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Why money can't buy happiness

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How to Buy Happiness: Michael Norton at TED Talk (Full Transcript)

• May 2, 2018 5:45 am October 12, 2023 4:11 am
• by Pangambam S

Here is the transcript and summary of Michael Norton’s TEDx Talk titled “How to Buy Happiness.”

TRANSCRIPT:

Michael Norton – Social science researcher

So I want to talk today about money and happiness, which are two things a lot of us spend a lot of our time thinking about, either trying to earn them or trying to increase them. And a lot of us resonate with this phrase, we see it in religions and self-help books: money can’t buy happiness . And I want to suggest today that, in fact, that’s wrong.

I’m at a business school, so that’s what we do. So that’s wrong, and in fact, if you think that, you’re just not spending it right. So instead of spending it the way you usually spend it, maybe if you spent it differently, that might work a little bit better.

Before I tell you the ways you can spend it that will make you happier, let’s think about the ways we usually spend it that don’t, in fact, make us happier. We had a little natural experiment. So CNN, a little while ago, wrote this interesting article on what happens to people when they win the lottery. It turns out people think when they win the lottery their lives will be amazing. This article’s about how their lives get ruined.

What happens when people win the lottery is , one, they spend all the money and go into debt; and two, all of their friends and everyone they’ve ever met find them and bug them for money. It ruins their social relationships, in fact. So they have more debt and worse friendships than they had before they won the lottery.

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7 Reasons Why Money Can’t Buy Happiness (with Examples)

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They say that money can’t buy happiness…

…or can it?

A recent study showed that money can buy happiness, but only a certain amount.  We can call this a baseline level of happiness.

The researchers concluded that the ideal income for individuals is $95,000 a year for life satisfaction and $60,000 to $75,000 a year for emotional well-being, with families with children needing more.

What happens after that level of income is reached?

The study went on to conclude that once that threshold is reached, further income is actually associated with reduced happiness.

What this means is that money is only a part of what makes us happy.  If we’re really unhappy to our core inner being, then there are limits to how happy money can make us.

So what are the reasons why money can’t buy happiness…or at least more happiness above that baseline threshold?

First of all, we need to take a step back.

What exactly is happiness anyway?

Is it a car, a house or a big screen TV?  Buying a new car feels great at first.  But months and years later, it’ll just be a car. The bright, shiny, newness eventually wears off and then you’re back to where you started.  Or you’ll want more.

We probably don’t need a dictionary definition of happiness, right?  It’s a feeling.  If someone asks you if you’re happy, you usually can give them an answer right away.  We often use “ happiness ” to describe a range of positive emotions, including joy, pride, contentment, and gratitude.

To me, happiness is contentment.  Content with what you do have in your life.  Not focused on the things that you don’t have. 

True, authentic, genuine happiness is about relationships, self-development and experiences.  Look at the proven ways to increase happiness.  How many of these involve buying material things? 

So let’s take a deeper look at the seven reasons why money can’t buy happiness.

Table of Contents

1. The Hedonic Treadmill.

The hedonic treadmill is the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes.  According to this theory, as a person makes more money, expectations and desires rise in tandem, which results in no permanent gain in happiness.

Think about the last time you made a major purchase.  What happened when you finally got that new car?  How long did your happiness last?  Not very long, right?

You may think that you will really be happy when you buy that shiny new car, but then your neighbor got a nicer one and now you want that one.  This is the power of adaptation. The new wears off quickly and we move on to wanting something else which we think is going to make us happier.

A classic study on this topic is titled Lottery Winners and Accident Victims: Is Happiness Relative?

The researchers wanted to see how people adapted to happiness.  What they found was fascinating.

They interviewed three groups of people: lottery winners, paralyzed accident victims and a control group.

Initially after winning a pile of money, the lottery winners had an increase in happiness.  Makes perfect sense.  And immediately after their accident, the victims were angry.  This also makes sense.

Here’s where it gets interesting: within ONLY two months, both groups had returned back to their average level of happiness.

That’s the hedonic treadmill – we all return to our baseline level of happiness, even when something awesome or tragic happens in our lives.  The 6 other tips below will give you even more insight on why money can’t buy happiness.

2. True Happiness Comes From The Inside . 

Maslow’s Hierarchy of Human Needs represents our human needs, with the ones at the bottom being most necessary, then building upon those. At the base is physiological (food, water, air, sleep), and at the top is self-actualization- realizing your full potential as a person.

Money can help you purchase the physiological and the safety levels of the hierarchy.  But as you move up the layers of the hierarchy, these are our human needs that money simply can’t buy: love/belonging, self-esteem and self-actualization. If you do try to buy them, they’re hollow and meaningless.

The bottom of the hierarchy supplies our external needs, which money can buy, then moves up to the intrinsic needs of the heart, mind and soul.  As you go up the hierarchy, the less money will help you.

3. Money Can’t Buy Authentic Relationships . 

At the end of the day, even wealthy people crave authentic human connections.  Time and time again, we see examples of the rich and famous being miserable.  They are not happy in their love lives, family lives and oftentimes, in their careers.

Think about your closest friends.  The ones you turn to when you’re going through a challenging time.  You might be sad, anxious or depressed.  A friend can make you smile or laugh.  They can turn your mood from gloomy to sunny.  Money doesn’t buy that.

Your relationship with your spouse also has an impact on your happiness.  We probably all have friends who are in joyous, thriving marriages even with lesser money in their bank accounts, while other marriages are filled with arguments, and a lack of love and trust despite millions in the bank.

Having a lot of money doesn’t mean you’ll have a lot of authentic, fulfilling relationships in your life.

4. Be Grateful For What You Do Have

Your attitude towards money counts.  It’s important to develop a healthy relationship with your money.  If you stick to the belief that money directly determines happiness, you can get stuck in a cycle of constantly wanting to accumulate more. More money, more stuff, but never feeling like it’s enough.  That goes back to the hedonic treadmill that we talked about in tip #1.

So how do you develop the right attitude towards money?  First, practice gratitude.  The benefits of gratitude are well documented. A five-minute daily gratitude practice can increase your long-term happiness.  The actual gratitude produced during those five minutes is small, but the emotions of gratitude felt during those five-minutes are enough to trigger a grateful mood.  Focus on what you do have in life, rather than complaining about what you don’t have.  When you focus on things like your relationships, health and overall life, you may realize you’re life is already “rich” enough.

Second, don’t make comparisons to others.  If you see someone else’s fancy car, it’s easy to want the same thing.  Don’t.  That will only put you in the mindset that you don’t have enough, or you aren’t good enough.  It can conjure up feelings of depression and jealousy.  Back to our gratitude tip, this is a good time to focus on what you already have.  Take some time to write handwritten notes and tell other people how awesome they are.  Or give back to your local community.

And finally, as you’ll see on our next tip, spend your time and energy on experiences instead of stuff.  Focus on connecting with your community, your friends and on nature.  Doing so will create memories that last a lifetime.

5. You’re Living In A Material World .

Many of us want to make more money so we can buy more material things.  Cars, bigger homes, stuff for our bigger homes, the latest iPhone or that Gucci handbag.  And while these things may make us happier for a few days, as we talked about in tip #1, this only leads to us wanting more.

What’s important here is how we spend our money.  Science now shows that it’s not about how much money you have, but how you spend it.  In fact, studies show a strong correlation between altruism and happiness. Donating can help you find the meaning in life.

But you don’t have to have large amounts of cash to make a difference.  You can just buy a cup of coffee for the person in line behind you.  Or sponsor a friend that is raising money for a charity.  Even buying a $10 gift card and surprising someone at work will make a difference in how you feel.

Spending money on experiences has been shown to increase happiness as well.  While buying more stuff will just add to the clutter in your life, and can get lost or broken, experiences create memories and connections that can last for a lifetime.  You can travel, learn a new musical instrument, or even take a cooking class.

6. It’s The Little Things In Life That Matter

What brings you joy? What brings a smile to your face? It’s different for each of us.  It may be going for a hike in the woods.  It might be the laugh of a baby or a hug or watching a butterfly.  It could be a friendly hello from the barista or sleeping in. 

Money doesn’t have anything to do with these.  However these are the little things in life that matter.  The things that bring us happiness.  Happiness is found in the smallest things.  The random act of kindness or small gestures.  Non material things.  They say kindness is free.  Sprinkle that stuff everywhere.  So go ahead – flash someone a smile, or compliment someone on their shoes – and see how you feel. 

7. Money Can’t Buy Time

It’s been said that time is our most precious commodity.  However, the #1 excuse why people aren’t doing more things that they love (hiking, spending time with friends, etc) or reaching a goal, such as a fitness goal, is a lack of time.  So what exactly is going on?  Well sometimes we get too caught up in either working hard to save a buck or working hard to earn a buck to realize what really matters – our time. We’re often focused more on getting more money than buying more time.

