Rethinking Money

Our society values money. Whole sections in newspapers are devoted to it, and our politicians are always promising to get us more. Because of this, many of us believe that money will bring happiness. But the research indicates that it isn’t so clear cut.

For example, many researchers around the world conclude that additional income only significantly increases our satisfaction with our lives when it is needed to meet our basic needs. This is somewhat controversial—an opposing camp of researchers associated with the Gallup Organization argues that the more money we have, the happier we are. The discrepancy between these two camps may be partly explained by differences in the ways people spend money. All in all, the relationship between money and wellbeing may be quite different from what we think!