There’s an old adage that the rich try to pooh-pooh and say that it’s not at all true and that’s: ‘Money makes you happy’. The rich just don’t want the poor to know what it’s like to have the elated feeling of beaming with happiness, brimming over with joy as the money keeps on ticking over in the bank accounts (notice there are multiple accounts!).
Now though they will have just a little more trouble telling the one’s down below that money isn’t going to make their lives any better. The UK Office for National Statistics carried out a survey on the wellbeing of people in conjunction with the level of income that they have. The survey was carried out in the UK on 8, 000respondents (adults aged at least 16 and over). The richest 20% of those interviewed rated their happiness on a scale of 0 to 10 as being at an average of 7.7. Those in the lowest 20% in terms of revenue rated their happiness as being lower than that at 6.9. Four questions were put to respondents and they were asked to attribute the scale of 0 to 10 to each question:
• Overall, how satisfied are you with your life nowadays?
• Overall, to what extent do you feel the things you do in your life are worthwhile?
• Overall, how happy did you feel yesterday?
• Overall, how anxious did you feel yesterday?
The results also back up a recent Eurofound (2013) survey that was conducted on employees regarding earnings satisfaction.
The outcome overtly shows that “As household income increases, life satisfaction and happiness rise, while anxiety falls. Higher household spending is related to higher life satisfaction, happiness and a sense that things people do in life being worthwhile”. We all know that people who are poor are not only made to feel that their lives are not worthwhile but they are also well aware of that too. Monet does make you happier, therefore. At last, someone wants to admit what we all knew long ago. But, whether anyone will take any notice of it, or whether anyone will change the situation is far from even being a remote possibility.
But, it’s not just money that counts. There is of course a correlation between the amount of revenue one has and the happiness and wellbeing that one feels. But, it’s things like being unemployed that drag the figures down in terms of perception of wellbeing in life. It’s disposable income and household spending that matter rather than being rich or being poor, in fact. The more disposable income we have, the greater the feeling of being happy.
The results showed in the report state that:
• People in households with higher incomes have greater satisfaction with their lives and feel happier.
• They have lower anxiety.
• People derive less satisfaction from their lives when they receive more state benefits.
• They feel greater satisfaction and happiness when they have worked for their money.
• This is true even when the money that is received by those two different types of household is exactly the same.
The study therefore shows that providing people with jobs and a decent wage has a much more positive effect on the individual’s perception of wellbeing than just dishing out money to people in society. But, the study also proved that men derive greater satisfaction than women from cash benefits and the former have a greater sense of doing something worthwhile in life.
But, what is the measurement of wellbeing for an individual? The notion is purely subjective and a very personal experience, isn’t it? We are no longer happy with surviving and we have to be happy today. The trend in fashionable experiences is gauging the level of happiness that a person feels. Back in 1974, Richard Easterlin stated that an increase in the average income did not make people happier (known as theEasterlin Paradox). But, more recent studies are today proving that the paradox is no longer true. Others have stated that when a country has more than a $15, 000 per capita income level, then any increase in happiness is independent of income (Layard, 2003). Does that mean we should stick to $15, 000 per capita incomes across the board?
So, what about you? Would you be happier with more money?
Originally posted: Money Does Make You Happy…
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