compose an argumentative essay about can money buy happiness

Can Money Really Buy Happiness?

Money and happiness are related—but not in the way you think..

Updated November 10, 2023 | Reviewed by Chloe Williams

• More money is linked to increased happiness, some research shows.
• People who won the lottery have greater life satisfaction, even years later.
• Wealth is not associated with happiness globally; non-material things are more likely to predict wellbeing.
• Money, in and of itself, cannot buy happiness, but it can provide a means to the things we value in life.

Money is a big part of our lives, our identities, and perhaps our well-being. Sometimes, it can feel like your happiness hinges on how much cash is in your bank account. Have you ever thought to yourself, “If only I could increase my salary by 12 percent, I’d feel better”? How about, “I wish I had an inheritance. How easier life would be!” I don’t blame you — I’ve had the same thoughts many times.

But what does psychological research say about the age-old question: Can money really buy happiness? Let’s take a brutally honest exploration of how money and happiness are (and aren’t) related. (Spoiler alert: I’ve got bad news, good news, and lots of caveats.)

Higher earners are generally happier

Over 10 years ago, a study based on Gallup Poll data on 1,000 people made a big headline in the news. It found that people with higher incomes report being happier... but only up to an annual income of $75,000 (equivalent to about $90,000 today). After this point, a high emotional well-being wasn’t directly correlated to more money. This seemed to show that once a persons’ basic (and some “advanced”) needs are comfortably met, more money isn’t necessary for well-being.

But a new 2021 study of over one million participants found that there’s no such thing as an inflection point where more money doesn’t equal more happiness, at least not up to an annual salary of $500,000. In this study, participants’ well-being was measured in more detail. Instead of being asked to remember how well they felt in the past week, month, or year, they were asked how they felt right now in the moment. And based on this real-time assessment, very high earners were feeling great.

Similarly, a Swedish study on lottery winners found that even after years, people who won the lottery had greater life satisfaction, mental health, and were more prepared to face misfortune like divorce , illness, and being alone than regular folks who didn’t win the lottery. It’s almost as if having a pile of money made those things less difficult to cope with for the winners.

Evaluative vs. experienced well-being

At this point, it's important to suss out what researchers actually mean by "happiness." There are two major types of well-being psychologists measure: evaluative and experienced. Evaluative well-being refers to your answer to, “How do you think your life is going?” It’s what you think about your life. Experienced well-being, however, is your answer to, “What emotions are you feeling from day to day, and in what proportions?” It is your actual experience of positive and negative emotions.

In both of these studies — the one that found the happiness curve to flatten after $75,000 and the one that didn't — the researchers were focusing on experienced well-being. That means there's a disagreement in the research about whether day-to-day experiences of positive emotions really increase with higher and higher incomes, without limit. Which study is more accurate? Well, the 2021 study surveyed many more people, so it has the advantage of being more representative. However, there is a big caveat...

Material wealth is not associated with happiness everywhere in the world

If you’re not a very high earner, you may be feeling a bit irritated right now. How unfair that the rest of us can’t even comfort ourselves with the idea that millionaires must be sad in their giant mansions!

But not so fast.

Yes, in the large million-person study, experienced well-being (aka, happiness) did continually increase with higher income. But this study only included people in the United States. It wouldn't be a stretch to say that our culture is quite materialistic, more so than other countries, and income level plays a huge role in our lifestyle.

Another study of Mayan people in a poor, rural region of Yucatan, Mexico, did not find the level of wealth to be related to happiness, which the participants had high levels of overall. Separately, a Gallup World Poll study of people from many countries and cultures also found that, although higher income was associated with higher life evaluation, it was non-material things that predicted experienced well-being (e.g., learning, autonomy, respect, social support).

Earned wealth generates more happiness than inherited wealth

More good news: For those of us with really big dreams of “making it” and striking it rich through talent and hard work, know that the actual process of reaching your dream will not only bring you cash but also happiness. A study of ultra-rich millionaires (net worth of at least $8,000,000) found that those who earned their wealth through work and effort got more of a happiness boost from their money than those who inherited it. So keep dreaming big and reaching for your entrepreneurial goals … as long as you’re not sacrificing your actual well-being in the pursuit.

There are different types of happiness, and wealth is better for some than others

We’ve been talking about “happiness” as if it’s one big thing. But happiness actually has many different components and flavors. Think about all the positive emotions you’ve felt — can we break them down into more specifics? How about:

• Contentment
• Gratefulness

...and that's just a short list.

It turns out that wealth may be associated with some of these categories of “happiness,” specifically self-focused positive emotions such as pride and contentment, whereas less wealthy people have more other-focused positive emotions like love and compassion.

In fact, in the Swedish lottery winners study, people’s feelings about their social well-being (with friends, family, neighbors, and society) were no different between lottery winners and regular people.

Money is a means to the things we value, not happiness itself

One major difference between lottery winners and non-winners, it turns out, is that lottery winners have more spare time. This is the thing that really makes me envious , and I would hypothesize that this is the main reason why lottery winners are more satisfied with their life.

Consider this simply: If we had the financial security to spend time on things we enjoy and value, instead of feeling pressured to generate income all the time, why wouldn’t we be happier?

This is good news. It’s a reminder that money, in and of itself, cannot literally buy happiness. It can buy time and peace of mind. It can buy security and aesthetic experiences, and the ability to be generous to your family and friends. It makes room for other things that are important in life.

In fact, the researchers in that lottery winner study used statistical approaches to benchmark how much happiness winning $100,000 brings in the short-term (less than one year) and long-term (more than five years) compared to other major life events. For better or worse, getting married and having a baby each give a bigger short-term happiness boost than winning money, but in the long run, all three of these events have the same impact.

What does this mean? We make of our wealth and our life what we will. This is especially true for the vast majority of the world made up of people struggling to meet basic needs and to rise out of insecurity. We’ve learned that being rich can boost your life satisfaction and make it easier to have positive emotions, so it’s certainly worth your effort to set goals, work hard, and move towards financial health.

But getting rich is not the only way to be happy. You can still earn health, compassion, community, love, pride, connectedness, and so much more, even if you don’t have a lot of zeros in your bank account. After all, the original definition of “wealth” referred to a person’s holistic wellness in life, which means we all have the potential to be wealthy... in body, mind, and soul.

Kahneman, D., & Deaton, A.. High income improves evaluation of life but not emotional well-being. . Proceedings of the national academy of sciences. 2010.

Killingsworth, M. A. . Experienced well-being rises with income, even above $75,000 per year .. Proceedings of the National Academy of Sciences. 2021.

Lindqvist, E., Östling, R., & Cesarini, D. . Long-run effects of lottery wealth on psychological well-being. . The Review of Economic Studies. 2020.

Guardiola, J., González‐Gómez, F., García‐Rubio, M. A., & Lendechy‐Grajales, Á.. Does higher income equal higher levels of happiness in every society? The case of the Mayan people. . International Journal of Social Welfare. 2013.

Diener, E., Ng, W., Harter, J., & Arora, R. . Wealth and happiness across the world: material prosperity predicts life evaluation, whereas psychosocial prosperity predicts positive feeling. . Journal of personality and social psychology. 2010.

Donnelly, G. E., Zheng, T., Haisley, E., & Norton, M. I.. The amount and source of millionaires’ wealth (moderately) predict their happiness . . Personality and Social Psychology Bulletin. 2018.

Piff, P. K., & Moskowitz, J. P. . Wealth, poverty, and happiness: Social class is differentially associated with positive emotions.. Emotion. 2018.

Jade Wu, Ph.D., is a clinical health psychologist and host of the Savvy Psychologist podcast. She specializes in helping those with sleep problems and anxiety disorders.

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Happiness Economics: Can Money Buy Happiness?

It only costs a small amount, a slight risk, with the possibility of a substantial reward.

But will it make you happy? Will it give you long-lasting happiness?

Undoubtedly, there will be a temporary peak in happiness, but will all your troubles finally fade away?

That is what we will investigate today. We explore the economics of happiness and whether money can buy happiness. In this post, we will start by broadly exploring the topic and then look at theories and substantive research findings. We’ll even have a look at previous lottery winners.

For interested readers, we will list interesting books and podcasts for further enjoyment and share a few of our own happiness resources.

Ka-ching: Let’s get rolling!

Before you continue, we thought you might like to download our three Happiness & Subjective Wellbeing Exercises for free . These detailed, science-based exercises will help you or your clients identify sources of authentic happiness and strategies to boost wellbeing.

This Article Contains

What is happiness economics, theory of the economics of happiness, can money buy happiness 5 research findings, 6 fascinating books and podcasts on the topic, resources from positivepsychology.com, a take-home message.

Happiness economics is a field of economics that recognizes happiness and wellbeing as important outcome measures, alongside measures typically used, such as employment, education, and health care.

Economics emphasizes how specific economic/financial characteristics affect our wellbeing (Easterlin, 2004).

For example, does employment result in better health and longer lifespan, among other metrics? Do people in wealthier countries have access to better education and longer life spans?

