'Money can't buy happiness'
'Money can't buy happiness' is what we are all taught growing up as it would be unhealthy to associate money with happiness.
The relationship between money and happiness is complex and depends on many factors, such as an individual's financial situation, cultural background, and personal values. Research suggests that having enough money to meet basic needs, such as food, shelter, and healthcare, can bring happiness, but beyond that, additional money may bring only temporary increases in happiness. Ultimately, happiness is influenced by many factors, including relationships, meaningful work, and personal growth, and cannot be solely bought by money.
The cost of living crisis
I believe that the cost of living crisis has had a massive effect on people's mental health and people can no longer afford the things they used to be able to afford. For example, people are having to lower their budget for their food shops even though the food is getting more expensive, there are also people fighting each other in the supermarket reduced sections to get the best deals, people just simply can't afford to live comfortably anymore and this is enough to send anyone into an unhappy spiral. The cost of living crisis is also putting stress on people to do more hours at work which is further ruining the mental health of all of us. The money earned from work can't afford to be put aside for fun things anymore as people as basic necessities are leaving a massive hole in everyone's pockets. A study according to sky news states that "many young people are being forced to take on extra work, move in with their parents and cut back on socialising." This cannot be good for young people's mental health.
I am currently a student living on a budget, the cost of living crisis has affected me massively as money is tight for students as it is let alone with this crisis. University should have a fun element, you should get to be able to budget your money to also be able to have a good social life as you are only young once, however, I find myself going massively over budget on the necessities and then it is my social life which suffers, this is impacted my happiness massively.
The rise of cryptocurrencies
People are desperate for money that cryptocurrency has had a massive rise during the cost of living crisis. The rise of cryptocurrencies, such as Bitcoin, has been one of the most significant developments in the financial world in recent years. Cryptocurrencies are digital or virtual tokens that use cryptography to secure and verify transactions and to control the creation of new units. Bitcoin, the first and most well-known cryptocurrency, was created in 2009 and has since gained widespread popularity and recognition. The rise of cryptocurrencies has been driven by a number of factors, including increasing concerns about privacy and security in traditional financial systems, as well as the potential for decentralized and transparent financial transactions. Many people view cryptocurrencies as a hedge against inflation and a more secure way to store and transfer value compared to traditional currencies.
People have recently started investing in cryptocurrencies to try to make some money on the side, you can do this by investing in things like bitcoin and making a profit through price appreciation. It is important to understand the risks of investing in cryptocurrency as there is no guarantee of profit, however, people will do anything to make money as that's what will keep them happy.
Companies that make your life easier
Companies like Klarna are here to help. Want to do some retail therapy but you're broke? Payday isn't until next week but do you want something now? Klarna will let you buy something with your credit card even if you do not have the funds, you just have to pay them back in installments. Klarna first started up as just being available online however it has now grown and can be used in selected stores too. Companies like Klarna have reduced a lot of stress in people's lives as not having the money you need can become a real problem.
Monzo is a great bank to use if you struggle to save money, they have features that include money pots that you can't access until a chosen date, which helps to stop you from touching your savings. They also have the option to separate money into different sub-accounts within one account, this helps to budget as you can clearly see how much money you have in each section. I, myself am a Monzo user and it has helped me to track my spending as a student, this makes my finances stress-free therefore improving my mental health massively.
Money is not the only way to make people happy however it can and does contribute massively depending on what type of person you are. Other things including health, family, and friends are always a lot more important than money.