Business

Can Money buy Happiness

More than 10 years ago, a study based on data from the famous Gallup poll of 1,000 people concluded that people with higher incomes reported being happier.

This means those whose annual income reaches the equivalent of $75,000, or about $90,000.

The survey indicated that higher emotional well-being was not directly related to more money.

The new study, conducted in 2021, did not differ much from its predecessor, although it is more extensive, as it included more than one million participants, in the United States.

The results of the study find that there is nothing that represents an inflection point in that more money does not mean more happiness, at least for those who do not earn an annual salary of half a million dollars.

In this study, participants’ well-being was measured in more detail, rather than being asked to remember how much they had felt in the past week, month or year, they were asked how they were feeling right now? Based on this real-time assessment, high-income earners were satisfied.

Similarly, a Swedish study of lottery winners found that even years later, people who won the lottery had greater life satisfaction and mental health and were more likely to face misfortunes such as divorce, illness, and loneliness than regular people who didn’t win the lottery.

It was also important to know what the researchers actually meant by the word “happiness.” Psychologists chose two main types of measures by which they measure participants’ happiness: evaluative well-being and experienced well-being.

Evaluative well-being refers to your answer to “How do you think your life is going?” This is your opinion of your life, while experienced luxury lies in your answer to “What feelings do you feel from day to day, and in what dimensions?” It is your actual experience of positive and negative emotions.

And this recent study may seem to a large extent accurate in the United States, which is known for its completely material culture, more than in other countries, in which the level of income plays a large role in the way of life, while the question arises again whether material wealth is really not related to happiness everywhere in the world. the scientist?

Researchers from the University of British Columbia in Vancouver, along with colleagues from Harvard Business School in Boston, conducted a scientific study based on the analysis of data obtained from 4,469 participants from Canada, Denmark, the Netherlands and the United States.

All respondents at this point had to provide information about any money they were spending on a regular basis to hire assistants and make time for themselves.

The researchers found that over 28 percent of participants invested money in time-saving expenses each month, and these respondents also reported feeling happier and more satisfied with their lives.

According to this study, Ashley Whelans, an assistant professor at Harvard Business School, and her colleagues found that money actually buys happiness when it is invested in time-saving expenses, such as hiring a cleaner or a nanny, and that investing our money in extra free time makes us happier. Whillans also suggests that we should think about our investments differently, buying ourselves more time when we can

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button