It has long been debated whether money brings happiness or not. While some argue that the more money one has, the happier they will be, others argue that money has little effect on happiness.

This inquiry aims to take a scientific approach to examine whether money really brings happiness or not, based on scientific studies and research.

What is Happiness?

Before delving into whether money brings happiness or not, it is important to understand what happiness is. Happiness is a subjective concept that can differ from individual to individual.

However, in psychological terms, happiness is defined as a positive emotional state that is experienced when an individual perceives their overall life experience as fulfilling.

What Does Science Say About Money and Happiness?

Several studies have been conducted to examine the relationship between money and happiness. While some studies have found a correlation between money and happiness, others have failed to find any significant relationship between the two.

The Correlation Between Money and Happiness

Several studies have found a positive correlation between money and happiness. A study conducted by the Princeton University in 2010 found that there was a positive correlation between income and emotional well-being.

The study found that individuals who earned higher incomes were more likely to experience positive emotions, such as happiness, joy, and contentment, compared to those who earned lower incomes.

Another study conducted by the University of Warwick in 2017 found that higher income levels were associated with higher life satisfaction, particularly among individuals with higher levels of education.

The study found that individuals who earned higher incomes tended to experience more positive emotions, such as happiness, contentment, and pride, compared to those who earned lower incomes.

The Role of Income Inequality in Happiness

While money has been found to be positively associated with happiness, income inequality can play a role in decreasing overall levels of happiness.

Studies have found that individuals tend to be less happy in societies with higher levels of income inequality, regardless of their own income levels.

One study, conducted by the University of Manchester in 2017, found that income inequality was negatively associated with life satisfaction and positive affect in both rich and poor countries.

The Hedonic Treadmill Theory

The hedonic treadmill theory suggests that individuals have a set point for their level of happiness, and that while events or circumstances, such as an increase in income, may provide a temporary boost in happiness, the individual will eventually return to their set point of happiness over time. This means that while earning more money may make an individual happier in the short term, they may become accustomed to their new level of income and return to their previous level of happiness over time.

Money and Happiness in the Long Run

While money may provide a short-term boost in happiness, studies have found that its effect on overall levels of happiness in the long run may be limited.

One study conducted by the University of British Columbia in 2018 found that money had a limited effect on overall levels of happiness and well-being in the long run. The study found that individuals tended to adapt to changes in their income, and that the effect of money on overall levels of happiness decreased over time.

Other Factors That Affect Happiness

While money may have some effect on levels of happiness, there are several other factors that can also affect overall levels of happiness. Some of these factors include:.

Social support
Sense of purpose
Sense of control and autonomy
Positive relationships
Physical and mental health

Conclusion

While money can provide a short-term boost in happiness, its effect on overall levels of happiness in the long run may be limited.

Other factors, such as social support, sense of purpose, and positive relationships, also play a key role in overall levels of happiness. Therefore, it is important to focus on building positive relationships, finding a sense of purpose, and cultivating a strong support network, in addition to striving for financial stability.