Study Shows That Money Can Actually Buy Happiness

There's a saying that money doesn't buy happiness, but according to science, we can confirm that to be true! It's not just one study that proves this point.

According to Happiness Science, the most recent research was conducted by Matthew A Killington in 2023, Money and Happiness: Extended Evidence Against Satiation. In this experiment, Killington wanted to identify if there reaches a point where making more money stops making a person happy.

The group of 33,000 adults was surveyed through a life satisfactory questionaire. Each adult was employed making a minimum of $10,000 a year, but was apart of a different financial class, (low, middle, or high).

In conclusion, there was a great difference found, noting that individuals who make $500,000 or more annually are much happier than those who do not. The largest gap was three times bigger between the wealthy and middle-class participants, versus the middle and low class individuals.

Killington notes that "one must also keep in mind that money is just one of many factors that help explain why some people are happier than others", referring to a potential flaw in the research.

In 2022, another study proved that money might just buy happiness, conducted by Ryan J. Dwyer and Elizabet W. Dunn. The experiment gave 200 people $10,000 to see if this money would directly increase happiness. The results showed that those who made less amount of money were three times happier than those with a greater salary, but still resulted in joy amongst everyone who recieved money.

The discussion at the end of the findings notes, "that participants were instructed to spend the money within 3 mo, which could have intensified the happiness benefits they experienced initially, while diminishing any long-term effects. People typically spend other common windfalls—such as tax refunds and stimulus checks—within a similar time frame, however, and most of our participants reported purchasing durable goods and other assets that would have made a lasting impact on their net worth (e.g., cars or home renovations)".

Despite the number of variables and factors to consider, these studies offer strong evidence that, while money may not guarantee happiness, it can significantly contribute to it—especially for those with limited financial resources.

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