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 more money will bring more happiness. But the research indicates that it isn’t so clear cut.

Of course, money is essential when it comes to meeting our basic needs for food, shelter, and safety. The reality for many people is that wellbeing is severely impacted because these basic needs are not met.

But beyond meeting our needs, does more money automatically increase our satisfaction with life? Does it matter how we spend the money we have? The relationship between money and wellbeing may be more nuanced than we think.