Research suggests that people with more money do not spend their time in more enjoyable ways on a day-to-day basis.  People with more money tend to spend their time on more stressful activities, such as working and commuting, instead of enjoyable activities.  

Those who are so focused with saving every penny don’t take the time to enjoy life. Rather than getting caught up on making or saving money, focus on making more time for yourself to enjoy doing activities and seeing people who make you happy.

In conclusion, once you have your basic needs met – food, water, shelter, clothing and the feeling of safety, then money won’t buy you happiness. It won’t help you increase your baseline happiness. 

It’s up to you to build meaningful relationships, live in an attitude of gratitude, enjoy the little things in life, and start spending your money on experiences and other people rather than material things.  These are the things that will help you live a more joyous life.

Finally, one proven way to improve your happiness and life satisfaction is to focus on goals that truly matter. To get started, check out this FREE printable worksheet and a step-by-step process that will help you set effective SMART goals .

Scott Colby is an adventure lover who has always created businesses around his passions. Although he has spent over a decade in the fitness industry, helping people create transformations, it was a trip to Guatemala that inspired him to create his latest brand – Say It With Gratitude .

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Can Money Buy You Happiness?

NPR/TED Staff

Michael Norton: Can Money Buy You Happiness?

More from this episode.

The Money Paradox

Part 5 of the TED Radio Hour episode The Money Paradox .

About Michael Norton's TEDTalk

Social scientist Michael Norton researches how money can buy happiness — when you don't spend it on yourself. The key is social spending that benefits not just you, but other people.

About Michael Norton

Michael Norton is an Associate Professor of Business Administration at the Harvard Business School. Prior to joining HBS, Professor Norton was a Fellow at the MIT Media Lab and MIT's Sloan School of Management.

His work has been published in a number of academic journals, including Science, The Journal of Personality and Social Psychology. His article "The IKEA Effect: When Labor Leads to Love" was featured in Harvard Business Review's Breakthrough Ideas for 2009.

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Money Can’t Buy Happiness Essay | Essay on Money can’t buy Happiness for Students and Children in English

February 14, 2024 by Veerendra

“Money Can’t Buy Happiness” Essay: The problem with the saying, “money can’t buy happiness” is that it’s only partly right. When we think of spending money typically, we tend to think about spending money on things – a new car, a new TV, the latest sound-cancelling headphones and so on.

However, as human beings with sophisticated minds, over time, we often adapt surprisingly well to new changes in our world.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

That new TV we have wanted for so long after a few months is just a TV to us as we have gotten used to the higher clarity, better audio, and the 4K resolution. That new game out in the market, which we will spend a lot of money on, will soon get boring and we will eventually stop playing it. People often equate money with happiness, but that may or may not be the case depending on the context and situation.

Below are given a few examples of long and short essays concerning the topic.

Long and Short Essays on Money Can’t Buy Happiness for Kids and Children

We have provided a few sample essays on the mentioned topic. There is one extended essay of 500 words; a short piece of 100-150 words; and ten lines on the subject of money not buying happiness.

Long Essay on Money Can’t Buy Happiness 500 Words in English

Such long essays are usually helpful for students in classes 7, 8, 9, and 10. They are asked to write these essays for assignments and exams.

We often think that our lives would be so much better off if we just had more money. For example, “that person in my class has the brand new Playstation. I wish my parents were that rich to buy me one.” or “That person has a nice looking Rolex. If only I had the money to buy one.” “If only I had the money to buy a new car.” Hence, the list goes on. But what we take for granted is that once we have enough money to buy that item, we get bored of it and desire something new.

Psychologists call this the “Hedonic Treadmill” – New things always become “old”, and they need to be replaced with newer items.

Another factor we’re not going to be happy with buying things is that we want to compare ourselves to those around us – our families, our friends, celebrities, advertisements, etc.

When we see some new advertisements on TV, we feel like we have to buy it as a celebrity endorses it. When we open social media, we see photos of our friends and relatives who have gone for vacations and trips, and we feel we need the money to go on a vacation to enjoy ourselves as that is the only way to spend time with family properly. But what we don’t realize is comparisons are often insidious and harming, especially if we see ourselves at the non-receiving end.

What we should keep in mind is money always begs for more money. Of course, the main aim of a modern lifestyle is to get a proper job and earn wealth, but making earning wealth the sole purpose of one’s existence is dangerous and harmful. One will never be happy and peaceful and will always yearn for more wealth. He/she will never be satisfied. No amount of wealth can be seen as “enough”. If one’s sole purpose is to accumulate wealth to spend on material goods, then he/she will never be satisfied with their life.

Greek Philosopher, Diogenes says, “He has the most who is most content with the least.” This means that when a person appreciates and knows the value of his earnings, and does not take it for granted, and takes care of it properly, he can be happier than the wealthiest person on Earth.

With this being said, there are ways in which you can utilize your money more happily and healthily; Instead of wasting money on material goods, spend your accumulated wealth on road trips and vacations, picnics, family outings, etc. Getting out of the house and getting the experience of the outside world will have a positive impact on your mental health. Visiting new locations, be it solo, with friends, or family will boost your morale as you visit new places and meet new people, giving you new experiences and will teach you how to use your money carefully. If you have enough money to spare, you should donate some money to charity to help those less unfortunate. Not only will you be doing a good deed, but acts of charity will also teach you to be empathetic towards others.

All in all, the bottom line then is whether money buys you happiness or not is entirely dependent on how you choose to spend it.

Short Essay on Money Can’t Buy Happiness 150 Words in English

Such short essays are usually helpful for students in classes 1,2,3,4,5, and 6. They are asked to write these essays for assignments and exams.

We often think to ourselves, “If only I had the money to buy the PlayStation.”.” If only I had the money to buy a new car”.

Of course, the main aim of a modern lifestyle is to get a proper job and earn wealth, but making earning wealth the sole purpose of one’s existence is dangerous and harmful. We started equating our success to the material things we own in comparison to others.

There is always the question of “Who has the latest iPhone?” If one’s sole purpose is to accumulate wealth to spend on material goods, then he/she will never be satisfied with their life. There will always be a desire for something newer once the “new” becomes “old” again.

10 Lines on Money Can’t Buy Happiness Essay in English

• Focussed on making as much wealth as possible, you may lose the time available at hand.
• Buying things for personal consumption may feel rewarding at first. But using that money for a cause other than personal gain will help in growing a positive personality.
• Money cannot buy authentic relationships like friendship, love, etc.
• Everything isn’t about money, it’s the little things in life that matter the most.
• Money cannot buy time, so use your time wisely.
• Money cannot fix broken relationships.
• Addiction to earning money can cause severe mental stress.
• Money can seem to be “never enough.”
• Materialism can become an unhealthy obsession.
• Money alone cannot buy peace of mind.

FAQ’s Money Can’t Buy Happiness Essay

Question 1. Can money buy happiness?

Answer: Whether or not money buys you, happiness depends on how you chose to spend it. Always hoarding money will cause more anxiety and mental stress. Spending money in healthy ways like, for a vacation, or charity, will help you establish a positive and healthy mind.

Question 2. How to be happy with less money?

Answer: Of course, money is a necessity, but life should not solely revolve around the material gains it brings. If one can refrain from spending money uselessly on material goods, he will be much happier.

Question 3. What is the best way to utilize money?

Answer: Refrain from too much materialism. Instead, spend some of that money on trips with friends/family, charities, etc., as they help you refresh your mind, and help to maintain good mental health.

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Essay on Money Can’t Buy Happiness

Students are often asked to write an essay on Money Can’t Buy Happiness in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Money Can’t Buy Happiness

The meaning of happiness.

Happiness is a feeling of joy that comes from within. It’s when we feel good about our lives and the people around us. It’s not something you can go to a store and buy like a toy or a candy bar.

Money’s Role

Money is useful. It helps us buy things we need like food and a home. It can also help us have fun, like when we buy a game or go on a trip. But these things only make us happy for a short time.

Riches and Smiles

Some rich people have lots of money but are not happy. They may feel lonely or worried. This shows us that even with all the money in the world, you can’t buy a happy heart.

Lasting Joy

True happiness comes from love, friendship, and good memories. These are things that money can’t buy. Doing kind things for others or spending time with family and friends makes us truly happy.

250 Words Essay on Money Can’t Buy Happiness

What is true happiness.

True happiness is a feeling of joy, contentment, and well-being that comes from within. It’s not something you can pick up from a store or order online. Happiness is about feeling good inside your heart and mind, not about how much stuff you have.