In the last few decades, there has been a shift in economics, where researchers have recognized the importance of the subjective rating of happiness as a valuable and desirable outcome that is significantly correlated with other important outcomes, such as health (Steptoe, 2019) and productivity (DiMaria et al., 2020).

Broadly, happiness is a psychological state of being, typically researched and defined using psychological methods. We often measure it using self-report measures rather than objective measures that are less vulnerable to misinterpretation and error.

Including happiness in economics has opened up an entirely new avenue of research to explore the relationship between happiness and money.

Andrew Clark (2018) illustrates the variability in the term happiness economics with the following examples:

• Happiness can be a predictor variable, influencing our decisions and behaviors.
• Happiness might be the desired outcome, so understanding how and why some people are happier than others is essential.

However, the connection between our behavior and happiness must be better understood. Even though “being happy” is a desired outcome, people still make decisions that prevent them from becoming happier. For example, why do we choose to work more if our work does not make us happier? Why are we unhappy even if our basic needs are met?

An example of how happiness can influence decision-making

Sometimes, we might choose not to maximize a monetary or financial gain but place importance on other, more subjective outcomes.

To illustrate: If faced with two jobs — one that pays well but will bring no joy and another that pays less but will bring much joy — some people would prefer to maximize their happiness over financial gain.

If this decision were evaluated using a utility framework where the only valued outcomes were practical, then the decision would seem irrational. However, this scenario suggests that psychological outcomes, such as the experience of happiness, are as crucial as other socio-economic outcomes.

Economists recognize that subjective wellbeing , or happiness, is an essential characteristic and sometimes a desirable outcome that can motivate our decision-making.

In the last few decades, economics has shifted to include happiness as a measurable and vital part of general wellbeing (Graham, 2005).

The consequence is that typical economic questions now also look at the impact of employment, finances, and other economic metrics on the subjective rating and experience of happiness at individual and country levels.

Happiness is such a vital outcome in society and economic activity that it must be involved in policy making. The subjective measure of happiness is as important as other typical measures used in economics.

Many factors can contribute to happiness. In this post, we consider the role of money. The relationship between happiness, or subjective wellbeing, and money is assumed to be positive: More money means greater happiness.

However, the relationship between money and happiness is paradoxical: More money does not guarantee happiness (for an excellent review, see Graham, 2005).

Specifically, low levels of income are correlated with unhappiness. However, as our individual wealth increases and our basic needs are met, our needs change and differ in their importance.

Initially, our happiness is affected by absolute levels of income, but at a certain threshold, we place importance on relative levels of income. Knowing how we rank and compare to other people, in terms of wealth and material possession, influences our happiness.

The relationship between wealth and happiness continues to increase, but only to a certain point; at this stage, more wealth does not guarantee more happiness (Easterlin, 1974; Diener et al., 1993).

This may be at odds with our everyday lived experience. Most of us choose to work longer hours or multiple jobs so that we make more money. However, what is the point of doing this if money does not increase our happiness? Why do we seem to think that more money will make us happier?

History of the economics of happiness

The relationship between economics and happiness originated in the early 1970s. Brickman and Campbell (1971, as cited in Brickman et al., 1978) first argued that the typical outcomes of a successful life, such as wealth or income, had no impact on individual wellbeing.

Easterlin (1974) expanded these results and showed that although wealthier people tend to be happier than poor people in the same country, the average happiness levels within a country remained unchanged even as the country’s overall wealth increased.

The inconsistent relationship between happiness and income and its sensitivity to critical income thresholds make this topic so interesting.

There is some evidence that wealthier countries are happier than others, but only when comparing the wealthy with the poor (Easterlin, 1974; Graham, 2005).

As countries become wealthier, citizens report higher happiness, but this relationship is strongest when the starting point is poverty. Above a certain income threshold, happiness no longer increases (Diener et al., 1993).

Interestingly, people tend to agree on the amount of money needed to make them happy; but beyond a certain value, there is little increase in happiness (Haesevoets et al., 2022).

Measurement challenges

Measuring happiness accurately and reliably is challenging. Researchers disagree on what happiness means.

It is not the norm in economics to measure happiness by directly asking a participant how happy they are; instead, happiness is inferred through:

• Subjective wellbeing (Clark, 2018; Easterlin, 2004)
• A combination of happiness and life satisfaction (Bruni, 2007)

Furthermore, happiness can refer to an acute psychological state, such as feeling happy after a nice meal, or a lasting state similar to contentment (Nettle, 2005).

Researchers might use different definitions of happiness and ways to measure it, thus leading to contradictory results. For example, happiness might be used synonymously with subjective wellbeing and can refer to several things, including life satisfaction and financial satisfaction (Diener & Oishi, 2000).

It seems contradictory that wealthier nations are not happier overall than poorer nations and that increasing the wealth of poorer nations does not guarantee that their happiness will increase too. What could then be done to increase happiness?

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What is the relationship between income/wealth and happiness? To answer that question, we looked at studies to see where and how money improves happiness, but we’ll also consider the limitations to the positive effect of income.

Money buys access; jobs boost happiness

Overwhelming evidence shows that wealth is correlated with measures of wellbeing.

Wealthier people have access to better healthcare, education, and employment, which in turn results in higher life satisfaction (Helliwell et al., 2012). A certain amount of wealth is needed to meet basic needs, and satisfying these needs improves happiness (Veenhoven & Ehrhardt, 1995).

Increasing happiness through improved quality of life is highest for poor households, but this is explained by the starting point. Access to essential services improves the quality of life, and in turn, this improves measures of wellbeing.

Most people gain wealth through employment; however, it is not just wealth that improves happiness; instead, employment itself has an important association with happiness. Happiness and employment are also significantly correlated with each other (Helliwell et al., 2021).

Lockdown on happiness

The World Happiness Report (Helliwell et al., 2021) reports that unemployment increased during the COVID-19 pandemic, and this was accompanied by a marked decline in happiness and optimism.

The pandemic also changed how we evaluated certain aspects of our lives; for example, the relationship between income and happiness declined. After all, what is the use of money if you can’t spend it? In contrast, the association between happiness and having a partner increased (Helliwell et al., 2021).

Wealthier states smile more, but is it real?

If we took a snapshot of happiness and a country’s wealth, we would find that richer countries tend to have happier populations than poorer countries.

For example, based on the 2021 World Happiness Report, the top five happiest countries — which are also wealthy countries — are Finland, Iceland, Denmark, Switzerland, and the Netherlands (Helliwell et al., 2021).

In contrast, the unhappiest countries are those that tend to be emerging markets or have a lower gross domestic product (GDP), e.g., Zimbabwe, Tanzania, and India (Graham, 2005; Helliwell et al., 2021).

At face value, this makes sense: Poorer countries most likely have other factors associated with them, e.g., higher unemployment, more crime, and less political stability. So, based on this cross-sectional data, a country’s wealth and happiness levels appear to be correlated. However, over a more extended period, the relationship between happiness and GDP is nil (Easterlin, 2004).

That is, the subjective wellbeing of a population does not increase as a country becomes richer. Even though the wealth of various countries worldwide has increased over time, the overall happiness levels have not increased similarly or have remained static (Kahneman et al., 2006). This is known as a happiness–income paradox.

Easterlin (2004) posits four explanations for this finding:

• Societal and individual gains associated with increased wealth are concentrated among the extremely wealthy.
• Our degree of happiness is informed by how we compare to other people, and this relative comparison does not change as country-wide wealth increases.
• Happiness is not limited to only wealth and financial status, but is affected by other societal and political factors, such as crime, education, and trust in the government.
• Long-term satisfaction and contentment differ from short-term, acute happiness.

Kahneman et al. (2006) provide an alternative explanation centered on the method typically used by researchers. Specifically, they argue that the order of the questions asked to measure happiness and how these questions are worded have a focusing effect. Through the question, the participant’s attention to their happiness is sharpened — like a lens in a camera — and their happiness needs to be over- or underestimated.

Kahneman et al. (2006) also point out that job advancements like a raise or a promotion are often accompanied by an increase in salary and work hours. Consequently, high-paying jobs often result in less leisure time available to spend with family or on hobbies and can cause more unhappiness.

Not all that glitters is gold

Extensive research explored whether a sudden financial windfall was associated with a spike in happiness (e.g., Sherman et al., 2020). The findings were mixed. Sometimes, having more money is associated with increased life satisfaction and improved physical and mental health.

This boost in happiness, however, is not guaranteed, nor is it long. Sometimes, individuals even wish it had never happened (Brickman et al., 1978; Sherman et al., 2020).

Consider lottery winners. These people win sizable sums of money — typically more extensive than a salary increase — large enough to impact their lives significantly. Despite this, research has consistently shown that although lottery winners report higher immediate, short-term happiness, they do not experience higher long-term happiness (Sherman et al., 2020).

Here are some reasons for this:

• Previous everyday activities and experiences become less enjoyable when compared to a unique, unusual experience like winning the lottery.
• People habituate to their new lifestyle.
• A sudden increase in wealth can disrupt social relationships among friends and family members.
• Work and hobbies typically give us small nuggets of joy over a more extended period (Csikszentmihalyi et al., 2005). These activities can lose their meaning over a longer period, resulting in more unhappiness (Sherman et al., 2020; Brickman et al., 1978).

