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Does Money Buy Happiness? Not Necessarily

Does Money Buy Happiness? Not Necessarily

How much people earn is associated with how they experience happiness, according to a new study.

People who earn more money tend to experience more positive emotions focused on themselves, while people who earn less take greater pleasure in their relationships and ability to connect with others, according to the study, which was published in the journal Emotion.

“Higher income has many benefits, including improved health and life satisfaction, but is it associated with greater happiness?” asked lead author Paul Piff, Ph.D., of the University of California, Irvine. “After all, most people think of money as some kind of unmitigated good. But some recent research suggests that this may not actually be the case. In many ways, money does not necessarily buy you happiness.”

For the study, the researchers used a survey of a nationally representative sample of 1,519 people. Participants were asked about their household income and answered a series of questions designed to measure their tendency to experience seven distinct emotions that are considered to make up the core of happiness: amusement, awe, compassion, contentment, enthusiasm, love and pride.

For example, to measure compassion, participants rated their agreement with various statements, including, “Nurturing others gives me a warm feeling inside.”

Participants at the higher end of the socioeconomic spectrum reported a greater tendency to experience emotions that focused on themselves, specifically, contentment and pride (as well as amusement), the study found.

Individuals at the lower end of the income scale were more likely to experience emotions that focus on other people, namely compassion and love, the researchers report.

Poorer individuals also reported experiencing more awe and beauty in the world around them.

There was no apparent difference for enthusiasm, according to the researchers.

“These findings indicate that wealth is not unequivocally associated with happiness,” said Piff.

“What seems to be the case is that your wealth predisposes you to different kinds of happiness. While wealthier individuals may find greater positivity in their accomplishments, status and individual achievements, less wealthy individuals seem to find more positivity and happiness in their relationships, their ability to care for and connect with others.”

Piff said he believes these differences may stem from higher-income individuals’ desire for independence and self-sufficiency, while the other-oriented emotions help lower-income individuals form more interdependent bonds with others to help cope with their more threatening environments.

“Poverty heightens people’s risks for a slew of negative life outcomes, including worsened health,” he said. “Wealth doesn’t guarantee you happiness, but it may predispose you to experiencing different forms of it — for example, whether you delight in yourself versus in your friends and relationships.

“These findings suggest that lower-income individuals have devised ways to cope, to find meaning, joy and happiness in their lives despite their relatively less favorable circumstances.”

Source: The American Psychological Association

Does Money Buy Happiness? Not Necessarily

Janice Wood

Janice Wood is a long-time writer and editor who began working at a daily newspaper before graduating from college. She has worked at a variety of newspapers, magazines and websites, covering everything from aviation to finance to healthcare.

APA Reference
Wood, J. (2017). Does Money Buy Happiness? Not Necessarily. Psych Central. Retrieved on May 25, 2018, from https://psychcentral.com/news/2017/12/18/does-money-buy-happiness-new-study-says-not-necessarily/130046.html

 

Scientifically Reviewed
Last updated: 18 Dec 2017
Last reviewed: By John M. Grohol, Psy.D. on 18 Dec 2017
Published on PsychCentral.com. All rights reserved.