Money and Things

Money can buy a lot of things like toys, games, and candy. But these things only make us happy for a little while. After some time, new toys become old, and the excitement fades. The joy that comes from things you can touch and buy does not last forever.

Love and Friendship

Think about the times you laugh with your friends or get a hug from your family. These moments give you a warm feeling that stays with you much longer than the happiness you get from a new toy. Love and friendship are priceless, and you cannot buy them with money.

Helping Others

Have you ever helped someone and seen them smile because of what you did? This kind of joy comes from giving, not getting. When you help others, you feel good on the inside. You can’t put a price tag on the happiness that comes from being kind.

The Simple Things

Often, the best things in life are free. Playing outside, talking with friends, or reading a good story can make you very happy. These simple pleasures do not cost anything, yet they fill us with happiness.

500 Words Essay on Money Can’t Buy Happiness

The meaning of true happiness.

Many people think that having a lot of money means you will be happy. They believe that when you are rich, you can buy anything you want, and that will make you happy. But true happiness is not something you can buy with money. True happiness comes from love, good health, and being content with what you have.

Love and Relationships

Think about the times you feel the happiest. Is it when you get a new toy, or is it when you are playing with your friends? For most of us, being with our family and friends makes us feel good. Laughing, playing games, and sharing stories are moments that make us happy. These moments do not cost anything. Money cannot buy the love of your family or the fun times with your friends.

Health is Wealth

Contentment is key.

Contentment means being happy with what you have. It does not matter if you do not have the newest video game or the latest sneakers. Being thankful for what you have is a big part of being happy. If you always want more, you will never be happy. Even if you have a lot of money, you will always be looking for the next thing to buy. But if you are content, you can find joy in the simple things in life.

The Best Things in Life Are Free

Some of the best things in life do not cost any money at all. Watching the sunset, playing in the park, and reading a good book are things that can make you very happy. You do not need to spend money to enjoy these things. Nature, art, and imagination are always there for you to enjoy.

Money and Happiness

In conclusion, happiness is not something you can buy at a store. It comes from love, health, being content, and enjoying the simple things. Remember, the most precious moments in life are often the ones that money cannot buy. So, smile, play, and enjoy every day, and you will find that happiness is all around you.

If you’re looking for more, here are essays on other interesting topics:

Apart from these, you can look at all the essays by clicking here .

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Do you believe the idea that money can’t buy happiness? Think again. Research suggests that cash can improve well-being to a certain level. But, as Dee Marques finds out, essentially, it’s how you spend money that affects your levels of happiness. 

Money can't buy happiness . Just how many times have you heard that in your life? This old saying reflects the generally accepted belief that happiness is a mindset that cannot be changed by how much – or how little – money we have. But, sometimes, we may feel that that's not completely accurate and that money and happiness are  connected in some way. 

Indeed, at some point or another, we've all thought that we'd be better off with some extra cash in our pocket. When money’s tight, it's only natural to think that having a little more of it would make us feel better, less stressed about the future, and happier overall.  

•  INTERESTED IN SELF-GROWTH?  Sign-up for free courses in our happiness Academy   •

In fact, the link between mental health and financial problems is well documented. So, if that’s the case, why can’t money buy happiness? Let’s take a look at research findings surrounding this long-standing debate, and uncover the connection between money and happiness .  

Happiness and money: what does research say?  

On the other hand, financial well-being is one of the main factors contributing to quality of life and overall happiness, so the concept of financial wellness is definitely important when looking at why money can or can’t buy happiness.  

Financial wellness is defined as having enough money so that we don't have to worry about it or let it interfere with our relationships, health and future plans. So, it would seem that the answer to ‘can money buy happiness?’ is yes – at some level – as long as you have enough of it. But how much is enough, and can financial wellness be quantified?  

According to Nobel Prize winner and economist Angus Deaton, the benchmark can be established at $75,000 per year . In his research, Deaton found that below that amount, stress and negative emotions were reported more frequently.

“The link between mental health and financial problems is well documented, so if that’s the case, why can't money buy happiness?”

Of course, due to varying incomes around the world, that's not a fixed global figure, as it seems to vary from country to country . For example, studies have found that the amount needed for happiness was set much higher in Australia and New Zealand, but significantly lower in Latin America.  

Money can't buy happiness: a matter of priorities  

Although the exact ‘price of happiness’ varies, most studies trying to answer the question ‘can money buy happiness?’ agree on one thing: once our basic needs are meet, the positive effects of money become less important when weighed against the negative aspects.   Of course, having enough money can reduce financial anxiety, but researchers have also found that people don't feel happier once they earn over the threshold figure discussed.  

RELATED:  Economic hardship: the 3 things that make people happy when income is low  

Furthermore, often money can’t buy happiness because earning more of it often equates with greater job responsibilities and a lower work-life balance. This can mean working longer hours, having larger responsibilities, and more time in the office – all resulting in less quality time with family and friends .  

So, the important thing here we can learn here is to be aware of the fine line between having enough and overconsumption , which can never be satisfied, and eventually will make us unhappy.  

So, when can money buy happiness?  

Having more money than we need won't necessarily make us happier, but if we use it to do and experience meaningful things it might. Indeed, science shows that happiness is not about how much money you have, but about how you use it.  

An important part of finding balance between money and happiness entails using cash in a way that provides lasting satisfaction. For example, going on a shopping spree will only offer short-lived excitement, but investing in experiences can create the kind of memories – and joy – that last for ever.  

Here are three suggestions on when spending money can boost your well-being:

1.  Altruism and happiness

Studies show a strong connection between altruism and happiness. Some of the world's wealthiest people, like Bill Gates and Warren Buffett , donate most of their wealth because that action helps them to find meaning in life .

However, you don't need to be a billionaire to experience this: you can carry outs act of kindness that involve small amounts of cash every day, for example, buying a coffee for the person behind you in the queue, setting up a monthly direct debit to your preferred charity, or sponsoring a friend that is raising money for charity.

Likewise, being altruistic generally is a great thing for you: the benefits of kindness are huge and proven.  

2.  Investing in experiences

You can travel, take a cooking course, find a hobby you're passionate about, or simply be a tourist in your own town. Whatever brings joy to your heart, do it. In fact, it’s proven that a non-materialistic  approach to life is one step to boosting happiness levels.  

3. Buying yourself time

Use money to buy yourself extra time. This way, you'll have more time to do things that make you happy. If household chores take up too much of your time and if you can afford it, hire a cleaner. If doing your taxes or managing your company's finances takes you hours, let an accountant do it and free up your schedule for more enjoyable things. If you and your partner are always exhausted because of your children, spending a little on a babysitter once a week can buy you precious time to yourselves.

RELATED  Spending money: how to buy yourself a happier life

And you don’t have to be wealthy to benefit from any of these suggestions. A study of 6,000 people in several countries showed that those who spent money on time-saving tasks reported higher life satisfaction, regardless of their income bracket. The takeaway message is that spending money on things we enjoy contributes to our happiness, but also spending it to avoid things we dislike also works.  

Happiness and money: wealth affects our perception

The last thing to consider when examining the connection between well-being and income is that happiness means different things to different people, so it's important to think about what makes you happy.  

Studies show that happiness is a complex emotion that can be experienced as a result of other positive feelings. For example, according to a study , wealthy people tend to associate happiness with pride, a sense of achievement, and feeling accomplished. Conversely, less well-off people are more likely to experience happiness in connection with emotions like compassion and love.  

“Often money can’t buy happiness because earning more of it often equates with greater job responsibilities and a lower work-life balance.”

So, whatever happiness means to you, don't be afraid of making changes to find it, even if they seem scary at first. To some people, finding happiness meant quitting high-paying corporate jobs to follow their calling. To others, it may mean taking up a less demanding job or arranging to work from home a few days per week, even if that means earning less.  

Money can’t buy happiness: a quick recap  

To sum up, it seems clear that there's a connection between money and happiness and between happiness and income, but it's not always a cause-effect situation. Although money matters, it’s far from being the only factor contributing to happiness.  

Indeed, when trying to answer the question ‘why can't money buy happiness?’, it’s useful to rethink our perception of well-being, avoiding comparisons with others and trying to find out what happiness means to us at an individual level.  

Moreover, in our pursuit of happiness , it makes sense to focus on meeting our needs and creating a vault of experiences and memories, rather than a life full of material possessions, without forgetting to be appreciative and grateful for what we already have. So, it's clear that money can't buy happiness, except when you flash your cash in very specific ways. Happy spending! ● Main image: Dean Drobot/shutterstock.com

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Posted August 11, 2021

What did the Beatles sing? 🎵 Can't buy me love... 🎵 And the same goes for happiness.  