Sherman et al. (2020) further argue that lottery winners who decide to quit their job after winning, but do not fill this newly available time with some type of meaningful hobby or interest, are also more likely to become unhappy.

Passive activities do not provide the same happiness as work or hobbies. Instead, if lottery winners continue to take part in activities that give them meaning and require active engagement, then they can avoid further unhappiness.

Happiness: Is it temperature or climate?

Like most psychological research, part of the challenge is clearly defining the topic of investigation — a task made more daunting when the topic falls within two very different fields.

Nettle (2005) describes happiness as a three-tiered concept, ranging from short-lived but intense on one end of the spectrum to more abstract and deep on the other.

The first tier refers to transitory feelings of joy, like when one opens up a birthday present.

The second tier describes judgments about feelings, such as feeling satisfied with your job. The third tier is more complex and refers to life satisfaction.

Across research, different definitions are used: Participants are asked about feelings of (immediate) joy, overall life satisfaction, moments of happiness or satisfaction, and mental wellbeing . The concepts are similar but not identical, thus influencing the results.

Most books on happiness economics are textbooks. Although no doubt very interesting, they’re not the easy-reading books we prefer to recommend.

Instead, below you will find a range of books written by economists that explore happiness. These should provide a good springboard on the overall topic of happiness and what influences it, in case any of our readers want to pick up a more in-depth textbook afterward.

If you have a happiness book you would recommend, please let us know in the comments section.

1. Happiness: Lessons from a New Science – Richard Layard

Richard Layard, a lead economist based in London, explores in his book if and how money can affect happiness.

Layard does an excellent job of introducing topics from various fields and framing them appropriately for the reader.

The book is aimed at readers from varying academic and professional backgrounds, so no experience is needed to enjoy it.

Find the book on Amazon .

2. Happiness by Design: Change What You Do, Not How You Think – Paul Dolan

This book has a more practical spin. The author explains how we can use existing research and theories to make small changes to increase our happiness.

Paul Dolan’s primary thesis is that practical things will have a bigger effect than abstract methods, and we should change our behavior rather than our thinking.

The book is a quick read (airport-perfect!), and Daniel Kahneman penned the foreword.

3. The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness – Morgan Housel

This book is not necessarily about happiness economics, but it is close enough to the overall theme that it is worth mentioning.

Since most people are concerned with making more money, this book helps teach the reader why we make the decisions we do and how we make better decisions about our money.

This book is a worthwhile addition to any bookcase if you are interested in the relationship between finances and psychology in general.

4. Happiness: The Science Behind Your Smile – Daniel Nettle

If you are interested in happiness overall, then we recommend Happiness: The Science Behind Your Smile by Daniel Nettle, a professor of behavioral science at Newcastle University.

In this book, he takes a scientific approach to explaining happiness, starting with an in-depth exploration of the definition of happiness and some of its challenges.

The research that he presents comes from various fields, including social sciences, medicine, neurobiology, and economics.

Because of its small size, this book is perfect for a weekend away or to read on a plane.

5 & 6. Prefer to listen rather than read?

One of our favorite podcasts is Intelligence2, where leading experts in a particular field gather to debate a particular topic.

This show’s host, Dr. Laurie Santos, argues that we can increase our happiness by not hoarding our money for ourselves but by giving it to others instead. If you are interested in this episode , or any of the other episodes in the Happiness Lab podcast series, then head on over to their page.

There are several resources available at PositivePsychology.com for our readers to use in their professional and personal development.

In this section, you’ll find a few that should supplement any work on happiness and economics. Since the undercurrent of the topic is whether happiness can be improved through wealth, a few resources look at happiness overall.

Valued Living Masterclass

Although knowledge is power, knowing that money does not guarantee happiness does not mean that clients will suddenly feel fulfilled and satisfied with their lives.

For this reason, we recommend the Valued Living Masterclass , for professionals to help their clients find meaning in their lives. Rather than keeping up with the Joneses or chasing a high-paying job, professionals can help their clients connect with their inner meaning (i.e., their why ) as a way to find meaning and gain happiness.

Three free exercises

If you want to try it out before committing, look at the Meaning & Valued Living exercise pack , which includes three exercises for free.

Recommended reading

Read our post on Success Versus Happiness for further information on balancing happiness with success, in any domain . This topic is poignant for readers who conflate happiness and success, and will guide readers to better understand their relationship and how the two terms influence each other.

For readers who wonder about altruism , you would find it interesting that rather than hoarding, you can increase your happiness through volunteering and donating. In this post, the author, Dr. Jeremy Sutton, does a fabulous job of approaching altruism from various fields and provides excellent resources for further reading and real-life application.

Our last recommendation is for readers who want to know more about measuring subjective wellbeing and happiness . The post lists various tests and apps that can measure happiness and the overall history of how happiness was measured and defined. This is a good starting point for researchers or clinicians who want to explore happiness economics professionally.

17 Happines Exercises

If you’re looking for more science-based ways to help others develop strategies to boost their wellbeing, this collection contains 17 validated happiness and wellbeing exercises . Use them to help others pursue authentic happiness and work toward a  life filled with purpose and meaning

17 Exercises To Increase Happiness and Wellbeing

Add these 17 Happiness & Subjective Well-Being Exercises [PDF] to your toolkit and help others experience greater purpose, meaning, and positive emotions.

Created by Experts. 100% Science-based.

As you’ve seen in our article, the evidence overwhelmingly clarifies that money does not guarantee more happiness … well, long-term happiness.

Our happiness is relative since we compare ourselves to other people, and over time, as we become accustomed to our wealth, we lose all the happiness gains we made.

Money can ease financial and social difficulties; consequently, it can drastically improve people’s living conditions, life expectancy, and education.

Improvements in these outcomes have a knock-on effect on the overall experience of one’s life and the opportunities for one’s family and children. Nevertheless, better opportunities do not guarantee happiness.

Our intention with this post was to illustrate some complexities surrounding the relationship between money and happiness.

Knowing that money does not guarantee happiness, we recommend less expensive methods to improve one’s happiness:

• Spend time with friends.
• Cultivate hobbies and interests.
• Stay active and eat healthy.
• Try to live a meaningful life.
• Give some love (go smooch your partner or tickle your dog’s belly).

Diamonds might be a girl’s best friend, but money is a fair weather one, at best.

We hope you enjoyed reading this article. Don’t forget to download our three Happiness Exercises for free .

• Brickman, P., Coates, D., & Janoff-Bulman, R. (1978). Lottery winners and accident victims: Is happiness relative? Journal of Personality and Social Psychology , 36 (8), 917.
• Bruni, L. (2007). Handbook on the economics of happiness . Edward Elgar.
• Clark, A. E. (2018). Four decades of the economics of happiness: Where next? Review of Income and Wealth , 64 (2), 245–269.
• Csikszentmihalyi, M., Abuhamdeh, S., & Nakamura, J. (2005). Flow. In A. J. Elliot & C. S. Dweck (Eds.), Handbook of competence and motivation (pp. 598–608). Guilford Publications.
• Diener, E., Sandvik, E., Seidlitz, L., & Diener, M. (1993). The relationship between income and subjective well-being: Relative or absolute? Social Indicators Research , 28 , 195–223.
• Diener, E., & Oishi, S. (2000). Money and happiness: Income and subjective well-being across nations. Culture and Subjective Well-Being , 185 , 218.
• DiMaria, C. H., Peroni, C., & Sarracino, F. (2020). Happiness matters: Productivity gains from subjective well-being. Journal of Happiness Studies , 21 (1), 139–160.
• Easterlin, R. A. (1974). Does economic growth improve the human lot? Some empirical evidence. In P. A. David & M. W. Reder (Eds.), Nations and households in economic growth: Essays in honor of Moses Abramovitz (pp. 89–125). Academic Press.
• Easterlin, R. A. (2004). The economics of happiness. Daedalus , 133 (2), 26–33.
• Graham, C. (2005). The economics of happiness. World Economics , 6 (3), 41–55.
• Haesevoets, T., Dierckx, K., & Van Hiel, A. (2022). Do people believe that you can have too much money? The relationship between hypothetical lottery wins and expected happiness. Judgment and Decision Making , 17 (6), 1229–1254.
• Helliwell, J., Layard, R., & Sachs, J. (Eds.) (2012). World happiness report . The Earth Institute, Columbia University.
• Helliwell, J. F., Layard, R., Sachs, J. D., & Neve, J. E. D. (2021). World happiness report 2021 .
• Kahneman, D., Krueger, A. B., Schkade, D., Schwarz, N., & Stone, A. A. (2006). Would you be happier if you were richer? A focusing illusion. Science , 312 (5782), 1908–1910.
• Nettle, D. (2005). Happiness: The science behind your smile . Oxford University Press.
• Sherman, A., Shavit, T., & Barokas, G. (2020). A dynamic model on happiness and exogenous wealth shock: The case of lottery winners. Journal of Happiness Studies , 21 , 117–137.
• Steptoe, A. (2019). Happiness and health. Annual Review of Public Health , 40 , 339–359.
• Veenhoven, R., & Ehrhardt, J. (1995). The cross-national pattern of happiness: Test of predictions implied in three theories of happiness. Social Indicators Research , 34 , 33–68.

