Secret to financial success is revealed in 50-year-long study
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A 50-year-long study has revealed the secret to financial success, and it has nothing to do with academic performance, professional connections or work ethic. Psychologists have tracked the lives of 1,000 kids from the New Zealand town of Dunedin since 1972, gathering information about their growth, development and success from birth to adulthood.
![[This may be partly because people with high EQ possess skills and traits that help them succeed in the workplace, granting them more job security, raises and promotions]](https://i.dailymail.co.uk/1s/2024/12/20/16/93358861-14213909-image-a-2_1734710937333.jpg)
The best predictor of future financial and professional success later in life was emotional intelligence and the ability to control one's actions. Scientists referred to this skill as 'emotional quotient' (EQ), and individuals with high EQ tended to focus on the positive, listen before making decisions, admit to their mistakes, show empathy and handle negative emotions appropriately.
But children with low EQ were more likely to have 'unfavorable outcomes in wealth' as adults, including low income, poor saving habits, credit problems and dependence on the social welfare system. By the time they reached their 30s, this group was less likely to have saved money and had acquired fewer financial building blocks for the future, such as home ownership, investment funds or retirement plans.
The Dunedin Multidisciplinary Health and Development Study, led by the University of Otago, is still ongoing. Over the years, it has created a data goldmine and led to the publication of more than 1,000 research papers, reports and books. A 50-year-long study has revealed the secret to financial success , and it has nothing to do with academic performance, professional connections or work ethic.