Money can help me to create a basis for myself that enables me to spend, donate or use money for sustainable things.  

I think that in our consumer world we have a responsibility to take care of those who live outside this world.  

And in that sense, money is important to enable happiness for others. So: Money can buy happiness when it's not in a selfish way...

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Posted December 30, 2020

Some good ideas here  ?  I still see so many people obsessed with material wealth and possessions and am totally dismayed by this. However, I think the moral that money doesn't buy happiness is something you can learn with time and experience, like I did.

I used to have a lavish lifestyle but decided to use money differently. I earn a lot less than what I used to but am so much happier. I spend any excess cash on travel (well, pre-COVID!), which opens my eyes to other cultures and brings me a lot of joy.

Like the article suggests, I'd agree that money can lead to happiness through altruistic acts. I have a great pal who is struggling to make ends meet and I just bought him a fridge as I could afford it at the moment. He was so pleased and it helps to firm up those friendship bonds further and also makes me feel good that I can help.  

Posted September 23, 2020

I believe too, that money can buy happiness, just in another sense. With money i can buy me time, to work on my proper wellbeing. So, i may be able to work less days and have those to do things, that make me feel better = happiness.

As well when it comes to little breakouts of the routines in life, to spend some days elsewhere, that’s easier with some money, but no need to be rich either.

If one struggles to pay the bills, school, doctors etc it definitely doesn’t help to feel happier and will cause loads of stress. But if all those costs are covered and maybe some more to save, i don’t believe that any money on top of that would help to be happier

Posted September 16, 2020

When I read "money can't buy happiness" something inside me went "OH, BUT IT CAN!" To me, money can buy happiness when it's not superficial happiness . What I mean by that is, I can go out on a shopping spree when I'm feeling low or bad about myself, thinking i'm making myself feel better but I'm simply filling a void and it's actually only a temporary feeling of elation.

However, when I'm walking past the Lidl and there's a person sitting outside asking for small change, and instead I offer to buy them a bag of groceries, then to me this is buying into happiness. Doing something nice for others is one of my favourite things and makes me feel happiest.

Money also buys happiness (in my opinion) when it's an experience you'll never forget, especially when it's shared with people you love. Thus, I have to agree with Dee and say that it's purely based on what our perception of happiness is and what it means to each of us individually.

Posted September 9, 2020

I definitely don't think that money can buy happiness per se, but interesting to see the examples listed above where it kind of does! It takes more than a big bank account to be happy, but not having to worry about money does makes life a lot easier as it takes away a big stress factor that would have a negative effect on our headspace and general wellbeing. Basically, money can't buy happiness but it could possibly make your life a lot easier! ?

Posted August 11, 2020

Reflecting on my own life money didn't buy  happiness . It wasn't the money's fault. It was my lack of peace of mind, gratitude, meaning, direction. Now I live with less, but I have a way better grip on my values. Of cause I am enormously privileged that I even have so much that I am in a position to reduce and still have enough to live and not worry...

I think  Ikigai  is a good word to use here. (I learned that word in the happiness magazine). 

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Happiness.com » Magazine » SCIENCE & PSYCHOLOGY » Money can’t buy happiness (except when you spend it like this)

BUSINESS OF LIFE

Ideas, Information & Inspiration

Reasons Why Money Can’t Buy Happiness

• ‘Money and Happiness,’ A Concept
• Why Money Can’t Buy Happiness
• Tips That Can Lead to Happiness

The Controversy

“Money Can’t Buy Happiness” is an adage that some people live by and others ignore. The saying means that true happiness comes from within, not from possessions that can be bought. Beyond the ability to pay your bills, happiness is a state of mind that is short-lived when you base it on physical objects and the numbers in an investment portfolio. To borrow a quote from the movie Forrest Gump , “There’s only so much money a man really needs, the rest is just for showing off.”

People suffering from poverty scoff at the concept that money can’t buy happiness. The American Psychological Association published an article about research conducted by Robert Kenny, EdD. Wealthy people he interviewed admitted they loved having a lot of money and understand they are fortunate, but sometimes having a lot of money means isolation, loss of friendships to get you through difficult times and struggling with the same parenting issues as everyone else. “If their kids have access to a lot of money, and therefore a lot of drugs, that hurts just as much as if they don’t have any money and their kids are doing drugs. It doesn’t save you from any of that.”

Can Money Buy Happiness?

To answer this question, look around your home at all the things you bought that excited you at the time but now may feel more like clutter. Do you ever look at those things and think, “I am so glad I bought that because now I am happy.” On the other hand, when you look at photos of trips you have taken, nature that inspired you, family and friends, and people who captured your heart in different ways, it probably fills you with a sense of joy. Material goods can’t compete with that.

Five Reasons Why Money Can’t Buy Happiness

Money and trinkets may provide temporary joy but not true happiness. Here are five reasons why happiness derived from money is not everlasting:

1. You Will Never Be Satisfied.

Once you allow money to become your source of happiness, you will never be satisfied. You will always want more because that shiny, new thing will become old and used one day. With technology introducing new products at lightning speed, there will always be a carrot dangling for you to reach for

2. Money Can't Buy True Friends.

Although it may seem like the wealthy are surrounded by an extensive and devoted entourage, oftentimes those “friends” tend to fade away if the money diminishes or someone more affluent and influential arrives on the scene.

3. Happiness is Doing What You Love.

Happiness comes from doing the things you love, not from your bank account balance. As for the passions that require money, such as travel and sporting adventures, budgeting and prioritizing will enable you to spend money on what is important to you. 

4. Money Can't Buy Time.

 Rather than wasting time to shop and buy, spend your time doing what you love to do.

5. Saving is Important, but Don't Forget to Enjoy Life.

 Experiencing and savoring special moments can fill your heart in a way that money cannot.

Money Does Buy Some Happiness

Of course, we still need to pay our bills and save for the future. Money buys peace of mind when we are able to live within our budget and save for the future. In the present, you will sleep better knowing you have some money in reserve in the event of an emergency. Looking into the future, you will be happy knowing you have built up enough of a nest egg to enable you to retire and live independently for as long as possible.

Money is necessary to invest in a business, but so is the passion that makes you happy. When you can identify what truly makes you happy and build your business around your passion, you increase the chances your business will be a success. As Marcus has said, “I’m a big believer that if you’re happy and your employees are happy, your customers are going to be happy. If you’re unhappy and your employees are unhappy, there’s no way your customers are going to be happy.”

Basic Necessities are Important

We often find ourselves saying, “I need this,” or “I need that.” With ads in our face all the time, telling us what we need, sometimes it is hard to distinguish between what we need and what we want. We need to pay for our housing, utilities, food, transportation and, of course, taxes. Just about everything else is nonessential. Make sure you have money for basic necessities. Reserve funds for things that fuel your passion, but think in the long term. The latest cell phone model and luxury car may tempt you, but think bigger than that. Start by understanding your true self and values.

Tips on How to Find Happiness Outside of Money

Here are a few ideas to discover happiness that does not require financial wealth:

1. Search for a Cause that Resonates with You.

This can be giving your time rather than a monetary donation. To identify such a cause, the Forbes Nonprofit Council encourages thinking about your values, what gives you a sense of fulfillment, what you want to impact, your skill set and what skills or experiences you want to gain.

2. Find Happiness Within Yourself and Where You are Today.

What are you grateful for? What investments would you like to deposit in your memory bank to build on for the rest of your life?

3. Avoid Comparing Yourself to Others, Known as the "Keeping Up with the Joneses" Mentality.

Appearances are deceiving. As mentioned earlier, wealth is not a sign of happiness.

4. If You Constantly Worry About Money, Take the Pressure Off Yourself by Maintaining a Budget that Makes You Comfortable with Where You Are Now.

Keep a record of your monthly expenses, and consider adjustments if the differential between your total monthly expense and net

What Does Happiness Mean to You?

The next time you see an ad for something you didn’t know you needed but now can’t imagine living without, take a deep breath, count to 10, and think about where your happiness really comes from. Call a friend, take a nature hike, or read a great novel. Then reconsider whether buying that item will really make you happy. If it does, by all means – go for it! But if it’s just a passing whim, you may want to save that money for a rainy day.

• Do you currently do anything to help you feel more empowered in your day to day life?
• What tips from above do you think will help you feel empowered the most?

Featured Content

Speech On Money [1,2,3 Minutes]

Do you know the richest man on the planet? I guess you do. But no one knows the poorest man on the planet. This is the power of money. Money is a means of running life effortlessly. Not only money makes your life easy but it also gets you recognition in society.

