ways to demonstrate their impact: $20 might buy a flock of chickens for a family through Heifer International, for example, or feed a shelter pet for a few weeks. Encourage them to make social connections by volunteering or fundraising with friends.
“Giving in the more rewarding ways is important, not only because you feel good in the moment, but because that warm glow will be one factor that encourages you to give again,” Ms Aknin says.
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3Etwo%20permanent%20magnet%20synchronous%20motors%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3Etwo-speed%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E625hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E456km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh737%2C480%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
Brown/Black belt finals
3pm: 49kg female: Mayssa Bastos (BRA) v Thamires Aquino (BRA)
3.07pm: 56kg male: Hiago George (BRA) v Carlos Alberto da Silva (BRA)
3.14pm: 55kg female: Amal Amjahid (BEL) v Bianca Basilio (BRA)
3.21pm: 62kg male: Gabriel de Sousa (BRA) v Joao Miyao (BRA)
3.28pm: 62kg female: Beatriz Mesquita (BRA) v Ffion Davies (GBR)
3.35pm: 69kg male: Isaac Doederlein (BRA) v Paulo Miyao (BRA)
3.42pm: 70kg female: Thamara Silva (BRA) v Alessandra Moss (AUS)
3.49pm: 77kg male: Oliver Lovell (GBR) v Tommy Langarkar (NOR)
3.56pm: 85kg male: Faisal Al Ketbi (UAE) v Rudson Mateus Teles (BRA)
4.03pm: 90kg female: Claire-France Thevenon (FRA) v Gabreili Passanha (BRA)
4.10pm: 94kg male: Adam Wardzinski (POL) v Kaynan Duarte (BRA)
4.17pm: 110kg male: Yahia Mansoor Al Hammadi (UAE) v Joao Rocha (BRA
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
