The Correlation Between Money and Happiness

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Om Namah Sivaya

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WASHINGTON, USA, June 30, 2006: The well-used adage 'Money can't buy happiness' has been objectified in a study completed by Princeton professors, economist Alan B. Krueger and psychologist and Nobel laureate Daniel Kahneman, as well as colleagues from three other universities. The news release explains, "The researchers developed a tool to measure people's quality of daily life known as the Day Reconstruction Method (DRM), which creates an 'enjoyment scale' by requiring people to record the previous day's activities in a short diary form and describe their feelings about the experiences. For the new study, the researchers examined data from a 2004 survey, which surveyed 909 employed women in Texas. The researchers found that role of income is less significant than predicted, and that people with higher incomes do not necessarily spend more time in more enjoyable ways. "

 

The researchers reached the following conclusions, "The belief that high income is associated with good mood is widespread but mostly illusory. People with above-average income are relatively satisfied with their lives but are barely happier than others in moment-to-moment experience, tend to be more tense, and do not spend more time in particularly enjoyable activities. Despite the weak relationship between income and global life satisfaction or experienced happiness, many people are highly motivated to increase their income. In some cases, this focusing illusion may lead to a misallocation of time, from accepting lengthy commutes (which are among the worst moments of the day) to sacrificing time spent socializing (which are among the best moments of the day).

 

Sivaya Namah

 

 

 

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