Money can't buy happiness - Is it true or false?
Y
ou have probably heard of the saying that money can't buy happiness. Some people agree while others don't, but what does the research show?
Start a discussion with someone about money and it's likely to get heated fast. Money is a topic that most of us have strong opinions on or feel certain emotions about. If you've ever struggled with your financial situation in life, you know how stressful and bothering it can be.
Having to worry about not being able to pay our rent, or what if the car breaks down, knowing you don't have enough savings to afford it, can take a real toll on our emotional well-being. In modern countries, many of us are lucky to have enough money to live comfortably.
Money As A Hobby And A Living
Today, money is more than just a necessity for many people, with investing and trading becoming increasingly large trends. In India, the stock market as well as the cryptocurrency and foreign exchange markets are on the rise. If you're interested in forex trading, make sure to look at the best Indian forex trading platform to get a good start.
While some people trade and invest money as a hobby, others do it as a full-time job, keeping a close eye on the markets. It takes skill and experience to make a living from trading. Logic, patience, and an interest in analysing are useful traits for succeeding on the financial markets.
Can Money Buy Happiness?
Back in 2010, a famous study was carried out by economist Angus Deaton and psychologist Daniel Kahneman. They wanted to find out whether money affects people in their perceived quality of life, their day-to-day emotions, and in how people evaluate their lives.
When evaluating the results, it was clear that people did feel better about their lives when they had more money. They felt better emotionally, but only up to a certain salary, an income of around USD75.000 per year. Happiness didn't seem to increase with money above that sum.
New Study With Different Results
In conclusion, Deaton and Kahneman meant that high income brings life satisfaction but not necessarily happiness. Low income, the study concluded, is linked to both low life evaluation and worse emotional well-being. The duo was later awarded with the Nobel Prize in economics!
However, in a recent study from University of Pennsylvania's The Wharton School the results showed something different. According to the study, people feel better the higher their income is, without stopping at a certain salary. The study involved more than 30.000 employed people aged from 18 to 65, who used a smartphone app to rank how they felt at the moment and how satisfied they were with their lives.
With this in mind, it seems that there's no definite answer to the question of whether money makes us happier. It's likely that the feelings of satisfaction and happiness are linked to money in different degrees for different people.
Our social lives, careers, home, and income are all likely to contribute to our perceived happiness every day. This makes it tricky to use only money as a measurement for fulfilment in life.
✔️ Money can't buy happiness - Is it true or false?
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