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Science Has Spoken: Money Can Buy Happiness

You’ve probably heard the adage, “Money can’t buy happiness.” Well, this turns out to be false, at least that’s what science says.

Researches for the past decade have shown the correlation between money and happiness. Initial findings have confirmed, people with higher incomes are generally happier compared to their counterparts who have lower earnings. However, beyond receiving money and feeling happy about it, science have dug deeper to explore how money sparks happiness.

What research reveals is that having lots of money is not enough to completely ensure happiness. Surprisingly, it’s not how much you earn. It’s about how you spend the money earned.

Studies show that people who give to charity, people who donate, and people who are involved in helping others are much happier than people who simply buy material things. Another interesting fact to note is that people are much happier when they spend on experiences such as traveling or attending an event or going to a new place. Apparently, life experiences give people much more pleasure. More than the experience, such things give you memories that you can recall anytime and instantly make you happy.

Here’s the even more surprising part, despite this findings being widespread, most people still don’t opt to spend on life experiences and instead settle for buying material things for themselves.

The answer was surprisingly simple. People think that material things are more valuable because it supposedly lasts longer compared to the fleeting feeling of riding a hot air balloon, or climbing up the steps to Machu Picchu, or singing along with Beyonce in a concert, or swimming in a ball pit, or looking at the pyramids of Egypt.  

According to Professor Ryan Howell, associate professor of psychology at San Francisco University, the results above are because of the way people generally think. The more conscious they are of their money, the more they think that it’s not a good idea to splurge on vacations and other fun events. However, it turns out, people only regret the material things once they’re old. Many of them want to go back in time and spend it on life experiences instead.

Professor Howell says, “What we find is that there’s this huge misforecast. People think that experiences are only going to provide temporary happiness, but they actually provide both more happiness and more lasting value.”

So there you have it folks. Happiness can be bought for the affordable price of a good experience.

Created by : Samuel
Published : 09 Mar 2017

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