Money doesn’t buy happiness — except when disability strikes
The old saying that ‘money doesn’t buy happiness’ may hold true most of the time. But when a serious health problem comes along, financial resources may really cushion the blow to a person’s psyche, a new study suggests.
The finding, made by researchers at the University of Michigan Health System and the VA Ann Arbor Healthcare System, stands in contrast to previous research that showed no major differences in self-reported happiness and well-being between wealthy people and those with modest financial assets.
Instead, the study finds that people with relatively large financial assets before they became disabled reported substantially better well-being, and less sadness and loneliness, after they were disabled than was reported by people with fewer financial resources who also became disabled.
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Last reviewed: By John M. Grohol, Psy.D. on 7 Apr 2005