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Does More Money Really Make Us More Happy?

• Elizabeth Dunn
• Chris Courtney

A big paycheck won’t necessarily bring you joy

Although some studies show that wealthier people tend to be happier, prioritizing money over time can actually have the opposite effect.

• But even having just a little bit of extra cash in your savings account ($500), can increase your life satisfaction. So how can you keep more cash on hand?
• Ask yourself: What do I buy that isn’t essential for my survival? Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses.
• Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others.
• Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.

Where your work meets your life. See more from Ascend here .

How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.

• ED Elizabeth Dunn is a professor of psychology at the University of British Columbia and Chief Science Officer of Happy Money, a financial technology company with a mission to help borrowers become savers. She is also co-author of “ Happy Money: The Science of Happier Spending ” with Dr. Michael Norton. Her TED2019 talk on money and happiness was selected as one of the top 10 talks of the year by TED.
• CC Chris Courtney is the VP of Science at Happy Money. He utilizes his background in cognitive neuroscience, human-computer interaction, and machine learning to drive personalization and engagement in products designed to empower people to take control of their financial lives. His team is focused on creating innovative ways to provide more inclusionary financial services, while building tools to promote financial and psychological well-being and success.

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More Proof That Money Can Buy Happiness (or a Life with Less Stress)

When we wonder whether money can buy happiness, we may consider the luxuries it provides, like expensive dinners and lavish vacations. But cash is key in another important way: It helps people avoid many of the day-to-day hassles that cause stress, new research shows.

Money can provide calm and control, allowing us to buy our way out of unforeseen bumps in the road, whether it’s a small nuisance, like dodging a rainstorm by ordering up an Uber, or a bigger worry, like handling an unexpected hospital bill, says Harvard Business School professor Jon Jachimowicz.

“If we only focus on the happiness that money can bring, I think we are missing something,” says Jachimowicz, an assistant professor of business administration in the Organizational Behavior Unit at HBS. “We also need to think about all of the worries that it can free us from.”

The idea that money can reduce stress in everyday life and make people happier impacts not only the poor, but also more affluent Americans living at the edge of their means in a bumpy economy. Indeed, in 2019, one in every four Americans faced financial scarcity, according to the Board of Governors of the Federal Reserve System. The findings are particularly important now, as inflation eats into the ability of many Americans to afford basic necessities like food and gas, and COVID-19 continues to disrupt the job market.

Buying less stress

The inspiration for researching how money alleviates hardships came from advice that Jachimowicz’s father gave him. After years of living as a struggling graduate student, Jachimowicz received his appointment at HBS and the financial stability that came with it.

“My father said to me, ‘You are going to have to learn how to spend money to fix problems.’” The idea stuck with Jachimowicz, causing him to think differently about even the everyday misfortunes that we all face.

To test the relationship between cash and life satisfaction, Jachimowicz and his colleagues from the University of Southern California, Groningen University, and Columbia Business School conducted a series of experiments, which are outlined in a forthcoming paper in the journal Social Psychological and Personality Science , The Sharp Spikes of Poverty: Financial Scarcity Is Related to Higher Levels of Distress Intensity in Daily Life .

Higher income amounts to lower stress

In one study, 522 participants kept a diary for 30 days, tracking daily events and their emotional responses to them. Participants’ incomes in the previous year ranged from less than $10,000 to $150,000 or more. They found:

• Money reduces intense stress: There was no significant difference in how often the participants experienced distressing events—no matter their income, they recorded a similar number of daily frustrations. But those with higher incomes experienced less negative intensity from those events.
• More money brings greater control : Those with higher incomes felt they had more control over negative events and that control reduced their stress. People with ample incomes felt more agency to deal with whatever hassles may arise.
• Higher incomes lead to higher life satisfaction: People with higher incomes were generally more satisfied with their lives.

“It’s not that rich people don’t have problems,” Jachimowicz says, “but having money allows you to fix problems and resolve them more quickly.”

Why cash matters

In another study, researchers presented about 400 participants with daily dilemmas, like finding time to cook meals, getting around in an area with poor public transportation, or working from home among children in tight spaces. They then asked how participants would solve the problem, either using cash to resolve it, or asking friends and family for assistance. The results showed:

• People lean on family and friends regardless of income: Jachimowicz and his colleagues found that there was no difference in how often people suggested turning to friends and family for help—for example, by asking a friend for a ride or asking a family member to help with childcare or dinner.
• Cash is the answer for people with money: The higher a person’s income, however, the more likely they were to suggest money as a solution to a hassle, for example, by calling an Uber or ordering takeout.

While such results might be expected, Jachimowicz says, people may not consider the extent to which the daily hassles we all face create more stress for cash-strapped individuals—or the way a lack of cash may tax social relationships if people are always asking family and friends for help, rather than using their own money to solve a problem.

“The question is, when problems come your way, to what extent do you feel like you can deal with them, that you can walk through life and know everything is going to be OK,” Jachimowicz says.

Breaking the ‘shame spiral’

In another recent paper , Jachimowicz and colleagues found that people experiencing financial difficulties experience shame, which leads them to avoid dealing with their problems and often makes them worse. Such “shame spirals” stem from a perception that people are to blame for their own lack of money, rather than external environmental and societal factors, the research team says.

“We have normalized this idea that when you are poor, it’s your fault and so you should be ashamed of it,” Jachimowicz says. “At the same time, we’ve structured society in a way that makes it really hard on people who are poor.”

For example, Jachimowicz says, public transportation is often inaccessible and expensive, which affects people who can’t afford cars, and tardy policies at work often penalize people on the lowest end of the pay scale. Changing those deeply-engrained structures—and the way many of us think about financial difficulties—is crucial.

After all, society as a whole may feel the ripple effects of the financial hardships some people face, since financial strain is linked with lower job performance, problems with long-term decision-making, and difficulty with meaningful relationships, the research says. Ultimately, Jachimowicz hopes his work can prompt thinking about systemic change.

“People who are poor should feel like they have some control over their lives, too. Why is that a luxury we only afford to rich people?” Jachimowicz says. “We have to structure organizations and institutions to empower everyone.”

[Image: iStockphoto/mihtiander]

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Discussion: Can Money Buy Happiness? Essay

Introduction, thesis statement, body paragraph one, body paragraph two, body paragraph three.

The values of humanity nowadays are considerably biased towards wealth acquisition, which is especially true for economically developed countries like the U.S. Many people, though, in particular very affluent and successful, find themselves unsatisfied in their lives and not rarely suffer from depression, as less rich and even poor people do. I believe that material well-being does not necessarily mean happiness; money can only contribute to a happy life if it is being operated wisely. I think this way for three main reasons. First, the evolutionary background of the human species does not imply the high level of life people experience these days. Second, people are psychologically predisposed to wanting more than they have, so the richer people are, the less feasible it is to satisfy their demands. Lastly, growing wealth is accompanied by higher risks and responsibilities, which can cause more stress and disappointment.

Reason One: First, the evolutionary background of the human species does not imply the high level of life people experience these days.

Reason Two: Second, people are psychologically predisposed to wanting more than they have, so the richer people are, the less feasible it is to satisfy their demands.

Reason Three: Lastly, growing wealth is accompanied by higher risks and responsibilities, which can cause more stress and disappointment.

REASON ONE: In my opinion, we tend to associate happiness with money because it allows us to spend our free time effortlessly, but in the end, having money does not necessarily mean fulfillment and happiness.

Supporting detail: There are many examples of people of middle-class and even very poor who were able to value simple pleasures and manage their resources effectively, and many are disappointed and depressed with almost unlimited resources as well.

Supporting detail: With the invention of novel amenities of life, we can devote our time to self-development, education, and spending of money, the time our ancestors spent on getting food or finding shelter

Supporting detail: If we view happiness as a healthiness of mind and soul, it becomes clear that being happy is more about finding a place in life and managing available resources than acquiring more and more goods.

REASON TWO: When happiness is associated with money, a person recognizes material amenities as a basis of a happy life. In this scenario, happiness becomes unreachable and short-lasting

Supporting detail: People who associate their well-being with less material things like love, friendship, and respect have more chances to feel happy since all these spiritual pleasures are dynamic and focused rather on the process than on a destination.

Supporting detail: When a relationship is based on material security, it is unstable and not honest, so it can only provide a semblance of happiness

Supporting detail It is undeniable that a moderate amount of money – enough to meet daily needs but not enough to be a subject of exploitation- can make life better and contribute to happiness.

REASON Three: It is difficult to argue that money brings opportunities and contributes to physical and psychological well-being. At the same time, it is no less obvious that, in most cases, money does not come from anything.

