You’ve probably heard someone say that money can’t buy happiness. But is that really true? While some people will say they are happy despite not having money, most people secretly wish that they had more money. Answering this popular question means taking an in-depth look at human psychology and motivation.
Why do people want money?
The answer to this question is actually pretty simple. We live in a consumerist society in which the pursuit of “things” is fairly universal. We are taught from a young age to want the best car, the biggest home, the fanciest vacations and the nicest clothing. Society assigns status to people based on their ability to collect these “things.” As a result, people who are able to enjoy the status symbols of society typically find themselves with privileges that others only with they could enjoy.
According to a study by General Social Survey, there is a direct correlation between rising income and rising happiness. The study shown that the top 10 percent of earners in the United States report higher levels of happiness than those in the lowest 10 percent. These results are not surprising. People in the lowest percentile of earners typically suffer from food insecurity, inadequate healthcare and housing instability—all factors that leave them less than gleeful.
What about the people in the middle? While it makes sense that having all the money you want would cause happiness and struggling with nothing would cause unhappiness, what about the ones who are neither rich nor poor? Well, it seems that in the middle swath of the population, money can absolutely buy happiness.
Money buys time
People who have more money can buy more time in their lives than those who don’t. Consider household chores, for example. A family with high earnings can hire someone to clean their entire home every Saturday so that they can spend time doing things they enjoy. With extra money, people can hire others to care for their children and pets, maintain their homes and run their errands so they can devote their time to other pursuits. People without money often have to take on these tasks themselves, giving them less free time.
Money buys experiences
Money can buy experiences that make people happier overall. Money can buy a trip to Northern Alaska to experience the magic of the Aurora Borealis. Money can buy an escape from winter’s wrath to a sun soaked vacation in Cancun. Money can buy a ride in a hot air balloon, a trip to visit friends or grandparents. People who don’t have money often miss out on the experiences that money can buy.
Money buys health
There is a direct correlation between health and happiness. People who suffer from chronic pain or lack of access to healthcare report lower levels of happiness than those that don’t. Money can buy you medication to manage pain, regular checkups to stop issues before they start and confidence boosting medical procedures like tooth whitening, plastic surgery and orthodontics.
Does money buy happiness? While it may not be a guarantee of happiness, it can certainly buy you the things that make life more enjoyable.
