The links among relative financial scarcity, thinking style, fatalism, and well-being

Abstract

In the present research, we examined the links among relative financial scarcity, thinking style, fatalism, and well-being and their roles in predicting protective behaviors against COVID-19. Study 1 (N = 120) revealed that after an experimental manipulation to induce the perception of relative financial scarcity (versus financial abundance), people who perceived higher relative financial scarcity changed their thinking style to a more concrete mindset. In Study 2 (N = 873), the relative financial abundance-scarcity situation was measured, and the results showed that the greater the perceived relative financial scarcity was, the more concrete the mindset and the lower the sense of well-being. Importantly, we found that individuals who felt poorer but maintained an abstract thinking style reported higher well-being. Study 3 (N = 501) examined the influence of a concrete thinking style in people who perceived that their economic situation had worsened with the pandemic. The results showed that when this vulnerable population presented a more concrete mindset, they reported lower well-being, higher fatalism, and lower protective behavior against COVID-19. Thus, maintaining an abstract mindset promotes higher well-being, lower fatalism, and greater protective behaviors against COVID-19, even under economic difficulties. Because thinking style can be modified, our results encourage the development of new social intervention programs to promote an abstract mindset when people face important challenges.

Keywords: abstract mindset; fatalism; protective behaviors; relative financial scarcity; thinking style; well-being.