In this article, we shared some examples of speech on the money with a time duration of 1, 2 and 3 minutes for presenting in any speech competition. In this speech, you will get to know about the importance, advantages and disadvantages of money.

1 Minute Speech On Money

Hello and welcome all of you gathered here. I am here to present a speech on money.

We need a number of things to run our lives. These things have different natures. We can not store them at once for use because of a lot of factors. To tackle this problem, money was invented. We can store money without any conditions and use it to fulfil our needs in exchange for money.

Now it is very clear that money is a means for running life easily. People earn money to fulfil their daily needs and accumulate it for future use. But money has become an obsession for people. People want to accumulate money as much as they can.

The reason behind this is money represents power and strength in today’s world. Yes! money is essential in life. But giving too much attention to it can prevent you from balancing other aspects of life such as health, relationships etc. Hence, everyone needs to live life wisely. Thank you!

2-Minute Speech On Money

I warmly welcome all of you gathered here. I am here to deliver a speech on money. Before I start my speech, I would like to wish you a good day. Also, I want to thank you for having me this valuable opportunity.

Transactions are one of the most important aspects of human society. This is because we can not create or produce everything we need. Hence, we need to transact with others. In earlier times, people used to exchange articles with one another. This type of exchange is called the barter system.

The barter system was not so efficient. It was very difficult to find people who can mutually fulfil each other’s needs. Then, money was invented to tackle this problem. Money gave people to transact at an efficient level. Money was invented to solve a problem but nowadays money has become an obsession for people.

Different people have different beliefs about money. Some people believe money is a means to enjoy all happiness while others believe it to be the root cause of all evils.

Even if money is only a means for running life easily, people consider money superior to anything else. Everyone is obsessed with money. Some say money is everything. Everyone is rushing after accumulating more money without giving it a thought.

People forget about other aspects of life for the sake of earning more money. This is not a good way of living life. One needs to understand that life is all about balancing each aspect of life. If you do not pay attention to other aspects of life, you will end up messing up your life.

This is the reason behind the saying money can’t buy happiness . Anything in excess is not good and harms you in one way or another. Hence, It is very necessary to understand the right place for money in one’s life.

This is all I wanted to say about money. I hope it was helpful. Thank you!

3-Minute Speech On Money Can’t Buy You Happiness

“ Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one “. This is one of my favourite quotes about money which was written by Benjamin Franklin, an American polymath, who had written tons of books.

Good morning! All of you. Before heading ahead to my speech on Money, I would like to wish you all the best wishes and also want to pay thanks for having me this valuable opportunity.

But wait! Is it worth earning money if it can’t buy you happiness ? No doubt, money can buy you everything that is helpful to bring happiness in life. Nevertheless creating happiness in life is an art. If you don’t know this art, money can’t help you enough.

Let me tell you an interesting fact. A study was conducted on two groups of people. One of them gave more importance to money and the other group gave more importance to relationships. The second group was happier. Hence, according to this study, happiness is more related to how your relationships are .

I Reiterate, money can help you bring happiness but only money is not enough. First of all, one needs to understand the right place for money in life. Money is a means just like fuel in the vehicle. The vehicle is useless without fuel but when you are concerned only about fuel, your journey will become lifeless.

Furthermore, one should learn the art of money management which explains many lessons such as:

• How to spend money wisely: Spending money is an imperative task and it needs attention. Most people spend money on unnecessary things. This way, they waste money.
• How to cover your future risks: The accumulation of money is done for fighting future needs and risks. But is also done through various other means such as insurance.
• How to grow your money : Instead of earning more money, one must learn how to grow his money. Many people grow their money intelligently by investing in various instruments such as real estate, stocks etc.
• How to save money: If you don’t know how to save money, all the money on the planet is less for you. In fact, a penny saved is a penny earned.

To sum it up, People forget about other aspects of life for the sake of earning more money. This is not a good way of living life. One needs to understand that life is all about balancing each aspect of life. If you do not pay attention to other aspects of life, you will end up messing up your life. And then you will say, “money can’t buy you happiness”. Thank you! I hope you liked my thoughts.

Other Speeches

• Importance Of Time Management Speech [1,2,3 Minutes]
• Speech On Ethics And Etiquette [1,2,3 Minutes]
• Speech About Mahatma Gandhi Jayanti 2023
• 1 Minute Speech On Health Is Wealth
• 2 Minute Speech On Child Labour
• 1 Minute Speech On Child Labour
• Speech On Nature [ 1-2 minutes ]
• 2 Minute Speech on Importance Of Education
• 1 Minute Speech on Pollution
• 2 Minute Speech on Population Explosion

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A business journal from the Wharton School of the University of Pennsylvania

Does Money Buy Happiness? Here’s What the Research Says

March 28, 2023 • 5 min read.

Reconciling previously contradictory results, researchers from Wharton and Princeton find a steady association between larger incomes and greater happiness for most people but a rise and plateau for an unhappy minority.

• Finance & Accounting

The following article was originally published on Penn Today .

Does money buy happiness? Though it seems like a straightforward question, research had previously returned contradictory findings, leaving uncertainty about its answer.

Foundational work published in 2010 from Princeton University’s  Daniel Kahneman  and Angus Deaton had found that day-to-day happiness rose as annual income increased, but above $75,000 it leveled off and happiness plateaued. In contrast, work published in 2021 from the University of Pennsylvania’s  Matthew Killingsworth  found that happiness rose steadily with income well beyond $75,000, without evidence of a plateau.

To reconcile the differences, Kahneman and Killingsworth paired up in what’s known as an adversarial collaboration, joining forces with Penn Integrates Knowledge  University Professor  Barbara Mellers  as arbiter. In a new  Proceedings of the National Academy of Sciences  paper , the trio shows that, on average, larger incomes are associated with ever-increasing levels of happiness. Zoom in, however, and the relationship becomes more complex, revealing that within that overall trend, an unhappy cohort in each income group shows a sharp rise in happiness up to $100,000 annually and then plateaus.

“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” says Killingsworth, a senior fellow at Wharton and lead paper author. “The exception is people who are financially well-off but unhappy. For instance, if you’re rich and miserable, more money won’t help. For everyone else, more money was associated with higher happiness to somewhat varying degrees.”

Mellers digs into this last notion, noting that emotional well-being and income aren’t connected by a single relationship. “The function differs for people with different levels of emotional well-being,” she says. Specifically, for the least happy group, happiness rises with income until $100,000, then shows no further increase as income grows. For those in the middle range of emotional well-being, happiness increases linearly with income, and for the happiest group the association actually accelerates above $100,000.

Joining Forces to Ask: “Does Money Buy Happiness?”

The researchers began this combined effort recognizing that their previous work had drawn different conclusions. Kahneman’s 2010 study showed a flattening pattern where Killingsworth’s 2021 study did not. As its name suggests, an adversarial collaboration of this type — a notion originated by Kahneman — aims to solve scientific disputes or disagreements by bringing together the differing parties, along with a third-party mediator.

Killingsworth, Kahneman, and Mellers focused on a new hypothesis that both a happy majority and an unhappy minority exist. For the former, they surmised, happiness keeps rising as more money comes in; the latter’s happiness improves as income rises but only up to a certain income threshold, after which it progresses no further.

To test this new hypothesis, they looked for the flattening pattern in data from Killingworth’s study, which he had collected through an app he created called Track Your Happiness. Several times a day, the app pings participants at random moments, asking a variety of questions including how they feel on a scale from “very good” to “very bad.” Taking an average of the person’s happiness and income, Killingsworth draws conclusions about how the two variables are linked.

A breakthrough in the new partnership came early on when the researchers realized that the 2010 data, which had revealed the happiness plateau, had actually been measuring unhappiness in particular rather than happiness in general.

“It’s easiest to understand with an example,” Killingsworth says. Imagine a cognitive test for dementia that most healthy people pass easily. While such a test could detect the presence and severity of cognitive dysfunction, it wouldn’t reveal much about general intelligence since most healthy people would receive the same perfect score.

“In the same way, the 2010 data showing a plateau in happiness had mostly perfect scores, so it tells us about the trend in the unhappy end of the happiness distribution, rather than the trend of happiness in general. Once you recognize that, the two seemingly contradictory findings aren’t necessarily incompatible,” Killingsworth says. “And what we found bore out that possibility in an incredibly beautiful way. When we looked at the happiness trend for unhappy people in the 2021 data, we found exactly the same pattern as was found in 2010; happiness rises relatively steeply with income and then plateaus.”

“The two findings that seemed utterly contradictory actually result from data that are amazingly consistent,” he says.

Does It Matter Whether Money Can Buy Happiness?

Drawing these conclusions would have been challenging had the two research teams not come together, says Mellers, who suggests there’s no better way than adversarial collaborations to resolve scientific conflict.

