Money DOES Buy Happiness?
In a recent blog post, we explored research out of Princeton University that suggested that income does affect a person’s overall satisfaction with life, but seems to have little effect on a person’s emotional well-being, which reflects everyday life experiences.
Now a new study out of The Wharton School of the University of Pennsylvania, led by Daniel Sacks, Justin Wolfers and Betsey Stevenson, suggests that more money you have, the more satisfied you are with life. The study further suggests that an individual’s level of happiness is very dependent on the economic prosperity of the country in which they live. In general, the wealthier a nation is, the happier its citizens are.
Do you think this is true?
The study, entitled Subjective Well-Being, Income, Economic Development and Growth, investigated the relationships between subjective well-being and income in over 140 countries.
As described in their abstract, their study showed that “richer individuals in a given country are more satisfied with their lives than are poorer individuals, and establish that this relationship is similar in most countries around the world.” Furthermore, their study showed that “as countries experience economic growth, their citizens’ life satisfaction typically grows, and that those countries experiencing more rapid economic growth also tend to experience more rapid growth in life satisfaction”
According to the Central Intelligence Agency (CIA) website, the richest country in the world is Quatar, with a gross domestic product per capita (GDP) of $ 145,300