We're all familiar with the concept that 'money can't buy happiness' but does that still apply in the modern day?
Over time it has been concluded that money can't buy you happiness and in a report by the Guardian it was claimed money was the greatest source of anxiety. During these unprecedented times we are in currently the influx of the cost of living crisis, rise in inflation and overall economic rapid deterioration the role of money in happiness has drastically switched.
How does money affect someone's happiness?
Many of the world's richest people live a life that your average person admires hugely, the money they have essentially allows them to indirectly dictate how others want to live. Living a lavish lifestyle of holidays , gadgets and million pound houses is what many people look up to as picture as a perfect lifestyle full of happiness.
These 'added extras' are what contribute to happiness often driving a rise in happiness levels. However, for your average person having the financial ability to be stable, cover bills and provide for families is the main telling factor in happiness.
"A recent experiment suggests that money can indeed buy happiness — at least for six months, among households making up to $123,000 a year. The group that got $10,000 reported higher levels of happiness than those who did not after their three months of spending. Then, after three more months had passed, the recipients still reported levels of happiness higher than when the experiment started."
This study also found results that families with incomes above $123,000 lacked an increase in happiness potentially showing the limited effectiveness of money 'buying happiness.' but still the answer is still undetermined.
Why money can't buy happiness?
Although there is a vast amount of research which begs to differ - we are open to the opinion that money cannot fix everything. When we look at the psychological side to this debate no amount of money can't change a person's mindset , mental health majority of the time is affected by your environment and exaggerated by biochemical and physiological processes. Similarly many of what one may miss in life cannot be bought such sense of belonging, love and relationships. Further more you see in everyday life some of the most unhappy people in life are rich, for example if we look at Robin Williams one of the worlds most famous actors with a net worth of $50 Million sadly took his own life due to mental health and physical health. There are many cases of rich people who aren't actually happy and often are less happy than a poor person showing money might even be a sadness catalyst.
How much money do you need to be happy?
In times like these money is a massive stress cause with the rapid increase in inflation and cost of living you now need more money to just 'get by' according to research in the UK you need to earn £33,600 to live comfortably which is concerning considering the average wage in the UK is £27,657 this equates to roughly £600 a week. The continuing economic downfall is going to carry on into the foreseeable future there is going a large disparity between these two figures.
The reduction in societies disposable income is eventually going to effect people's happiness levels as:
Money reduces stress
It buys you experiences
It gives you more time (when there isn't a need for money you can spend more time doing the things that personally make you happy e.g. with family.
You can give back and help others (giving can make you happier than having)
Ability to comfortably meet basic needs
Buy luxuries that generate happiness
What does make people happy? Is money even essential to this? Money can buy happiness or at least to an extent, giving you the ability to be comfortable meet basic needs and do the things listed above shows how having a sir-plus of cash does indeed contribute to a person's happiness. However various research has shown that there is a cap to the amount of happiness money can bring. No amount of money can buy something that will bring sustained happiness - it is a lot deeper than financial bliss happiness is a fluid concept that varies on a personal level it is near impossible to ever satisfied by money.