Supporting detail: The most rich and affluent people have become so because they worked hard in the past or continue to present

Supporting detail: It is also common for people to sacrifice their relationships, hobbies, and even dreams in the pursuit of money, dive into risky businesses and constantly engage in stressful situations which do not contribute to their happiness.

With the rapid development of science and technology, people approached a very special and unique type of existence, far from what all other creatures on Earth experience. Our reality weekly resembles what life was like centuries, especially thousands of years ago when humans spent most of their time attempting to survive. With the invention of novel amenities of life, we can devote our time to self-development, education, and spending of money, the time our ancestors spent on getting food or finding shelter. In my opinion, we tend to associate happiness with money because it allows us to spend our free time effortlessly, but in the end, having money does not necessarily mean fulfillment and happiness. There are many examples of people of the middle class and even very poor who were able to value simple pleasures and manage their resources effectively, and many are disappointed and depressed with almost unlimited resources as well. If we view happiness as a healthiness of mind and soul, it becomes clear that being happy is more about finding a place in life and managing available resources than acquiring more and more goods.

Probably everyone has noticed how fast we get used to something good. When we get what we want, the moment of satisfaction is fleeting, and without our noticing, the thing we wanted badly today is taken for granted tomorrow. When happiness is associated with money, a person recognizes material amenities as a basis of a happy life. In this scenario, happiness becomes unreachable and short-lasting. People who associate their well-being with less material things like love, friendship, and respect have more chances to feel happy since all these spiritual pleasures are dynamic and focused rather on the process than on a destination. On the other hand, one could disagree that money can provide opportunities to obtain love and respect, and make a good living for a family, but it is not as simple as that. When a relationship is based on material security, it is unstable and not honest, so it can only provide a semblance of happiness. Undeniably, a moderate amount of money – enough to meet daily needs but not enough to be a subject of exploitation- can make life better and contribute to happiness.

It is difficult to argue that money brings opportunities and contributes to physical and psychological well-being. At the same time, it is no less obvious that, in most cases, money does not come from anything. The most reach and affluent people have become so because they worked hard in the past or continue at present. It is also common for people to sacrifice their relationships, hobbies, and even dreams in the pursuit of money dives into risky businesses and constantly engage in stressful situations which do not contribute to their happiness. Therefore, in certain conditions, money not only does not bring happiness, but it even does the opposite thing.

Financial well-being is paramount in the contemporary world driven by science and technology, with unlimited opportunities and a rushing pace of life. At the same time, money itself is not the currency in which happiness is sold. People who disagree say financial well-being is the basis for all opportunities in life. However, I believe we cannot buy fulfillment and self-esteem; we can only forge them by personal effort. Moderate affluence may contribute to happiness, but it can also cause disappointment and stress. Money is, of course, a helpful instrument, but when it comes to how people feel about life, it is mostly about balancing our values and expectations, operating wisely with what we have, and especially our spiritual relationships with people. It is crucial to think about happiness and how to reach it, but the effort should be made towards improving relationships and becoming enriched as personalities rather than in the mere pursuit of money.

Financial well-being is paramount in the contemporary world driven by science and technology, with unlimited opportunities and a rushing pace of life. At the same time, money itself is not the currency in which happiness is sold. People who disagree say financial well-being is the basis for all opportunities in life. However, I believe we cannot buy fulfillment and self-esteem; we can only forge them through personal effort. Moderate affluence may contribute to happiness but can also cause disappointment and stress. Money is, of course, a helpful instrument, but when it comes to how people feel about life, it is mostly about balancing our values and expectations, operating wisely with what we have, and especially our spiritual relationships with people. It is crucial to think about happiness and how to reach it, but the effort should be made towards improving relationships and becoming enriched as personalities rather than in the mere pursuit of money.

• Chicago (A-D)
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IvyPanda . 2023. "Discussion: Can Money Buy Happiness?" March 9, 2023. https://ivypanda.com/essays/discussion-can-money-buy-happiness/.

1. IvyPanda . "Discussion: Can Money Buy Happiness?" March 9, 2023. https://ivypanda.com/essays/discussion-can-money-buy-happiness/.

Bibliography

IvyPanda . "Discussion: Can Money Buy Happiness?" March 9, 2023. https://ivypanda.com/essays/discussion-can-money-buy-happiness/.

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Does Money Buy Happiness? Here’s What the Research Says

March 28, 2023 • 5 min read.

Reconciling previously contradictory results, researchers from Wharton and Princeton find a steady association between larger incomes and greater happiness for most people but a rise and plateau for an unhappy minority.

• Finance & Accounting

The following article was originally published on Penn Today .

Does money buy happiness? Though it seems like a straightforward question, research had previously returned contradictory findings, leaving uncertainty about its answer.

Foundational work published in 2010 from Princeton University’s  Daniel Kahneman  and Angus Deaton had found that day-to-day happiness rose as annual income increased, but above $75,000 it leveled off and happiness plateaued. In contrast, work published in 2021 from the University of Pennsylvania’s  Matthew Killingsworth  found that happiness rose steadily with income well beyond $75,000, without evidence of a plateau.

To reconcile the differences, Kahneman and Killingsworth paired up in what’s known as an adversarial collaboration, joining forces with Penn Integrates Knowledge  University Professor  Barbara Mellers  as arbiter. In a new  Proceedings of the National Academy of Sciences  paper , the trio shows that, on average, larger incomes are associated with ever-increasing levels of happiness. Zoom in, however, and the relationship becomes more complex, revealing that within that overall trend, an unhappy cohort in each income group shows a sharp rise in happiness up to $100,000 annually and then plateaus.

“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” says Killingsworth, a senior fellow at Wharton and lead paper author. “The exception is people who are financially well-off but unhappy. For instance, if you’re rich and miserable, more money won’t help. For everyone else, more money was associated with higher happiness to somewhat varying degrees.”

Mellers digs into this last notion, noting that emotional well-being and income aren’t connected by a single relationship. “The function differs for people with different levels of emotional well-being,” she says. Specifically, for the least happy group, happiness rises with income until $100,000, then shows no further increase as income grows. For those in the middle range of emotional well-being, happiness increases linearly with income, and for the happiest group the association actually accelerates above $100,000.

Joining Forces to Ask: “Does Money Buy Happiness?”

The researchers began this combined effort recognizing that their previous work had drawn different conclusions. Kahneman’s 2010 study showed a flattening pattern where Killingsworth’s 2021 study did not. As its name suggests, an adversarial collaboration of this type — a notion originated by Kahneman — aims to solve scientific disputes or disagreements by bringing together the differing parties, along with a third-party mediator.

Killingsworth, Kahneman, and Mellers focused on a new hypothesis that both a happy majority and an unhappy minority exist. For the former, they surmised, happiness keeps rising as more money comes in; the latter’s happiness improves as income rises but only up to a certain income threshold, after which it progresses no further.

To test this new hypothesis, they looked for the flattening pattern in data from Killingworth’s study, which he had collected through an app he created called Track Your Happiness. Several times a day, the app pings participants at random moments, asking a variety of questions including how they feel on a scale from “very good” to “very bad.” Taking an average of the person’s happiness and income, Killingsworth draws conclusions about how the two variables are linked.

A breakthrough in the new partnership came early on when the researchers realized that the 2010 data, which had revealed the happiness plateau, had actually been measuring unhappiness in particular rather than happiness in general.

“It’s easiest to understand with an example,” Killingsworth says. Imagine a cognitive test for dementia that most healthy people pass easily. While such a test could detect the presence and severity of cognitive dysfunction, it wouldn’t reveal much about general intelligence since most healthy people would receive the same perfect score.

“In the same way, the 2010 data showing a plateau in happiness had mostly perfect scores, so it tells us about the trend in the unhappy end of the happiness distribution, rather than the trend of happiness in general. Once you recognize that, the two seemingly contradictory findings aren’t necessarily incompatible,” Killingsworth says. “And what we found bore out that possibility in an incredibly beautiful way. When we looked at the happiness trend for unhappy people in the 2021 data, we found exactly the same pattern as was found in 2010; happiness rises relatively steeply with income and then plateaus.”

“The two findings that seemed utterly contradictory actually result from data that are amazingly consistent,” he says.

Does It Matter Whether Money Can Buy Happiness?

Drawing these conclusions would have been challenging had the two research teams not come together, says Mellers, who suggests there’s no better way than adversarial collaborations to resolve scientific conflict.

“This kind of collaboration requires far greater self-discipline and precision in thought than the standard procedure,” she says. “Collaborating with an adversary — or even a non-adversary — is not easy, but both parties are likelier to recognize the limits of their claims.” Indeed, that’s what happened, leading to a better understanding of the relationship between money and happiness.

And these findings have real-world implications, according to Killingsworth. For one, they could inform thinking about tax rates or how to compensate employees. And, of course, they matter to individuals as they navigate career choices or weigh a larger income against other priorities in life, Killingsworth says.

However, he adds that for emotional well-being money isn’t the be all end all. “Money is just one of the many determinants of happiness,” he says. “Money is not the secret to happiness, but it can probably help a bit.”

