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More Money, More Happy?

By Marcus Santer

The Saturday Quote:

“What’s surprising about money is once you have a pretty small amount of it, more money stops making you much more happy. So the difference between making $5,000 a year and $50,000 is really quite dramatic in terms of happiness. But the difference between $50,000 and $500,000 isn’t nearly as big.”
Daniel Gilbert – Harvard University

Seems I might have ruffled a few feathers yesterday when I wrote:

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Because despite what the wishful thinking, unicorn loving new-age folk might tell you – the size of someone’s bank account is definitely linked to their happiness.

Up to a certain amount.

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Hopefully the Daniel Gilbert quote above clears this up.

Whilst finding the research for this months ZEN+ Journal on happiness, I found a study done back in 2013 that reported:

If you’re on the “average” wage of £26,000 you have enough funds to comfortably cover your bills and have extra for a rainy day or a for a nice holiday, spending money etc.

Any extra money will not bring added happiness.

But…

If you’re in modern poverty, i.e. below the average wage, then your life is dominated with the worries of:

In this situation extra money will reduce worry and stress.

So clearly more money can make you more happy.

But only up to a point.

And that’ the message I put across yesterday, but you might have missed it because I didn’t include the numbers.

Though the watershed number for the amount of money that stops making people happier varies from study to study.

For example economist Angus Deaton and psychologist Daniel Kahneman, who has won the Nobel Prize for Economics, analysed the responses of 450,000 Americans polled by Gallup and Healthways.

They come up with the number $75,000

It’s an interesting study and you can read it here: Do we need $75,000 a year to be happy?

Now if you still choose to believe that money isn’t linked to happiness… That’s up to you.

You probably have enough of it.

Moving on.

In this months ZEN+ Journal I cover so much more than the link between money and happiness. Facts, figures, warts and all.

Interestingly, when it came to: How to be happier – The same 9 topics kept cropping up over and over again in my research.

You’ll find them all in April’s Journal.

Right, time for Louis morning walk and if I’m lucky I might just miss the rain.

Bye for now

Marcus

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