Does Money Really Buy Happiness?

How happiness tends to correlate with ones financial position

Money and happiness are two things that are often considered to be closely related, but can money truly buy happiness? This question has been debated for centuries and still remains a topic of discussion today. Money practically runs the world. Without money an individual is extremely limited in what they can do. It is very common in todays age for people to claim that money buys them happiness. But how valid is this claim and to what extent does money buy happiness? In this blog post we will explore the relationship between money and happiness and whether it is truly possible for money to buy happiness.

What can money provide for an individual?

First and foremost, it is important to understand that money can provide a sense of security and freedom from financial stress. This can bring a sense of relief and peace of mind, which can lead to happiness. For example, if someone has enough money to comfortably pay their bills and provide for their family, they are likely to feel less stress and worry in their daily lives. This sense of security can have a positive impact on overall well being and happiness. A research study on whether money can buy happiness was taken on March 1st 2021 and within the study two forms of well being was measured. Experienced well being and evaluative well being. "Both forms of well being-increased with higher incomes".

However, it is also important to recognise that beyond a certain point, additional income does not necessarily increase happines levels. In fact research has shown that there is a limit to the relationship between income and happiness. Once someone has enough money to meet their basic needs and provide for their family, additional income does not signficantly increase their happiness.

Money can only really provide temporary happiness. Buying luxurious goods or vacations will only bring a short term boost in happiness. The joy that these things bring are typically short lived. People return back to their normal levels of happiness leaving them searching for new things to bring happiness into their lives.

Growing up circumstances

Happiness can be measured in more ways than one. Many factors come into play when considering what makes someone happy. For example, an individual's growing up circumstances. Someone who grew up in a wealthy family will probably seek out for other alternatives than money to gain happiness. This is becacuse 9 times out of 10 growing up in a wealthy family will likely mean that the individual is able to buy majority of the things that they went. They are more likely able to travel the world, purchase luxury goods and experience activities that a financially unfortunate individual wouldn't be able to. As a result of this, overtime there is a chance of their happiness dropping as they may become bored of what money can bring for them. In comparison to somone who grew up poor, once they start receiving money, their world opens up to brand new possibilities. They are able to purchase items they couldn't before and experience new things.