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Happiness Articles & More

Can money buy happiness it depends on why you’re spending it, according to new research, our purchases may make us happier when they're motivated by goals we care about..

Imagine that someone gives you a cash gift and tells you that, instead of saving or investing it, you need to spend it right now. What should you put your money toward if you want to make yourself happiest?

According to past research , we’ll be happier if we spend money on an experience than if we buy a material object—like traveling or going out for a meal instead of buying the latest product we see on social media. For example, people report more gratitude when they spend on experiences rather than possessions.

On the other hand, we can all probably think of times when we’ve spent money on an experience that ended up not being worth it. Maybe you bought pricey event tickets to avoid missing out, only to realize on the day of the event that you’d much prefer a cozy night at home. Or perhaps you went out to dinner with a friend at a fancy restaurant, only to find that your friend was more focused on posting the meal to Instagram than having a deep conversation.

It turns out that there might be another factor at play beyond whether we spend money on an experience or a material item: According to a new study published in the British Journal of Social Psychology , it may also matter how our purchases align with our goals.

In the study, researchers asked 452 participants in an online survey to describe a recent purchase. They were asked to write about something they had spent money on in the last three months (ranging from about $60 to $1,200), excluding everyday expenses such as bills and groceries. After describing it, people were asked to indicate the extent to which the purchase helped to fulfill different goals. They also noted how much they felt the purchase contributed to their happiness and life satisfaction.

According to self-determination theory , goals reflect our intrinsic and extrinsic motivations. Extrinsic goals are things that other people expect for us: for example, working hard at a job not because you’re passionate about the work, but because you need the money or want a high-status job to impress others. Intrinsic goals, on the other hand, are ones that we have a strong internal motivation to pursue. In the survey, extrinsic goals included gaining wealth or social status, whereas intrinsic ones included cultivating relationships, helping other people, and contributing to growth, learning, and development.

The researchers found that, the more a purchase reflected people’s intrinsic goals, the more they thought it improved their well-being. In other words, the greatest well-being occurred when people spent money on something that was personally important to them.

To compare this finding with past research, the current study also asked participants to indicate to what extent their purchase was an experience or a material item. As in past research, participants did report higher well-being from experiences. However, when the researchers looked at both factors together, they found that how much a purchase reflected intrinsic goals explained more of the differences in well-being than whether something was material or experiential.

So, what does this research mean for our spending habits? Olaya Moldes Andrés, lecturer at Cardiff University and the study’s author, points out that we’re under a lot of pressure to spend money these days; just think about the number of targeted ads you see each time you open social media. However, this pressure to spend has a downside: In past research , Moldes Andrés has found that people who are exposed to more materialistic messages have lower well-being.

Before purchasing something, she recommends pausing to think about the reason for our purchase, and what use we will get out of it. If we’re spending money on trying to impress people or project a certain image (in other words, extrinsic goals), the purchase may not actually be worth it.

So, next time you’re planning to buy something, take a moment to think about whether it’s something you’re buying because you feel it’s what’s expected of you—or whether it’s truly something that you want.

About the Author

Elizabeth Hopper

Elizabeth Hopper, Ph.D. , received her Ph.D. in psychology from UC Santa Barbara and currently works as a freelance science writer specializing in psychology and mental health.

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Can Money Buy Happiness: Argumentative Essay

Nothing lasts, nothing is finished, and nothing is perfect 03 nov 2022, creative work cannot be managed 29 may 2023, beautiful code does not make a beautiful product 27 mar 2023, visit best dissertation help website - weeklyessay, how to write a good analysis essay: outline & sample topics, practical advice on how to write an argumentative essay, guide on how to write an essay about what makes me happy.

Ranging from your dream car, fashionable clothes to a big mansion in your dream city, many people believe that money is the key to their happiness. When tasked with writing a 'can money buy you happiness’ argumentative essay, many students succumb to fear as they are unsure of what to cover within the essay.

This article will address various tips for writing a persuasive essay on money and happiness and present a quality argument.

Approaches to writing a money and happiness essay

The key to a 'money can buy you happiness’ essay is mastering how to present your argument in a flowing manner that is easy for the audience to follow. Some unique approaches to this essay include:

The Toulmin Method

Here, it would help to start the first paragraph of your body with a claim that shows your stand on the topic. For instance, you may start by arguing that money cannot buy happiness.

Next, provide evidence from various case studies and your own experiences to support this argument. In our case, we may argue that many rich people are depressed and highlight how money can deny you happiness.

However, it is crucial to back your claims with facts from previous studies and publications to strengthen your argument. Next, show the reason as to why you support this topic and cover various loopholes that could result in criticism of your position.

The Rogerian Method

This method is more interactive and makes a two-way argument while showing why the counterargument is faulty. In this approach, you can discuss why people believe that money can buy happiness.

Next, highlight the reasons that invalidate this assumption and show how your argument holds in light of various evidence. Finally, cover potential criticisms of your perspective and potential limitations to your standpoint.

If you opt to argue that money can't buy happiness, this section should cover how money is required to sustain your day-to-day needs and how suffering may be caused by its lack thereof.

Steps for writing a 'You don't need money to be happy’ essay

1. select your topic.

Although a 'does money make you happy' essay is more specific than a happiness essay, it is broad and leaves much room for incomplete arguments. You can thus opt to specify further your thesis statement making for a better argument.

Some important happiness and money essay thesis ideas include:

• Having enough money to meet basic needs is crucial for happiness
• Money can help ensure career success and inspire happiness
• You can manage to be happy even when struggling financially
• Expensive purchases are not an accurate definition of happiness

These ideas are easier to structure and leave less room for criticism. Before you start writing, consult your tutor with your selected topic to determine if it's okay.

2. Research

While you can make multiple arguments off your mind, you require ample research to back your claims. Here, search for publications that are both for and against your argument. This will help gauge your standpoint and structure your essay while acknowledging various criticisms from existing work.

An outline is crucial for helping you structure your argument in an easy-to-follow manner. For this, organize the points you gathered when brainstorming and researching for your paper.

Next, separate these points into sections and place related ideas in close paragraphs. Finally, ensure that each section starts with a topic section and includes an argument that relates the sentence to your thesis statement.

After writing your final copy, gauge it for various structural and grammatical errors. For this, ensure that your paper is formatted as per the required style and ensure that your conclusion supports your thesis statement.

Also, consider checking the citations to ensure they are in the correct format, preventing loss of marks on minor details.

Writing a "why can't money buy you happiness essay does not have to rob you of your joy. This guide should come in handy to guide your writing efforts and secure you a decent grade. If you still have a question, feel free to contact our experts for further assistance.

Can Money Buy Happiness Argumentative Essay, With Outline

Published by Boni on February 21, 2022 February 21, 2022

Can Money Buy Happiness Argumentative Essay Outline

Can money buy happiness? A question we ask ourselves everyday but when it comes to writing essays on the subject, the best solution is finding cheap research papers online where you can get a uniquely customized essay that will get you good grades.

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Introduction

Thesis: Money can buy happiness as it reduces stress, enables control, and enables spending on others.

Paragraph 1:

Money can help one reduce or relieve intense stress.

• People with higher incomes experience less negative intensity from distressing events.
• The higher the income, the lower the intensity of stress one may undergo regardless of the circumstances.
• With reduced stress, one is likely to experience happiness as they do not have to develop negative thoughts.

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Paragraph 2:

Money enables one to exercise greater control over their life.

• One can largely determine the direction their life takes by spending large amounts of money.
• They can access more leisure time, fulfilling work, better nutrition and healthcare, and homes in friendly and safer neighborhoods.
• Satisfaction of human wants forms part of what one needs in order to be happy.

Paragraph 3:

Money makes it possible for a person to attain happiness by spending on other people.

• People experience high happiness levels by donating their annual bonus to charitable organizations or spending it on other people.
• Giving to others, or lending a helping hand, makes human beings develop a good feeling about themselves.
• People have to have enough for themselves first before they can consider giving.

Paragraph 4:

Some people may argue that people need family and friends more than they need money for happiness.

• This may be true to some extent as people often turn to family and friends for various kinds of help.
• However, without good income, one cannot offer meaningful help to another person.
• One can also be happy even without depending so much on their family and friends if they have good income.

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• Money can buy happiness because with it, one experiences less stress, exercises control over their life, and can easily spend on other people.
• Less stress attracts more happiness while control over one’s life gives them immense satisfaction.
• Being able to help other people in terms of money makes one feel good about oneself.
• Therefore, it is not true that money cannot buy happiness.

Can Money Buy Happiness Argumentative Essay

It is often said that “ money cannot buy happiness .”This phrase has even become some wisdom of sorts, one that makes people regulate their “appetite” for money. The irony however is that almost all human needs, both primary and secondary, have some form of attachment to money. Plainly put, it is money that enables an individual to cater for most, if not all, of what they need in their daily life. This yields the question of whether it is true that one cannot buy happiness using money. While some people will align themselves with the argument that happiness depends not on money, others will argue that money attracts satisfaction and thus brings happiness. Irrespective of the argument one may front, money can indeed buy happiness as it reduces stress, enables control, and enables spending on others.      