“This kind of collaboration requires far greater self-discipline and precision in thought than the standard procedure,” she says. “Collaborating with an adversary — or even a non-adversary — is not easy, but both parties are likelier to recognize the limits of their claims.” Indeed, that’s what happened, leading to a better understanding of the relationship between money and happiness.

And these findings have real-world implications, according to Killingsworth. For one, they could inform thinking about tax rates or how to compensate employees. And, of course, they matter to individuals as they navigate career choices or weigh a larger income against other priorities in life, Killingsworth says.

However, he adds that for emotional well-being money isn’t the be all end all. “Money is just one of the many determinants of happiness,” he says. “Money is not the secret to happiness, but it can probably help a bit.”

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Money can’t buy happiness – Proverb Meaning and Expansion of idea

The proverb ‘Money can’t buy happiness’ states that money can be used to obtain materials and physical possessions, but the very important emotion, ‘happiness’ cannot be bought by it. You can pay for your car, house, fridge, electricity, and thousands of other things, but there is no shop in the entire world, that sells happiness. No matter how rich you are, it has nothing to do with the fact, how happy you are. Wealth and happiness are two different things and must not be linked together.

Expansion of idea

The proverb ‘money can’t buy happiness’ sets the limit to the power of money. With money, even with lots of it, you will only be able to buy materialistic things, but not happiness. You can use the money to pay your rent, buy a house, buy a car, or even go on vacation, but there is still no guarantee that you would be happy even after having all that. In other words, you just can’t walk into a store and buy happiness. It comes from inside, from your soul, and has nothing to do with how much bank balance you have or what is your net worth.

Happiness is internal – it comes from your own acts of kindness or the kindness others do to you. It also comes from generous friends and family, who are always there with you in adversity. It also comes from the love you get in life from different quarters – friends, family, colleagues, etc. Worth noting here, that all the things that really matter in making you happy, that is, friends, family, generosity, love, etc, can’t be bought, but has to be earned. Someone might have all the richness, but might still be sad and lonely, while a poor person could still be happy.

Short Stories on ‘Money Can’t Buy happiness’

Stories are the best way to understand the true meaning of a proverb. A well-written story will go a long way into deeply instilling the true meaning of the proverb. Keeping this in mind, I have given below a couple of stories based on the proverb ‘money can’t buy happiness.’ Hopefully, the stories will be able to motivate you and help you understand the meaning of the proverb.

Short Story 1

Once there lived a greedy businessman in a village. He owned vast expanses of land and was the wealthiest in the village. His wealth had put in him a false sense of superiority from others. He looked down on the poor and weak and thought of them as the unhappiest people in the world. The man thought that those who don’t have money can’t stay happy. Although, when he saw a poor yet happy man he used to get really confused. He used to think – “what makes that man so happy. Look at me. I have everything money can buy, and that man doesn’t have a penny, still, he looks happier.”

He discussed the same with his wife. His wife used to stay quiet and sad because she wanted a child. Perhaps she understood true happiness better than the man. In the due course of time, it so happened that the man lost all his wealth during a pandemic. Just when he was beginning everything afresh and used to stay depressed most of the time, news came in that had him jump with joy.

His wife told him that he is going to be a father lately and she is a couple of months into pregnancy. The man was so happy that he wasn’t tired by thanking God for this gift in difficult times. Suddenly he also realized that the conception of money bringing happiness is false, and that true happiness lies elsewhere. It is in love, and inner joy or satisfaction, rather than money. At last, he realized that money can buy anything but happiness.

Short Story 2

There lived a very wealthy businessman in a big town. For him time was money and he spends most of his time in the office, earning more money with each passing hour. When someone asked him, why was he so much onto earning money and getting richer every day, he would say that he is doing this to keep his family, especially, his daughter happy.  At least it is what the businessman thought.

He rarely met his own daughter despite living under the same roof. He reached home during the late-night hours and most of the time the teenage daughter was fast asleep. Nevertheless, the man was satisfied that he was providing all the comforts to his family and his beloved daughter. Perhaps, this will keep them happy, he thought.

One day, the man got a call from his wife that their daughter has gone somewhere and wasn’t responding to phone calls. He rushed back to home. His daughter had left a note stating that she is gone for a few days, on her own, in search of happiness. The note surprised him as well as shocked him.

All his life he had been earning money day and night, thinking that he is keeping his family happy, but now his whole belief seems to vanish in the air. He sank into a chair, thinking that – perhaps money can’t buy happiness, that’s why his daughter has left. From that day onwards the man changed his priorities. When his daughter returned, he spent more time with family and less on business.

A well-written example of a proverb helps a lot in understanding its true meaning. Keeping this in mind, I am giving below a couple of examples for you to better understand the meaning of the proverb ‘money can’t buy happiness.’

“The doctor said to the couple – Many of the pairs who come here are rich and have all the possessions, money could buy, but for some reason, they aren’t happy in their personal lives. It is very true that money can’t buy happiness!”

“Many of the rich persons on the planet have gone through depression, some even going to the extent of committing suicide. All this proves just one thing that money can’t buy happiness.”

“The teacher told the boy’s parents – I understand that you both are busy, yet you try to keep your child happy, by buying him things and gifts. But, lately, he is looking sad and inattentive in class. I think that you both need to spend more time with your child. Buying things for him isn’t going to work, as you know that money can’t buy happiness.”

“Yesterday, I met a poor farmer while I was doing a survey. He was wearing soiled clothes and was sweating heavily. Still, his beaming smile brought to me the realization that money can’t buy happiness, in fact, it is something that even poor can have.”

“I know a rich man who has donated all his property to an NGO working for the poor children. When I asked him as to what drives him to this act, he said – I had lots of money but lacked happiness in life. Lastly, I realized that money can’t buy happiness, but donating it for a greater cause can make you happy.”

A phrase, not exactly similar to ‘money can’t buy happiness’ but meaning exactly the same, was first coined by a Genevan philosopher, writer, and composer, Jean-Jacques Rousseau. In 1750 he wrote – ‘Money buys everything, except morality and citizens.’

In the United States, the phrase first appeared in the “William and Mary College quarterly history magazine.” Since then it has been used in several forms like money can’t buy love; money can’t buy education; money can’t buy friends, etc.

The proverb is very important, for it makes us realize the true reality of life. Today, everyone seems to be in a race. Race to get richer with each passing day. All we think about is how can our possessions be increased on day to day basis. A person with the best car in town, want to own a chopper; someone, who already has a decent house, wants to own a sea-facing mansion. They both fail to realize that it’s a never-ending race. In the end, they all will realize that what truly matters is how happily they lived but not how lavishly they lived.

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Money can't buy happiness, a neuroscientist explains why

We all need enough funds to cover our basic needs, but beyond that the connection between wealth and wellness is less clear.

Dean Burnett

"Money can’t buy you happiness" is either a widely accepted insight or a tired cliché. Is it right , though? Scientifically speaking, the answer is… mixed.

A recent study carried out at the University of Bath has once again looked at the relationship between income and happiness .

It seems that, up to a point and within a specific set of circumstances, money can buy happiness. But beyond that, the relationship between money and happiness becomes much looser and uncertain.

What makes us happy?

At the most immediate and fundamental levels, the things that make us happy, or at least the provoke a positive, reward response in our brains, are those that satisfy our basic biological needs. Put simply, we humans, living organisms, need many things to ensure our survival, such as food, water, air, sleep, and security. Our brain recognises these things as being ‘biologically significant’, so if we obtain them, we experience a sense of reward.

Because the human brain can make intuitive and abstract leaps, it can easily recognise that receiving money means we can now more easily obtain food/water/shelter etc. This, as a study carried out by the Wellcome Trust in 2007 found, can be both rewarding and motivational , two things that could fall under the umbrella of happiness.

However, this doesn’t mean ‘more money’ automatically means ‘more happiness’. Money may be recognised by our brains as biologically significant, but there’s an upper limit on how rewarding even biologically significant things can be. For example, eating food can often be pleasurable, but at some point you’ll be sated, after which point eating more causes actual discomfort. Same with drinking. Even things like shelter and security; build too many barriers around yourself and you can feel isolated and oppressed.

There’s also the phenomenon of habituation, where the fundamental parts of our brains learn to not react to things that occur predictably and reliably. As evidenced in a 2011 study carried out by Dr Ruth Krebbs at Ghent University, this is why things that are novel, as in surprising and unexpected, are often more rewarding than familiar things .

In many cases, the same thing happens with money. Receiving your regular pay is reassuring, but receiving unexpected money, even if it’s much less, often makes you much happier.

