This phrase or question may probably have come up several times in your life. Can money buy happiness? If asked such a question, we may have the same answers, but the reasons behind our answers can be different. We may have already heard a variety of explanations from our friends for their responses, but what does science say about the subject?
According to Insider, money can indeed buy happiness, however, under certain conditions. If you think about it, having a lot of money in any situation has very little probability of negatively affecting your situation. However, the whole idea that happiness can be bought with money may be a different story for many people.
What Is the Relationship Between Money and Happiness?
Things that make you happy are believed to be intrinsically valuable. This means they’re meaningful to you, but they’re not necessarily a standard measure of happiness for others. On the other hand, Money has extrinsic value, which is the opposite of intrinsic value. This means that others accept money because it has real-world worth.
Money is almost always linked to happiness, and it is almost always required to obtain the things you want, need, and make you happy.
Money’s Emotional Impact
In a study of 450,000 Americans, researchers discovered that those with higher salaries, up to an annual income of $75,000, reported higher emotional well-being.
A $75,000 annual salary, on the other hand, may not be the benchmark for everybody, depending on the circumstances, location, and cost of living of an individual. However, having enough money and the ability to cover basic needs like food, shelter, and healthcare, allows a person to be comfortable and emotionally stable.
Money Can Increase Happiness and Mental Health for People Affected by Poverty
A study examined what would happen if women in poor Zambian households received regular money transfers with no ties attached over time. The most striking conclusion was that so many women had a significantly higher degree of emotional well-being and contentment with their health, both for themselves and their children.
Women in Zambia have a healthier mind and were able to build happiness as a result of the security they feel having money in their bank account.
Is It Important How You Spend Your Money?
According to a study, how you spend your money can influence your happiness. This also goes against the popular idea that money can’t buy happiness. This study state that “If money doesn’t make you happy, then you probably aren’t spending it right”. The study suggests that spending money on experiences rather than actual items leads to the best sense of happiness.
An example is to purchase a concert ticket and experience it live rather than buying an expensive television to enjoy better quality concert television shows. Another example is buying a meaningful gift for someone you care about, or even spending money on materials to make a gift for your loved one, rather than indulging in impulse or simple purchases.
When Money Isn’t Enough to Purchase Happiness
When people are asked if money can buy happiness, those who say no frequently use the phrase “you will never be satisfied” to explain why their answer is no. They may have a point. One reason why more money does not always equal more happiness is that it is common for your expenses to rise as your income rises. It is difficult to feel content as a human being. An individual who expects a larger income has the opportunity to explore more expensive things that they need or that will make them happy.
However, the majority of your satisfaction will be determined by your effort and hard work in earning your money. If you have to work hard for your money, happiness may be sufficient if you spend it wisely. You’ll also be more careful with your money, especially if it’s hard-earned. That is why the easiest money, such as lottery or casino money, is easily spent, and rarely brings happiness because the money has almost no worth due to how it was obtained.
According to several studies and research, money can buy happiness. However, if you’re convinced that money can’t buy you happiness, we can always agree to disagree. Regardless, we can’t eliminate the fact that money can bring happiness and positive impacts for many people, particularly those who need the money for necessities. The thought of having money in their bank account could be enough to make them happy.
Depending on how much money you have and how you spend it, you may buy a certain level of life pleasure. In the end, money has the potential to be a link between a person’s happiness, whether through things or experiences.