Psychological Effect of Gas Prices
How Rising Oil & Gasoline Costs Cause Problems at Work
Jun 12, 2008
The rising cost of oil and gas doesn’t just affect your wallet. The psychological effects of gas prices include unexplained stress at work, such as increased frustration and tense relationships.
How Rising Gas Prices Affect Daily Life
Increased gas prices can force you to reconsider vacation plans, spend less on hobbies or recreational interests, and cause tension at home. Research also shows that, if you’ve had to change your spending habits due to the rising cost of gas, you’re more likely to view work negatively and be antagonistic toward your coworkers.
What the Research Says about the Effects of Gas Prices
Wayne Hochwarter, a professor of management in Florida State University’s College of Business, studied 1,000 full-time blue and white-collar employees. These participants recorded how the rising cost of gas has affected their spending habits, and how those changes have affected their work performance, such as stress level and willingness to participate.
Hochwarter found that 60% of employees have less money to spend on other things, and 45% have to pay off debts slowly or not at all. A further 26% have to forego the “basics” (they cut back on food purchases and don’t use heat or air conditioning).
Those most affected by gas prices report higher stress at home and work, negative views of work, and sluggishness. They also report antagonistic behavior and feelings of being overwhelmed and sad. These are the psychological effects of rising gas prices – and even just knowing about them helps.
When Companies Aren’t Affected by Increased Gas Prices
Are the companies also affected by gas prices, and if so, how does that affect the employees? “Only a handful of employees noted that their company changed plans or had to go without because of the price of gas – even companies that rely heavily on fuel for their operations,” says Hochwarter.
This researcher found that employees who feel alone in their sacrifices due to rising gas prices are less committed to the company, have lower job performance levels, and are less willing to stay late or work extra if needed. Employees affected by the increased gas prices are also less likely to put forth the “maximum effort” at work.
The psychological effects of gas prices aren’t just about job performance and attitude – they affect life goals and plans, too. “The price of gas has contributed to the perceptions of many that they are simply never going to get ahead,” says Hochwarter.
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Source: Florida State University press release (May 6, 2008).
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