But how true is this, exactly?
But sometimes I wondered:Am I just fooling myself?
Of course, money can’t replace thedeep joy and meaningwe find in relationships and experiences.
Verywell Mind / Getty Images
But there’s no denying that financial security feels pretty darn good.
Other factors like relationships, purpose, and personal growth have a more powerful impact.
But moneydoeshave some effect on happiness.
So, where does the idea that money can buyhappinesscome from?
She notes that poverty itself is associated with more stress and a higher risk formental health issues.
She stresses that this doesnt mean people with less financial means arent happy or cant be happy.
But it can be more challenging to feel happy compared to someone well-off.
Whitmire explains that modern consumer culture has a role in creating this idea.
Dr. Wijesekera notes that our own hard-wired tendencies help fuel these beliefs.
(Hint: it doesn’t).
The study found that happiness increases don’t plateau once you hit a certain income.
Instead, these benefits continue to grow, albeit at a slower pace.
That said, researchersdonote that money isnt the only factor contributing to happiness.
But try not to hinge your happiness on your bank account.
A boost in salary can make a big difference if you are struggling with basic needs.
But youre less likely to notice the extra income if you are already comfortable or doing well.
Our emotional health and well-being thrive onstrong relationshipsand social interactions.
What good are financial rewards if they’re overshadowing your relationships and experiences?
I know money solvesa lotof problems, but it can’t buy a sense of purpose and meaning.
Think of it like this: if your job is financially rewarding but emotionally draining,burnoutis inevitable.
you might’t appreciate all your hard work and reap the financial benefits if you’re emotionally and mentally exhausted.
And no amount of money can make your brain or body feel any less tired.
Financial stresscan leave you in a constant state offight or flight mode, she adds.
Not having to worry about money allows someone to think about their mental health.
They have time and an advantage to think about how they are feeling and doing.
In other words, not having to stress about money is what contributes to happiness the most.
One 2023 study, in particular, found a significant positive relationship betweensocial supportand increased happiness.
Interestingly, some research suggests that feeling a sense of purpose might be connected to financial success as well.
(Of course, earning more might also help make your work feel more meaningful, too).
Some experiences like hobbies, volunteer work, and engaging activities can help you find purpose.
Practice Gratitude
Gratitudecan be a powerful antidote to feelings of sadness and negativity.
Research has found that gratitude interventions such asgratitude journalingincrease positive moods, subjective happiness, and life satisfaction.
Mindfulness centers on being fully present and engaged in the present moment without worrying about the past or future.
Dr. Wijesekera recommends trying free apps or online videos to learn meditation techniques.
She also says that simple mindfulness exercises likedeep breathingandmindful walkingcan be beneficial.
She points to research on the Japanese practice of shinrin-yoku or forest bathing.
Visit local parks, hiking trails, or beaches, which are often free, she says.
Help Others
Anderson also recommends volunteering and finding ways to assist others in your life.
Volunteering your time or doing something kind for someone else can be incredibly rewarding, she says.
While evidence suggests that money increases happiness, it isnt the only thing that brings joy.
Plenty of things bring fulfillment to your life that doesnt involve boosting your financial bottom line.
Focusing on those areas can help you create a more fulfilling life, regardless of your finances.
Remember, happiness doesn’t come from a single source.
Takeaways
The answer to the question of whether money can buy happiness is, well, complicated.
Research shows that money can alleviate stress and improve life satisfaction.
But those benefits will start to taper off after a certain point.
A higher income level provides financial security and access to resources and opportunities but doesn’t guarantee enduring happiness.
Happiness isnt just about whats in your bank account.
Finding happiness is an ongoing process that involves many facets.
Instead, find a balance between your financial pursuits and relationships and experiences.
That, we say, is the best approach for unlocking lasting happiness.
Kahneman, D., & Deaton, A.
