Completely and utterly surprising study finds having more money makes you happier
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Well, well, well, it appears that money, funnily enough, can make you happy.
Despite decades of people claiming that having boatloads of cash would actually lead to misery, it seems that's not the case.
Yes, while Biggie Smalls might have said 'mo money, mo problems', it still gives you some element of happiness compared to having no money.
Daniel Kahneman and Matthew Killingsworth, from Princeton University and the University of Pennsylvania, crunched the numbers to see what happens when people have money.
Hold onto your hats, people, because they discovered that happiness, generally, rises when your income does.
Kahneman's previous research from 2010 claimed this trend stops after your income reaches around $75,000, according to Money.com.
Anything after that and the dollar amount wouldn't directly impact on your wellbeing.
However, Kahneman and Killingsworth have published their latest findings in the Proceedings of the National Academy of Sciences journal that contradicts that finding from more than a decade ago.
They interviewed 33,000 Americans, with the lowest salary starting at $10,000 a year.
These participants were tracked through a smartphone app that would ping them at different points in the day to ask them how they're feeling.
The researchers compared these feelings to the person's income to come up with their data.
The duo discovered that people on a salary of even up to $500,000 a year had overall feelings of happiness, according to CBS.
Killingsworth said in a statement: “In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness.
“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.”
Killingsworth said there was roughly 20 per cent of people in the 'unhappy minority' whose happiness didn't increase with a salary above $100,000 a year.
He added: “Money is just one of the many determinants of happiness. Money is not the secret to happiness, but it can probably help a bit.”
It's worth mentioning that their data collection appears to rely on correlation rather than causation.
It's unclear whether those smartphone app responses were a result of their financial situation or if they were just in a good or bad mood at that time and were completely unrelated to what was in the bank.
Featured Image Credit: Sony Pictures. Universal/Paramount
Topics: Money
