A Comparison between the Psychological Benefits of Giving Money vs. Giving Time

Four studies investigated the differential effects of giving time vs. giving money on well-being and related mechanisms. Studies 1 and 2 used a recall paradigm, Study3 was a laboratory experiment, and Study 4 combined daily surveys with a recall procedure. Across the studies, we failed to find any substantial difference in happiness or meaningfulness associated with the two types of prosocial behaviors, which was probably due to insufficient statistical power. Yet, we found that individuals tended to recall experiences of giving time (vs. money) that were associated with higher satisfaction of the needs for relatedness and competence. Moreover, for both types of prosocial behaviors, the fulfillment of the three basic needs in SDT, autonomy, competence, and relatedness, as well as beneficence (i.e., perceived prosocial impact), all acted as important predictors of happiness and meaningfulness. Implications for research on the psychological consequences of prosocial behaviors, and the roles of basic needs and beneficence in promoting well-being are discussed.