Thursday, April 18, 2024

Money Actually Can Buy Happiness And Here’s How Much It Costs

It’s debatable whether or not money can buy happiness. Or at least it used to be. A recent study just proved that it is, indeed, possible. And they even came up with an exact amount of what it would cost. And it’s not that much.

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Using a collection of survey responses from over 1.7 million people spanning 164 countries, researchers from Purdue University focused on the amount of income necessary to achieve both emotional well-being and overall life satisfaction.

Globally, we find that satiation occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being.

According to the research, the numbers shift based on country, since the dollar mount of living comfortably is not the same globally.

The study also revealed that in certain parts of the world, “incomes beyond satiation” are associated with lower life evaluations. That most likely happens when too much money creates stressors surrounding the need for material wealth, social comparisons and overspending.

“At this point they are asking themselves, ‘Overall, how am I doing?’ and ‘How do I compare to other people?’” said Andrew T. Jebb, the study’s lead author. “The small decline puts one’s level of well-being closer to individuals who make slightly lower incomes, perhaps due to the costs that come with the highest incomes. These findings speak to a broader issue of money and happiness across cultures. Money is only a part of what really makes us happy, and we’re learning more about the limits of money.”

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