After a certain point, more money can actually make you more miserable.
Yes, money CAN buy happiness. But only up to a certain point, according to new research from Purdue University.
Social media and advertising may be giving us messages that the more money you have, the happier you can potentially be. But researchers have identified ideal income points. Globally, they’ve found that satiation occurs at US$95,000 for life evaluation and US$60,000 to US$75,000 for emotional wellbeing.
What does this mean?
Emotional well-being refers to your day-to-day emotions. Life evaluation, on the other hand, is how satisfied you are with your life — this is usually influenced by your goals and comparisons with other people.
Of course, these figures vary across world regions. For wealthier regions, it takes more for satiation to occur. “This could be because evaluations tend to be more influenced by the standards by which individuals compare themselves to other people,” lead author Andrew T. Jebb says.
Money can buy happiness, but MORE money can also make you MORE miserable
The researchers also found that once the ideal income point has been reached, the more money people have, the less satisfied they tend to be with life. Why?
Money is needed to meet basic needs and making life more convenient. But money can also increase material desires. After fulfilling basic needs and wants, people might be motivated by social comparisons and materialistic desires to earn more. This, ironically, can lower well-being.
“Money is only a part of what really makes us happy,” says Jebb. “We’re learning more about the limits of money.”
Do you believe that money can buy happiness? Let us know your thoughts in the comments!
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