How much money does it take to make you happy?
The saying goes that money cannot buy happiness. Research proves that this is certainly incorrect. We are in an age where materialism is at an all time high, everybody is in superficial competition for the fastest, flashiest car, the designer handbag or the newest, most technologically advanced smart phone. Do these purchases alone awaken a deep and satisfied happiness and contentment with life? I doubt it. What I do know is that I am an absolute sucker for spending money and I most certainly never deny myself the flicker of pleasure as I enthusiastically tear open my ASOS parcel or swing my overfilled bag of Mac cosmetics out of the shop door. The question is where do we draw the line? When does money stop being a pleasurable asset to our lives and become a damaging source of unhappiness? Research has the answer.
A world poll organised by Gallup of 1.7 million people in 164 different countries concluded the magical salary to give us the best life satisfaction is 95,000 dollars. Researchers also found that when earning over 120,000 dollars annually the relationship between happiness and money drastically weakened, as those that earn high salaries often have stressful time consuming jobs. This leaves them little time to socialise or participate in leisure activities.
Variations were found across the globe, with Australian’s agreeing that a wage of 110,000 dollars would ensure complete life satisfaction. Statistics from Western Europe were similar at 100,000 dollars. Whilst populations in poorer developing communities such as in South East Asia opted for a lower value of 70,000 dollars.
Additionally, distinctions were found amongst men and women. With women requiring an additional 10,000 dollars on top of a man’s 90,000 dollars to lead a happy life. It has therefore been established that a healthy wage does in fact provide happiness but not in the way you might think.
Well how does money make you happy?
It is proven that being generous or by pro-social spending (giving money to others) we increase are well-being status and overall happiness more than if we were to spend money on ourselves. Experiments conducted by Harvard University proved that when subjects chose to spend the 20 pounds given to them on themselves their overall well-being was noticeably lower than those that decided to spend the 20 pounds on somebody else. Furthermore, science has proven that when charitable giving occurs, there is activation in a part of the brain that is associated with pleasure and consequently endorphins are released. Money also builds social relationships, it gives you opportunities to meet a variety of people through leisure activities or via work. The more positive social relationships the happier we feel.
Being within a financially stable household also decreases anxiety and depression and provides us with satisfaction and independence according to the U.K government. Increasing our over all well being and contentment with life.
How to spend your money strategically to make you happier.
There is a strong link between spending your money on life experiences such as holidays or day trips and overall happiness. Experiences create memories which are invaluable sources of contentment. Whilst materialistic purchases often get broken, become unfashionable or outdated. So, if you are treating yourself to something materialistic make sure it’s a small inexpensive buy opposed to a large costly gift as both presents are suggested to evoke the same amount of happiness. Moreover, always purchase the jumper you can wear everyday rather than the glamorous dress that you know you’ll only ever wear once. The success to happiness is all about small frequent uplifting moments within life.
So in short to attain life lasting happiness, don’t do the lottery anytime soon!
With thanks to Keisha
