They say money can't buy happiness. They're wrong
People's emotional happiness increases along with their income. At least up to a point, researchers say
For people on lower incomes, said Angus Deaton, an economist at the Center for Health and Wellbeing at Princeton University, "Stuff is so in your face it's hard to be happy. It interferes with your enjoyment".
Deaton and Daniel Kahneman reviewed surveys of 450,000 Americans conducted in 2008 and 2009 for the Gallup-Healthways Well-Being Index that included questions on people's day-to-day happiness and their overall life satisfaction.
Happiness got better as income rose but the effect levelled out at $75,000 (R550,000), Deaton said. On the other hand, their overall sense of success or well-being continued to rise as their earnings grew beyond that point.
"Giving people more income beyond 75K is not going to do much for their daily mood ... but it is going to make them feel they have a better life," Deaton said in an interview.
Not surprisingly, someone who moves from a $100,000-a-year job to one paying $200,000 realizes an improved sense of success. That doesn't necessarily mean they are happier day to day, Deaton said.
The results were similar for other measures, Deaton said. For example, people were really happier on weekends, but their deeper sense of well-being didn't change.
Kahneman, a Nobel Prize winning psychologist, and Deaton undertook the study to learn more about economic growth and policy.
Some have questioned the value of growth to individuals, and Deaton said they were far from definitively resolving that question.
But he added, "Working on this paper has brought me a lot of emotional well-being. As an economist I tend to think money is good for you, and am pleased to find some evidence for that".
Overall, the researchers said, "as in other studies of well-being, we found that most people were quite happy and satisfied with their lives".
Comparing their life-satisfaction results with those of other countries, the researchers said the United States ranked ninth after the Scandinavian countries, Canada, the Netherlands, Switzerland and New Zealand.
The research was supported by the Gallup Organization and the National Institute on Aging.
1malesia
I bet the person who said money can't buy happiness is some rich idiot who sacrificed a week's worth of luxury, after which he concluded "well, that was not so bad", and then went right back to those luxuries he "can live without!" Better yet, he must have been born in America! I understand the hobbos there drink Jack?Report Abuse
tsayaya
What i know is that if it is cold inside the house, with no fires burning, no food, unpaid school fees, depression gets high and there are lots of reasons u won't get a nookie. But just let fires burn and all of the above is catered for, u r definitely sure to get a nookie.Report Abuse
Decolonised
Duh! It does not take a rocket scientist to figure this...we have known this forever. Next time tell us something that we don't know.Report Abuse
IceQueen
mna shame, i believe that money can buy happiness. it is rich people who don't know what to do with their money anymore who think money can't buy happiness. money does even if it is for a while but it does buy happiness.Report Abuse
We all differ.
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Tau
Money is not everything it is the only thing that make people think it is everything. Have lots of moola and see how many doors will open. No money, no peace, no love and no happiness.Report Abuse
Gzza
Money buys you love, happiness, leisure and women and if you dont believe that you are not shopping in the right areasReport Abuse
sima
I agree with you KUKU, it can not buy you happiness but i can take you to the nicest places.Report Abuse
Mhlamza
Only for the rich money does nto buy happiness for them. If money does not bring you happiness then YOU DON'T KNOW WHERE TO SHOP.Report Abuse
IceQueen
hayi GZZA how does it buy love? women will fall inlove with your money not you, and when you lose it, they lose you. let women fall inlove with you not your money brother or youre in for a heartbreak.Report Abuse