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Does money buy happiness? The answer seems to be yes, but only to a certain extent. In 2010, Kahneman and Deaton found that while high income improved life evaluations, emotional well-being only rose up to a personal income of $70,000. However, in 2021, Killingsworth found that happiness continued to increase beyond the $75,000 threshold. A recent study, an “adversarial collaboration” between Kahneman and Killingsworth, found that larger incomes are generally associated with higher degrees of happiness, but this correlation may depend on an individual’s initial level of happiness.
Aside from money, there are other ways to improve happiness. Exercise can reduce symptoms of depression and anxiety, while taking a vacation can improve one’s mood. Keeping a clean living space can lead to a better frame of mind, and investing in a hobby can provide something to look forward to. These hobbies need not be expensive, as crafting, gaming, or recreational sports can be more affordable.
Money is merely one of several factors that influence happiness. While it can buy life satisfaction and happiness, it may not work for everyone. For those who are already happy or emotionally well, more money can increase their happiness. However, for those who are financially well-off but unhappy, more money won’t help.
A published news article by David Nadelle of GOBankingRates on March 8, 2023, largely contributed to this report.