Also, when we actively and tangibly need it for our survival, obtaining money is very rewarding. But when we go beyond that point, when we’re ‘financially secure’ as they say, money can still be rewarding, but it’s power to make you happy is significantly reduced , a study carried out at San Francisco State University found. More psychological, experience-based stimuli (e.g. travelling, forging new relationships, helping others etc.) have a greater ability to make you happy.

Granted, in the modern world you usually need money to do all those things too, but this ultimately means money’s link to happiness is more indirect, as a means to an end, rather than directly rewarding in its own right.

Is there a threshold amount of money that can make us happy?

That there’s a certain cut-off amount of money where it stops making people has a lot of implications, particularly in the present day. With much talk of wage stagnation, rising prices, and trials of universal basic income becoming increasingly common, the question of how much money people need to be happy is an increasingly salient one.

Unfortunately, there can be no easy answer, at least not one that applies to all people equally, because the factors that determine how much money is ‘enough’ for security and happiness are highly subjective, and vary considerably from person to person.

Some people feel they’d be happy for life with surprisingly modest sums, others don’t think they’d ever feel they had ‘enough’ money. Studies carried out by researchers at the University of Bath have also found that these significant variations are even more apparent when you compare people from different cultures , suggesting the link between money and happiness is at least as much learned as it is ‘innate’.

But even within the same capitalist culture, people’s ideas about financial security can differ drastically, with people who have ample money sometimes being much less happy than those with far less money because they have more worries about.

Can too much money make us unhappy?

This introduces another factor; money can make you unhappy . Or reduce happiness in other ways. Studies have shown that being paid to do something you enjoy can make you less motivated to do it, suggesting it actively reduces potential happiness. This would explain why people are often reluctant to turn a hobby into a job, or actively regret doing so.

Also, in our modern world, money is not static. If we have more money than we strictly need, we don’t hoard a big pile of gold coins in our spare room like modern-day dragons. Money is fluid, often intangible, and typically ends up being tied up with things like investments, stocks, properties, savings accounts, and more.

All these things are subject to the whims of politico-economical factors and more, meaning the person whose money it is has less control over it and less certainty than if they’d gone for the ‘big pile of gold’ option. Loss of control and uncertainty are two reliable sources of stress and unhappiness for the human brain.

Ultimately, rather than “money can’t buy you happiness”, it might be better to say “money can buy you safety and security”, and these things make it easier for us to be happy. But there’s no direct one-to-one relation between money and happiness, and how it affects us ultimately depends on who we are and how we’ve been raised.

Read more about happiness:

• Is waving back at a stranger on a bridge a sign of happiness?
• National happiness mapped over the last 200 years
• Why does chocolate make us happy?
• Could being happier help you fight infectious disease?

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Home — Essay Samples — Life — Love — Money Can’t Buy Love or Happiness

Money Can't Buy Love Or Happiness

• Categories: Love Money

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Published: Aug 31, 2023

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Why Money Can't Buy Happiness

Tis the season to be merry. here's how..

Posted December 5, 2023 | Reviewed by Tyler Woods

We all want to be happy. Every day, we do countless things to make ourselves feel good, either in the short term or to prepare for the future. The problem is, according to science, we are pretty bad at predicting what is going to make us happy, either because we just don’t know what’s good for us, or because we do, but we’re too lazy to follow through.

For example, research suggests that just 20 minutes of exercise can boost your mood, but it isn’t exactly something we want to do every day (or at all). So does getting enough sleep, but I’m lucky if I get to bed by midnight. Even when we do go through with the things that we think will bring us happiness , we tend to overestimate how happy these things will actually make us. For example, studies show that college football fans overestimate how happy they will be when their team wins (Hsee & Hastie, 2006). Likewise, in my own life, I worked hard to get my Ph.D., then to get a job, and then to get tenure, all of which I thought would make me ecstatic, but when I finally achieved these goals , instead of feeling a burst of joy, it was more like a flutter of relief.

Does this mean we’ll never be truly happy? Not quite. In fact, most people are happy most of the time. But if you’re looking to inject a bit more happiness into your life this winter, researchers have invested a lot of time into figuring out what things make us the happiest. Here’s what they found out.

It’s probably not a shock to learn that the happiest people tend to have the strongest interpersonal relationships, and they also get the most support from their friends and families (Card & Skakoon-Sparling, 2023). Indeed, researchers have consistently shown that there is a strong positive relationship between happiness and interacting with friends and family members. This is true for both extroverts (who get energized by other people) and introverts (who don’t), but extroverts tend to spend more time engaged in social activities, and they report more happiness overall (Lucas et al., 2008). This is true for both adults and children, particularly teenagers (Cheng & Furnham, 2002). Some researchers have even suggested that the relationship between happiness and social interactions works like a feedback loop, where engaging with others makes us happier, and then being happier in turn motivates us to engage more with others. This might help explain why extroverts are happier in general, since they tend to be more motivated to interact with others in the first place. But it’s important to note that introverts like socializing just as much as extroverts in many cases, they just may have different kinds of relationships with loved ones and need more downtime.

Helping and Gratitude

Besides being with people, helping those people has also been shown to make us happy. In fact, even a single act of giving can make us feel happy. In one study on this topic, people were given envelopes containing either $5 or $20. Half were told to spend the money on themselves, while the other half were told to spend it on someone else. They were then asked at the end of the study to report on how happy they felt. The amount of money they were given didn’t affect their happiness, but the people who spent the money on someone else reported feeling happier at the end of the day than the people who spent the money on themselves (Dunn, Aknin, & Norton, 2008). Follow-up research suggests that spending money on other people makes you particularly happy when you can see the difference that your generosity makes, when you feel some sort of close connection with the person or cause that you’re giving to, and when you make the decision to give on your own (Lok & Dunn, 2020).

Being thankful when someone else gives to you has similar benefits. One study found that people who were induced to feel grateful gave more money to others in an economic game than those who were not, regardless of whether they were giving to someone they knew or to someone they didn’t know (DeSteno et al., 2010). Further, people induced to feel gratitude put more effort into helping others than those who didn’t, again, regardless of whether it’s to help someone they know or a total stranger (Bartlett & DeSteno, 2006). Gratitude has also been shown to help us override some of our more selfish temptations and build self-control , helping us to be cooperative in future social interactions. Indeed, researchers have reported that inducing gratitude results in people waiting longer to obtain a reward, and likewise, increased gratitude is related to all sorts of positive health behaviors that require self-control, such as eating well and exercising more, and lower rates of drug and alcohol use (DeSteno, 2018).

What About Money?

We all think money is going to make us happy, but research on the topic has produced mixed results. Some studies have found that more money is always related to greater happiness. Others report that money does make you happier, but only up to a certain amount, and then once you have enough to live comfortably, more money doesn’t necessarily make you happier. In a more recent study, scientists who have found different results teamed up to solve the problem once and for all, and they found that the answer is a bit complicated. For people who are happy already, more money only makes them happier. However, for people who are generally unhappy, more money makes them happier up to about $100,000, but any more than that doesn’t help (Killingsworth et al., 2023).

It gets even more complicated than that. For example, making more money can make us do things that don’t make us happy—such as working more and spending less time with friends and family (Aaker et al., 2011). Further, more money brings with it more choices, which doesn’t necessarily bring happiness. For example, one study found that people are happy if they’re given a free trip to Paris or Hawaii, but they are less happy if they have to choose between them, which wealthy people can often do (Hsee & Hastie, 2006).

But even if more money doesn’t make us happier, research suggests that using it more wisely can. For example, in a large-scale survey that spanned the United States, Canada, Denmark, and the Netherlands, researchers reported that people who tend to spend money on services that preserve their time—cleaning services, someone to mow the lawn, or even going out to eat once in a while—are less stressed overall, and in fact, happier than people who are more likely to spend their money on material goods (Whillans, Dunn, Smeets, Bekkers, & Norton, 2017).

These researchers went on to do an experiment that looked at whether spending money on services that save time can act to reduce stress and make people happier. They gave a group of people money to spend ($40) on themselves for two consecutive weekends. On the first weekend, the people were told to spend the money on something that would save them time. On the second weekend, they were told to spend the money on something for themselves, a material purchase. After each weekend, the experimenters called the people and asked them how happy they were, and how stressed they felt. Consistent with their survey results, people reported feeling significantly less stressed and happier after spending money on something that saved them time than on a material purchase. On top of that, there was a direct link between how stressed people said they felt and how happy they reported to be, suggesting that the reduction in stress itself is what made these people feel happier (Whillans, Dunn, Smeets, Bekkers, & Norton, 2017).

