Money can buy you happiness, says study

Mar 15, 2023

TIMESOFINDIA.COM

The million-dollar question answered

The debate whether money can buy us happiness or not has finally been answered by a study by Daniel Kahneman, a Nobel-Prize-winning economist, and Matthew Killingsworth, from Princeton University and the University of Pennsylvania.

The study

More than 33,000 people aged between 18 and 65 were surveyed through a smartphone app, as per a report by The Washington Post.

Contradicting 2010 research

This study contradicts a 2010 research that said money could only boost happiness up to a point – about $75,000 in annual earnings.

The people surveyed

The people covered in the survey had a household income of a minimum $10,000 a year.

The research

According to the report, the responses included the feelings at random intervals and they ranged from “very good” to “very bad”.

The conclusions

CBS news said that the study had 2 results.

First conclusion

Happiness does improve with higher earnings, up to $500,000 a year.

Second conclusion

Higher incomes don’t make much of a difference and this was only 15% of people in the survey.

The catch

Before you believe it, Mr Killingsowrth cautioned “Money is not the secret to happiness, but it can probably help a bit.”

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