Can money really buy happiness?
The old saying "money cannot buy happiness" is one people are told their entire lives. The science says money can provide happiness or improve well-being - to a certain extent. According to research from Purdue University, the ideal individual salary is $95,000, while $60,000 to $75,000 satisfies emotional well-being.
The research is representative of 1.7 million individuals from 164 countries around the world, with estimates based on purchasing power and life satisfaction. The study found once the threshold for ideal salary was reached, an increase in income actually decreased overall life satisfaction. This could be due to a number of factors, including an individuals view of money and their view of wealth in their lives.
A study from the University of California, Irvine, gives insight into the line between money and happiness. Out of a sample of 1,519 people who were asked about household income and questions measuring their emotions, researchers found income levels change how people experience happiness. Those who earned more, tend to experience more positive emotions focused on themselves, while those who earn less, tend to focus on their relationships and ability to connect with others.
"What seems to be the case is that your wealth predisposes you to different kinds of happiness," said lead author Paul Piff.
Ultimately, money's affect on an individuals emotional state comes down to their view of money. Doing something with your money that will make you happy is a component according to University of Zurich researchers.