Money can help one reduce or relieve intense stress. In a study investigating the relationship between stress and income, it was found out that regardless of their income, the participants experienced distressing circumstances and/or events almost in a similar manner (Blanding, 2022). The number of frustrations they underwent on a daily basis was similar. However, “those with higher incomes experienced less negative intensity from those events” (Blanding, 2022). The implication here is that the higher the income, the lower the intensity of stress one may undergo regardless of the circumstances. With reduced stress, one is likely to experience happiness as they do not have to develop negative thoughts which might plunge them into depression. It follows that with more money, it is possible that one may actually avoid being unhappy. They may spend their money in dealing with whatever stressing situation they may be experiencing and hence reduce the negative impact of the situation.

In close connection with the foregoing is that money enables one to exercise greater control over their life. One can actually largely determine the direction their life takes by spending large amounts of money. They can access more leisure time, fulfilling work, better nutrition and healthcare, and homes in neighborhoods that are friendly and safer (Gervais, 2015). As noted by Brooks (2022), satisfaction of human wants forms part of what one needs in order for them to lead a happy and fulfilling life. Therefore, when one can afford virtually everything they need for a comfortable life, there is no reason why they should be unhappy. They know they have control of what they will eat in their next meal. In the same breadth, they know they can determine the outcomes of happenings in their life. They are in full control of their life and are therefore very happy.

Money also makes it possible for a person to attain happiness by spending on other people. A research study revealed that participants recorded higher happiness levels upon donating their annual bonus to charitable organizations or spending it on other people than using it on themselves (Gervais, 2015). This was the outcome irrespective of the bonus amount. One explanation to this finding was that giving to other people, or lending a helping hand, makes human beings develop a good feeling about themselves (Clements, 2018). However, it is common knowledge that one cannot give if they do not have. In most cases, they have to have enough for themselves first before they can consider giving. The implication here is that in order to enjoy the happiness that comes with giving, one has to have a higher income or a substantial amount of money. It is a clear case of how one can buy happiness using money.

Some people may front the argument that people need family and friends more than they need money for happiness. To some extent, this may be true as people often turn to family and friends for various kinds of help (Blanding, 2022). It is however also true that in the world of today, one can only offer meaningful help to a friend or family member in need of help mostly if they have good income. On the same note, one may not easily ask for help if they are in a position to afford most of the things they need. This means they can be happy even without depending so much on their family and friends. This argument is in line with the finding that the higher the household income, the higher the happiness and life satisfaction one enjoys, even for those earning more than $75,000 (Hazell & Plant, 2021). People with such income are less likely to find themselves in compelling situations that require calling for help from outside.        

Money can buy happiness because with it, one experiences less stress, exercises control over their life, and can easily spend on other people. Less stress attracts more happiness as it ensures that one can avoid being sad because of distressing situations. Control over one’s life gives them immense satisfaction as they can determine the quality of their life. Being able to help other people in terms of money makes one feel good about oneself. Those with high incomes do not even need family and friends that much because they can respond to almost all that they need in good time. Therefore, it is not true that money cannot buy happiness, and people should strive to find better income generating activities so they may enjoy the happiness that accompanies being in possession of large amounts of money.   

Blanding, M. (2022). “More proof that money can buy happiness (or a life with less stress)”. Harvard Business School . Retrieved February 20, 2022 from https://hbswk.hbs.edu/item/more-proof-that-money-can-buy-happiness    

Brooks, A. C. (2022). From strength to strength: finding success, happiness, and deep purpose in the second half of life . East Rutherford, NJ: Penguin Publishing Group.

Clements, J. (2018). From here to financial happiness: enrich your life in just 77 days . Hoboken, NJ: John Wiley & Sons.

Gervais, S. (2015). “Three psychological principles to consider before you make your next purchase”. College of Arts and Sciences . Retrieved February 20, 2022 from https://psychology.unl.edu/can-money-buy-happiness     

Hazell, J., & Plant, M. (2021). “Can money buy happiness? A review of new data”. Giving What We Can . Retrieved February 20, 2022 from https://www.givingwhatwecan.org/post/2021/06/can-money-buy-happiness-a-review-of-new-data/    

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Money can buy happiness: Here's how much you need and how to spend it, according to a financial therapist

• Money can buy happiness up to a point — studies indicate emotional well-being rises with income up to about $75,000.
• Researchers have also found that experiences make people happier because they enhance social relationships and are a bigger part of one's identity.
• Spending money on experiences or items that align with your values can increase your potential for happiness.
• This article was  medically reviewed  by  Alisa Ruby Bash , PsyD, LMFT, in Malibu, California. 

You know the phrase: money can't buy happiness. It turns out, that's not entirely true. Money can buy a certain degree of life satisfaction, depending on how much wealth you have and how you spend it. 

Research shows that emotional well-being rises along with income, up to a point. A 2010 study looked at surveys of 450,000 Americans and found that participants with higher incomes reported higher emotional well-being, up to an annual income of $75,000. After that, it drops off. 

Beyond simply having money, here's why being able to meet your basic needs, enjoying life experiences, and having social ties are also important factors for satisfaction and happiness in life.

Basic Needs

Lindsay Bryan-Podvin, LMSW , a financial therapist and author of "The Financial Anxiety Solution" says an annual income of $75,000 may not be the threshold for everyone. Being able to meet basic needs like food, housing, and healthcare are top priorities.  Then, the amount of satisfaction derived from income varies depending on factors like the cost of living in your area and your personal interests.

"The data is pretty clear that when we can financially take care of ourselves, our mental health is better," says Bryan-Podvin. "It's stressful to be on the grind all the time."

In fact, according to the CDC , adults living below the poverty level were three to four times more likely to have depression than adults living at or above the poverty level. 

The ability to meet basic needs without working multiple jobs also means you are more likely to have time for your friends and family, which is important for happiness. A Harvard study , which started in 1938 and tracked hundreds of men for nearly 80 years, collected data on both physical and mental well-being. The researchers found that close relationships, more than money or fame, keep people happy throughout their lives. 

Experience vs materials

Once you cover basic needs, whether money buys happiness may depend on what you spend it on, says Bryan-Podvin. 

There is a common theory that spending money on experiences will make you happier than spending money on material objects. Some studies back this up. A 2014 review found that experiences make people happier because they enhance social relationships, are a bigger part of one's identity, and are less likely to be compared to other people's experiences. 

A poll of more than 2,000 millennials in 2014 found that 78% prefer spending money on experiences or events compared to a material object. It's not just millennials. The same poll found that consumer spending on experience and events is up 70% since 1987. 

For some people, though, it may be buying a tangible item that brings the most happiness. "What research shows is if we have a very strong affinity for something, then we do get a lot of happiness out of buying that thing," says Bryan-Podvin, who gives the example of someone passionate about cars. 

When money doesn't buy happiness

One reason more money doesn't always equal more happiness is a tendency for what Bryan-Podvin calls "lifestyle creep." Meaning that when you are making more money, your expenses often go up.

For instance, you may end up spending money on things like a country club membership or dinners at more expensive restaurants. If this is happening, you may not feel like you don't have enough money even though you are making a substantial salary.  

Happiness also depends on how much you have to work to make that money. "You might be pulling in $300,000, which sounds great in theory, but if you are working 80 hours a week and can't enjoy the money you are earning, then what is the point?" says Bryan-Podvin. 

Bottom line

How much money a person needs to be happy varies. Happiness may depend on how much money is required to cover your own basic needs and what brings you joy personally.

For one person, that might be season tickets to the Yankees. For someone else, it might be a massage once a month or a new pair of running shoes. 

Ultimately, money can increase the potential for life satisfaction, depending on how you spend it. If you spend money on experiences or items that align with your values, you will increase your happiness, says Bryan-Podvin.

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Argumentative Essay about Money and Happiness

A common assumption in the media and everywhere else is that being rich means that one is happy. The debate on money and happiness has been going on for a while. There is a belief that the more money one has, the more comfortable he/she becomes. With money, one can buy the basic needs. Though money can satisfy our physical needs, we need to understand that happiness is not material. Instead, satisfaction is a more profound natural feeling that comes out of a person and is not necessarily dependent on money. What we need to understand, therefore, is that money does not bring happiness as many people would imagine.

For long, people have not understood that money can only help a person in making individual choices. Having large amounts of money does not necessarily lead to happiness. The belief that being rich is having a lot of money is often misconstrued (Badiou 75). Given a chance, it is evident that most people are likely to choose riches. However, we should ask ourselves if money can make others to love us. The desire of human beings is the need to love and be loved in return. It is the feeling that we possess that should be of importance compared to the financial status of an individual. Regardless of the amount of money that one possesses, happiness cannot be bought. Cases of pretense to get monetary gains from other people have been on the rise. People have shown superficial love to others to satisfy their selfish interest. In most cases, relationships of this kind do not end up in the best way. Therefore, the perception that riches bring happiness in a relationship should not be taken seriously.

