In today’s fast-paced world, social connection is more important than ever. With the rise of technology and social media, it’s easy to feel disconnected from the people around us. But new research suggests that one simple change in how we spend our money could make a big difference in building social connections: buying experiences instead of possessions.

According to a recent study by psychologists Thomas Gilovich of Cornell University, Thomas C. Mann of Harvard University, and Amit Kumar, shared experiences tend to bring people closer together than material things. In a series of 13 experiments involving almost 2,000 participants, the researchers found that people feel more connected to others who have had similar experiences than to those who have similar possessions.

What makes experiences so powerful in fostering social connection? The researchers believe that experiential purchases are more central to an individual’s identity. When we engage in activities like travel, dining out, or outdoor adventures, we are not just buying things – we are creating memories and shaping our sense of self. This shared sense of identity can create a bond between people that goes beyond mere material possessions.

But the benefits of experiential spending don’t stop there. The study also found that people who reflect on experiences they have had – rather than material goods they own – report a broader sense of connection to humanity as a whole. This broader sense of connection can lead to increased social engagement and a greater desire to participate in social activities.

So what does this mean for us in practical terms? The researchers suggest that we should prioritize “doing” over “having” when it comes to spending our money. Instead of buying more stuff, invest in experiences that bring you closer to others and create lasting memories. This could mean going on a hike with friends, trying a new restaurant with loved ones, or attending a live performance together.

But the implications of this research go beyond individual choices. Communities and policymakers can also benefit from encouraging experiential pursuits. By investing in public parks, museums, and performance spaces, communities can create opportunities for shared experiences that bring people together. These investments can lead to improvements in societal well-being and foster a sense of community.

In conclusion, the research is clear: buying experiences instead of possessions can help build social connections and improve overall well-being. So the next time you’re thinking about how to spend your money, consider investing in experiences that will bring you closer to others and create lasting memories.