The Reality Is That Increased Income Leads to Greater Happiness

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The Reality Is That Increased Income Leads to Greater Happiness

by Alex Johnson

Updated: Oct. 11, 2021

Originally Published: Oct. 11, 2021

Image Source: Westend61/Getty

Recent research indicates that as people’s annual earnings rise, so does their overall happiness. Is anyone really surprised by this? While it’s true that money alone doesn’t guarantee happiness, I would argue against the notion that “more money leads to more problems.” In fact, money can resolve a multitude of issues. For those feeling overwhelmed by their finances, I’m more than willing to take some of that burden off your hands. While money has its limitations, it undeniably makes life easier, safer, and more fulfilling.

Matthew Carter, a researcher at the University of Pennsylvania, aimed to delve deeper into the connection between finances and well-being. His study collected two million data points from 33,000 participants, offering a unique perspective by using an app called Track Your Happiness to capture spontaneous moments throughout the day. This approach provides a “moment-to-moment” snapshot of individuals’ experiences.

Our lives consist of daily moments; the balance of positive versus negative experiences shapes our perception of life quality. This is a subjective matter, as what brings joy to one person might not have the same effect on another. For instance, while a flat tire might merely be an inconvenience for some, for others, it represents an unaffordable expense or even a lost workday.

Participants in the study were prompted to answer questions like, “How do you feel right now?” and “Overall, how satisfied are you with your life?” They also rated both positive emotions (such as confident, inspired, and proud) and negative ones (including stressed, angry, and sad). The findings revealed that happiness continued to increase for individuals earning six-figure salaries. Shocking, right?

Other studies support this conclusion. Economics professor Lisa Hartman at the University of Michigan found that only 21% of Americans in the lowest income brackets reported feeling happy, in contrast to 53% of those in the top 10% income bracket. Wealthier individuals were also less likely to report unhappiness.

Money offers numerous benefits, one of which is the ability to make choices. Many decisions hinge on financial capability. For someone earning minimum wage, financial flexibility is limited compared to someone with a higher income. Living from paycheck to paycheck means prioritizing essential expenses before considering savings, vacations, or other luxuries, leaving little room for unexpected costs like medical bills.

Carter notes, “Individuals with a financial safety net can afford to wait for better opportunities. Having more money translates to increased options and a greater sense of autonomy.” A financial cushion not only provides choices but also instills confidence in making decisions.

Reflecting on my own childhood, I remember the stress of financial insecurity. Now, I compare that to my current financial stability. Although I’m still striving to achieve my goals, I feel much happier with my finances today than I did growing up. I witnessed my parents’ struggles, which deeply affected me.

Today, I have what I need, and most of what I desire. While money isn’t the sole factor enhancing my quality of life, it certainly enables me to prioritize my mental and physical well-being. It allows me to support causes that matter to me, travel to visit loved ones, and take vacations with my kids. Money enriches my daily experiences and contributes to creating joyful moments.

Additionally, money can “buy” time. If you can afford to hire help for household chores, childcare, or other responsibilities, you gain more time for valuable experiences. You can focus on your goals and enjoy more time with friends and family, enhancing your leisure time. Even if no money is spent during that downtime, the relationships and relaxation gained are priceless.

Of course, money has its boundaries. It cannot solve mental health issues, heal grief from losing a loved one, or cure addiction. It doesn’t guarantee marital happiness or moral integrity. While it can provide perspective, it doesn’t always deliver what we desire. Moreover, individuals earning more may work longer hours, face higher debt, or make sacrifices for increased income. Missing precious moments with family for the sake of extra money isn’t worthwhile.

Yet, as income rises, so does the ability to meet basic needs. More money means enhancing the quality of life rather than merely surviving. So, when someone is struggling to get by and feeling miserable, let’s stop saying that money can’t buy happiness—because it certainly can.

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Summary

Increasing income correlates with greater happiness, providing more choices and a sense of autonomy. While money isn’t the sole factor in happiness, it significantly enhances quality of life by easing stress and allowing for memorable experiences. Financial security permits individuals to focus on personal growth and relationships, highlighting the importance of addressing financial issues in discussions about happiness.

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