Riches cannot be considered to be a source of happiness. Riches can enable a person to have access to more resources and luxuries in life. However, the excitement that is brought about by monetary gains temporary. In some instances, you might find people with riches indulging in precarious activities as a way of self-fulfillment. It explains that wealth only helps us to focus on wants instead of needs. Happiness is one of the requirements in n life which can only be fulfilled if one has peace of mind (Badiou 90). The misconception we have that money is the source of happiness ought to change if we are to experience the real meaning of happiness. Contrary to the popular belief that money can offer us happiness, the contrary has proven to be true. People with less money do not have many luxuries in life as rich.

In relationships, riches cannot guarantee a person the happiness they need. It is the personality of a person that matters. A person may be wealthy, but if his/her character is terrible, people may not want to be associated with them. A person with a better personality is likely to attract friends or lovers, who can, in turn, offer them the gratification that they may need thus leading to happiness. People with evil personalities, on the other hand, are likely to be shunned by other people. Few individuals can wish to be around a person with a lousy personality. Even when the person has money, the few friends who hang around them are likely to be there because of money.

Similar sentiments are evident when it comes to love (Pischke 120). Money cannot buy happiness or make people love you. Buying the feelings of another person is impossible. It is not strange to married people who do not love each other. They might be in the marriage because of monetary gains. In most cases, these marriages are likely to end up in catastrophe. In many relationships, it is the valuable time that a person spends with his/ her family that brings about happiness. Money can be a fuelling factor in the strengthening of a relationship but it ought not to be seen as the source of happiness. In all situations, the family has to be put in the front. The time an individual spends with his/her family is crucial I comparison to the amount of money that a person has. Though rich people think that money is a source of happiness, this notion is often misconstrued. For instance, a person can use the money to buy gifts and other presents for another but what matters in a relationship is the time and affection that people share. It is the time spent together in a relationship that gives people a sense of identity and selfhood.

Money is crucial since it enables people to cater for their primary needs. However, money should not form the basic underlying principle for our source of happiness. It is the reason why I believe that contrary to the belief by many people that money brings joy, happiness is not long lasting and can only be for a temporary period (Burke 100). Until we realize that money is just a source of temporary happiness, then we are likely to suffer heartbreaks. True happiness can only come from within a person. People who idolize money are likely to be frustrated in the long run. They are likely to focus more on looking for money and forget that their loved ones expect to be shown love. Money can be a cause of stress and frustrations in any relationship. People who have money often think that their money can buy them any form of happiness. However, in most cases, they end up with frustrations especially when they are rejected. Instead of using the money to gain happiness in a relationship, a person can try to adopt other means. For instance, developing hobbies that bring fun and relaxation can be a way of bringing happiness.

We often torture ourselves looking for happiness in the wrong places, yet there are better ways of creating our happiness. For instance, having time to relax is the best solution for a healthy life. We ought to learn therefore that though money is necessary, it should not be the definition of happiness in our lives. Wealthy people put emphasis more on their luxuries compared to the attention they give to their necessities. However, this perception ought to change since material things are likely to fade off over time. People also tend to look for other things that can get them occupied. In life, we should focus more on better ways of gaining happiness which is a primary need for every person.

Money has also been associated more with misery more than bringing happiness. While searching for more money, people are likely to compete against each other (Burke 150). As a result, they may end up looking for options of making more money and lose interest in the things that satisfy them. When a person is focused on searching for money he/she rarely finds time to do other things that can make them happy. It is because they usually spend all their time working and rarely have time to relax. Good health symbolizes happiness. However, most of us think that having more money is a guarantee that one can cover their health schemes. Though money can cater to good medical covers and pay for proper medical services, it is not a guarantee of happiness and good health for an individual.

It is clear that even if a person has money, the money cannot be a cure for certain terminal illnesses. Health is more important than money. One might have a lot of money, but if he or she is not healthy, then happiness remains an illusion. Therefore, good health is better than having lots of money in the banks. It is high time that people realize that money is not a source of happiness and look for other ways of finding happiness.

It is essential to notice that money can only contribute to the happiness of meeting the basic needs. A person’s level of income does not directly determine his/ her level of happiness. It is the way that the individual can channel the earnings to purposes that can probably bring satisfaction and happiness. People who have a lot of money have been known to get their comfort and happiness by giving to charity. There are satisfaction and gratuity in the act of giving. Having vast amounts of money does not guarantee happiness, but it is the deeds of an individual that matter.

Findings have shown that having large quantities of money does not guarantee happiness. Having vast social networks can be a better source of satisfaction. Strong social networks are likely to develop mutual affection among people compared to what money can do (Berk 78). Earning a lot of money can be significant. Equally essential however is having people who care and whose company one can enjoy. The satisfaction that is brought through bonding has longer lasting effects than what money can do for a person.

There have been cases of people who have a lot of money but lack happiness. When searching for money, most of us forget that we have people who love and care for us. The focus is normally on how to gain more money which in the end makes people to even lose their families. In some instances, rich people have committed suicide after missing people who are ready to bond with them (Burke 85). It is therefore important to realize that even though money is an essential part of our lives, it cannot give us all the satisfaction and happiness that we need.

Works Cited Badiou, Alain et al. Happiness. Bloomsbury Academic, 2019. Burke, Elaine A. “What is the Key to Happiness? Love or Money?” Psyccritiques, vol. 59, no. 25, 2014. Portico, doi: 10.1037/a0037105. Berk, Kiki. “Does Money Make Us Happy? The Prospects and Problems of Happiness Research in Economics”. Journal of Happiness Studies, vol. 19, no. 4, 2017, pp. 1241-1245. Springer Nature, doi: 10.1007/s10902-017-9857-y. Pischke, Jörn-Steffen. Money and Happiness. National Bureau of Economic Research, 2011.

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Home — Essay Samples — Life — Love — Money Can’t Buy Love or Happiness

Money Can't Buy Love Or Happiness

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Published: Aug 31, 2023

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Speech on Money Can’T Buy Happiness

You’ve probably heard the saying “money can’t buy happiness.” It’s a concept that stirs up quite a debate. Many argue that money, to a certain extent, does influence our well-being, while others insist that joy comes from more profound sources.

Let’s explore this idea together. Is it possible that the richest people are the happiest? Or, does real contentment lie somewhere beyond the reach of dollar bills?

1-minute Speech on Money Can’T Buy Happiness

Ladies and Gentlemen,

Let’s talk about something we all know, but sometimes forget – money can’t buy happiness. True, money can buy things we like – toys for kids, a nice car, a big house. But do these things make us truly happy?

Think about it. The richest person in the world can have everything money can buy but still feel lonely or sad. That’s because happiness isn’t something you can just buy from a store. It comes from inside us. It comes from spending time with our families and friends, from helping others, from doing things we love.

Now, let’s consider our friends. We don’t choose them because they have a lot of money, right? We choose friends because they make us laugh, they understand us, they support us when we’re down. This shows that what makes us happy isn’t money, but love and friendship.

Also, think about the best moments in your life. Maybe it was when you scored a goal in a football game, or when you first rode a bike without training wheels. None of these moments required money. They were about achievement, about overcoming challenges, about the joy of living. That’s what real happiness is about.

In the end, remember this – money is useful, it helps us live comfortably. But it’s not the most important thing. Love, friendship, kindness, joy – these are the things that truly make us happy. And the best part is, they don’t cost a thing.

2-minute Speech on Money Can’T Buy Happiness

Let’s talk about happiness and money. It’s true, money is important. We need it to pay for food, clothes, and a safe place to live. But does more money mean more happiness? Many people think so. But this is not the full truth.

Imagine having all the money in the world. You can buy any car, any house, any gadget you want. But will these things make you truly happy? The answer is no. What’s the use of a big house if it’s empty? What’s the use of a fancy car if you’re alone? These things can’t laugh with you, can’t comfort you when you’re sad. True happiness comes from love, friendship, and family. These are things that money can’t buy.

Also, think about the most beautiful moments in your life. Maybe it was the time you played in the rain, or the day you learned to ride a bike, or the moment when your friend shared his lunch with you. They were simple moments. But they made you happy. They didn’t cost a thing. This is because happiness is about experience, not material things.

Now, let’s take a look at people who chase money all their lives. They work hard, often forgetting to eat and sleep. They miss their children’s first steps, their spouse’s birthdays. They don’t have time for friends. In the end, they have lots of money. But they are not happy. Because they missed out on the real joys of life.

Of course, money is not bad. It helps us live a comfortable life. But it’s not the most important thing. Health, love, and time are more precious. They can’t be bought. So, instead of chasing money, we should chase these things. We should live each moment fully. We should love deeply. We should take care of our health. Then, we will be truly happy.

In conclusion, money can’t buy happiness. It can buy comfort, but not joy. It can buy things, but not memories. It can buy a house, but not a home. So, let’s focus on what’s truly important. Let’s appreciate the simple things in life. Let’s cherish love and friendship. Let’s make beautiful memories. Because these are the things that bring true happiness.

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