Change your Mindset, Change your Future! - Scarcity vs Abundance Mindset

Scarcity vs Abundance Mindset

Do you ever feel like there’s not enough time, money, or opportunities? If so, you might be trapped in a scarcity mindset, which could quietly limit your potential without you even realising it.

What is a Mindset?

A mindset is the mental lens or perspective through which we interpret the world. It shapes how we perceive ourselves, others, and what is possible. This mental framework affects not just how we think, but how we feel, act, and make decisions.

The good news? Psychologists suggest that mindsets are not innate traits but learned mental frameworks that can be reshaped over time (Dweck & Yeager, 2019). Meaning that no matter where you start, you can choose to shift toward a healthier, more empowering mindset.

In 1989, Stephen R. Covey, a leadership expert and author of the best-selling The 7 Habits of Highly Effective People, introduced two ways of thinking — the scarcity and abundance mindsets. He explained how these contrasting ways of thinking can shape a person’s leadership, relationships, and overall effectiveness in life.

The Scarcity Mindset

A scarcity mindset sees life as a zero-sum game, meaning that if someone else wins, you lose. It is the belief that resources, opportunities, and success are limited. The world feels competitive, and only a few can truly thrive.

According to Covey (2020), people with a scarcity mindset may:

• Struggle to celebrate others’ success

• Hold back resources or recognition, even from loved ones

• Feel threatened by others’ achievements

• Avoid taking risks, thinking their efforts won’t matter

Having this mindset may cause detrimental effects in our lives. Zhao and Tomm (2018) found that scarcity narrows our focus and impairs cognitive functioning, making it harder to think clearly or make good decisions. In other words, when we are consumed by what we lack, we may potentially make poorer decisions, often ones that keep us stuck in the same mindset.

The Abundance Mindset

On the flip side, an abundance mindset is rooted in the belief that the world is full of possibilities. Success isn’t something that runs out, and new opportunities can always be created. When someone else grows, it doesn’t take away from you. Instead, it can help create even more possibilities for all of us.

According to Covey (2020), people with an abundance mindset may:

• Celebrate others without feeling threatened

• Share knowledge, resources, and support freely

• Believe that success and growth are available to all

• Stay open to learning and feedback

• See strength in diversity and appreciate uniqueness

Karim and Ghani (2025) show that those who cultivate an abundance mindset tend to experience greater happiness and contribute more meaningfully to others. Therefore, growing in abundance not only lifts you up but also naturally helps those around you rise!

How Can We Cultivate an Abundance Mindset?

Here are a few practices, inspired by Covey’s principles, to help shift your mindset to abundance:

1. Practice Gratitude. It’s easy to fall into the comparison traps in this competitive world. But by focusing on what you already have, such as your skills, relationships, and achievements, you begin rewiring your brain to appreciate your progress.

2. Practice Win-Win Thinking. Rather than competing or comparing, focus on appreciating others. Believe that in any situation, everyone can benefit, and one person’s gain doesn’t mean another’s loss.

3. Appreciate Failure. As the saying goes, “The only real mistake is the one from which we learn nothing.” Setbacks and failures often carry hidden lessons. Each one offers a chance to grow, adapt, and discover something new!

4. Stay Open and Curious. Remaining open to new ideas and perspectives can help stretch your thinking, and that’s where abundance often begins!

Sometimes, the biggest change isn’t in our circumstances, but in our mindset. Moving from scarcity to abundance invites more creativity, stronger connections, and deeper well-being. As you grow in abundance, you naturally help others do the same!

Writer: Nicole Leung

Published: 22/07/2026

References:

Covey, S. R. (2020). The 7 habits of highly effective people: 30th anniversary edition. Simon & Schuster.

Dweck, C. S., & Yeager, D. S. (2019). Mindsets: A view from two eras. Perspectives on Psychological Science, 14(3), 481–496.

Karim, A. K. A., & Ghani, H. A. K. (2025). The Mindset of (Abundance-Scarcity) among Educational Counselors. Journal of Ecohumanism, 4(1), 4204–4220.

Zhao, J., & Tomm, B. M. (2018). Psychological responses to scarcity. Oxford Research Encyclopedia of Psychology.