On Finding Happiness

The moral of the story here is that the things that make us the happiest aren’t necessarily the things that cost the most. This holiday season, perhaps we can make ourselves and others the happiest by giving them the gift of time or togetherness. For your kids, consider giving them things you can do together, instead of toys they’d play with on their own. And instead of giving your parents that new vacuum they’ve been eyeing, maybe offering to clean their house for them (or getting them a cleaning service) would make them even happier. Whatever you choose to do, remember that the thing that consistently makes people the happiest is being with other people, so perhaps the best gift you can give this season is the gift of YOU.

Aaker, J. L., Rudd, M., & Mogilner, C. (2011). If money does not make you happy, consider time. Journal of consumer psychology, 21(2), 126-130.

Bartlett, M. Y., & DeSteno, D. (2006). Gratitude and prosocial behavior: Helping when it costs you. Psychological science, 17(4), 319-325.

Card, K. G., & Skakoon-Sparling, S. (2023). Are social support, loneliness, and social connection differentially associated with happiness across levels of introversion-extraversion? Health Psychology Open, 10(1), 20551029231184034.

Cheng, H., & Furnham, A. (2002). Personality, peer relations, and self‐confidence as predictors of happiness and loneliness. Journal of adolescence, 25(3), 327-339.

DeSteno, D. (2018). Emotional success: The power of gratitude, compassion, and pride. Houghton Mifflin Harcourt.

DeSteno, D., Bartlett, M. Y., Baumann, J., Williams, L. A., & Dickens, L. (2010). Gratitude as moral sentiment: emotion-guided cooperation in economic exchange. Emotion, 10(2), 289.

Dunn, E. W., Aknin, L. B., & Norton, M. I. (2008). Spending money on others promotes happiness. Science, 319(5870), 1687-1688.

Hsee, C. K., & Hastie, R. (2006). Decision and experience: why don't we choose what makes us happy? Trends in cognitive sciences, 10(1), 31-37.

Killingsworth, M. A., Kahneman, D., & Mellers, B. (2023). Income and emotional well-being: A conflict resolved. Proceedings of the National Academy of Sciences , 120 (10), e2208661120.

Lok, I., & Dunn, E. W. (2020). Under What Conditions Does Prosocial Spending Promote Happiness? Collabra: Psychology, 6(1).

Lucas, R. E., Le, K., & Dyrenforth, P. S. (2008). Explaining the extraversion/positive affect relation: Sociability cannot account for extraverts' greater happiness. Journal of personality , 76 (3), 385-414.

Whillans, A. V., Dunn, E. W., Smeets, P., Bekkers, R., & Norton, M. I. (2017). Buying time promotes happiness. Proceedings of the National Academy of Sciences, 114(32), 8523-8527.

Vanessa LoBue, Ph.D., is a professor of psychology at Rutgers University-Newark.

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Free Bedtime Stories & Short Stories for Kids

Money can’t buy happiness.

This is one of the best moral stories to read, “ Money Can’t Buy Happiness “. Tom was a 10-year-old boy. He was the only son of his parents. Tom’s father was a very busy businessman who could not spend time with his son. He generally came home after Tom slept and was off to the office before Tom woke up in the morning.

Poor Tom had a yen for his father’s attention. He longed to go outdoors with his father and play with him in the garden just like his friends did.

Also, read Father’s Wise Words .

Money Can’t Buy Happiness Image Source @www.123rf.com

However, one day, Tom was stunned to see his father at home in the evening. “Dad, it is a big surprise to see you at home,” Tom said happily. “Yes my dear son, my meeting was canceled. So I’m at home. But after a couple of hours, I have to take a flight,” his father replied.

“When will you be back?” Tom asked. “Tomorrow afternoon.” his father replied. Tom was in deep thought for a while. After some time, he asked, “Dad, how much do you earn in a year?” Tom’s father was bewildered at the question. He said, “My dear son, it’s a huge amount and you will not be able to understand it.” “Ok dad, are you happy with the amount you earn?” Tom asked. “Yes, my dear. I’m very happy! In fact, I’m planning to launch our new branch and a new business in a few months,” replied his father.

Tom was excited to know that and said, “Yes, dad. I’m happy to hear that. Can I ask you one more question?” “Yes, dear,” replied his dad. “Dad, can you tell me how much you earn in a day or even half a day?” Tom asked curiously.  “Tom, why are you asking this question?” Tom’s father was puzzled. But Tom was adamant. “Please answer me. Can you please tell me how much you earn in an hour?”

You may also like to read, Father And His Intelligent Son .

Question and Answer forum for K12 Students

Money Can’t Buy Happiness Essay for Students and Children in English

Money Can’t Buy Happiness Essay: The proverb “Money Can’t Buy Happiness” states that money can buy all the materialistic things like cars, houses, and also you can live a luxurious life too but having all the materialistic things surely will not give happiness. Money can be used to buy anything in the world but there is no shop where you can walk and buy happiness and so they say money can’t buy happiness.

When it comes to the question of whether money can buy happiness or not the answer here is that money is just a tool to buy things that give us luxury which in turn will give us happiness. But it doesn’t necessarily increase our happiness. Buying more and more luxurious things won’t really bring you more joy. More money isn’t going to improve your mindset, nor will it bring peace to mind. In other words, you can say that more money can’t buy happiness. There are many aspects which money can’t give.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Suppose you think a new 24” LED TV will bring you happiness but after having the same 24” LED you see a better option and it makes you feel sad. You want to have better than this. It is not actually the tv that gives you happiness, it is the human nature of having more. A human being is one who is never satisfied. Happiness is actually the state of mind which cannot be achieved by materialistic things. There are many reasons which prove that money can’t buy happiness.

Buying stuff won’t make us happy, because we tend to compare it with others. Comparisons are ridiculous and quite often harmful to us.

What is Happiness?

Is it a big car, a luxurious house, or a big-screen LED TV?  Buying any new stuff feels great at first.  But gradually months and years later, the excitement decreases. The bright, shiny, newness will eventually go down and you’ll want a new one or more.

Happiness is a feeling. Feeling that money can’t buy. If someone asks are you happy, what will you answer?.

Happiness means satisfaction. Be satisfied with what you have in your life.  Not to crave on the things that you don’t have.

Reasons Why Money Can’t Buy Happiness

There are some very good reasons why having more money doesn’t necessarily make a person happier. It can actually turn the opposite. Many wealthy people, for example, are actually under stress.

Here we mention few reasons why money can’t buy happiness

More Stuff More Work

Many think that if you get more luxurious stuff our life would be happier but that isn’t true. The more the stuff, the more work it takes to take care of it. Day by day everything has become larger. Today people want larger houses to live in but keeping it clean and maintained is again a challenge. It takes more time and effort to keep your mansions neat and tidy.

More Stuff Less Free Time

As you own more stuff, you will get less free time because you’ll be spending time in the maintenance of the things you bought. Time is very important for everyone, but much of our free time is spent doing house chores and taking care of our stuff. You can use the money to hire maids but that is not possible in every situation.

More Stuff More Expenses

The more stuff you own, the more money you will have to spend to maintain it.

For example, bigger houses need more repairs than smaller ones. Unfortunately, repairs are a necessary part and can be expensive.

The more stuff you own, the more work and money is spent to maintain it. Having less stuff can free up some of your time to do things you enjoy. So money cannot always bring you happiness.

Materialistic things give Temporary Satisfaction

Money can buy temporary happiness. Everyone experiences themselves on cloud nine when they’ve bought something they’ve been desiring. These feelings of happiness are usually temporary. This happiness soon fades away and that new thing is no longer interesting.

Scientists have proved that we get more happiness from our experiences but not from materialistic things. And also they don’t cost much.

Time spent with your loved ones will give you more happiness than buying a costly item that you were eyeing for a long time.

Money Can’t Buy Family, Friends and Love

Family, friends and your loved ones are the people who will make you special. They are the people whose surroundings will make you happy. And definitely, money cannot buy these relationships.

When people are dying and taking their last breath they don’t want to see the things they own or the achievements of their life. All they want to see are their loved ones.

It’s their relationships that really matter but not stuff.

True love doesn’t care whether your loved one is rich or poor. That person will value you for who you are and not money.

Money Can’t Give You Peace of Mind

A person can live without a big house, he can survive without driving a car but cannot live with a stressful mind. True happiness has nothing to do with the bank balance. More money also sometimes steals away the peace of mind because of insecurity.

Changing our outlook for money is the first step in achieving true happiness, the kind of happiness that comes from being satisfied with what you have.

In conclusion, once you have your basic needs like food, water, shelter, clothing and the feeling of safety, then money can’t buy happiness.

It’s up to you to build meaningful relationships, enjoy the little things in life, and start spending your money on experiences and other people rather than materialistic things.