It’s an age old question: can money buy happiness? It’s true to some extent: money does buy you happiness. People with higher incomes are, broadly speaking, happier than those who are struggling.
But new research digs a little deeper and suggests that happiness is determined not by how much money one earns, but rather, how one spends it. For example, giving money away makes people a lot happier than spending it all on themselves. But when they do spend money on themselves, they are more satisfied when they spend on experiences, like a vacation or music concert.
For more on this research, take a look at the video below and read the write up in the Wall Street Journal
For past blogs on money and happiness, take a look at the articles below:
Has the Money Tree become the Happiness Tree?