Post Content Scientists have suggested that there is a point beyond which more money makes little or no difference to happiness. (Image for representation: Freepik)
‘Money can’t buy you happiness,’ a phrase we have all heard at some point or another. But is it really true? According to research, it is not quite that simple. In fact, according to research, money does make people happier, but only to a certain degree.
New research from the University of Bath has again gone to investigate the link between money and happiness, and has concluded that while money does play a role in happiness, it does not guarantee long-term happiness.
Why money makes us feel good
At a fundamental level, human happiness is directly related to survival. In fact, research has shown that the human brain is wired to reward us when we meet our fundamental survival needs. These include food, water, rest, and safety.
Money is a key component of that survival. In fact, money is a means to an end in satisfying these fundamental needs. And that is why the human brain associates money with a level of reward value. In simple terms, earning or receiving money can trigger a positive response because it signals security.
However, there is a limit to this. Just as food or sleep is satisfying only to a degree, so is the emotional response to reward.
The point where more money makes little or no difference
Scientists have suggested that there is a point beyond which more money makes little or no difference to happiness. This is especially true for people who feel financially secure and have the means to fulfill their needs.
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This is partly explained by the psychological phenomenon of habituation. This is where the brain becomes accustomed to routine things. A steady income, for example, is nice to have, but it is not particularly exciting. However, a windfall or surprise money is more satisfying, even if the amount is small.
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Research has also suggested that beyond the initial needs of survival and security, experiences play a bigger role in happiness.
Ideal income for happiness
The big question is, is there a definite amount of money that ensures happiness?
The answer to the question is simply no.
Different people have different expectations and styles of living. What might be ‘enough’ for one person might not be ‘enough’ for another.
But then there is also the aspect of culture. Research has shown that attitudes to money and happiness vary greatly across the globe.
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But then again, in the same setting, people have varying levels of comfort when it comes to money. Some people might feel comfortable with little money, while others might not feel comfortable despite having more.
Can there be such a thing as having too much money?
The irony of the situation is that sometimes money can actually work against happiness. This is especially true in the case of people who are paid for something they enjoy doing. This is the reason why sometimes people who turn their hobby into a job might not feel happy.
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And then there is the question of control. In the present world, money is usually invested in something or the other. This is usually out of our control. This is something that is affected by the outside world.
A more balanced view
While we often say “money can’t buy you happiness,” experts say that a more realistic view is “money can buy you the conditions for happiness.”
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While money is important for happiness, it is not a direct ticket to happiness. Once a certain level of money is attained, relationships and experiences are much more important. Ultimately, the impact of money on happiness is a personal thing.
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