Research and critical reflection - Money doesnt buy you happiness
Money doesn’t buy you happiness. Everyone has heard the statement before and most studies of happiness and well-being generally agree on it. However, even though money does not buy you happiness it is largely agreed that money can be a means to an end. Hence, money cannot buy you happiness, but it can provide you with financial security and well-being.
If you asked a poor person if they were happy most will tell you they are not due to living in poor conditions and having poor health. Their need for safety and security outweighs their need for nice things and possessions. So if money does not buy you happiness what does buy you happiness? What are the factors in life that make you happy?
One way to address this question could be looking at ones well-being. As such a deeper interpretation of well-being is necessary. When considering the concept of well-being, there are two major approaches, objective well-being, and subjective well-being. Objective well-being looks at how healthy a person is and the access he has to resources. Subjective well-being on the other hand looks at the overall happiness of a person. In the same breath it is also argued that material well-being, that is the things we buy and want, does not lead to our overall happiness. Hence, money doesn’t buy you happiness. (Williams, 2014).
Considering this notion that money does not buy you happiness (Myers & Diener, 1995), Kawachi and Kennedy (2002, p.30 -31) sought out to summarise the main ingredients to happiness in one’s life. They noted sex, ethnicity and age scarcely make you happy. Rather it is the relationships and community you have around you that generates levels of happiness. Furthermore, enjoying one’s work and leisure is highly correlated with happiness. On the other hand, one’s wealth and income does not have a straight correlation with happiness. Some poor people are happy, some rich people are unhappy and vice versa.
Nonetheless, millions of people across the globe spend large
If you asked a poor person if they were happy most will tell you they are not due to living in poor conditions and having poor health. Their need for safety and security outweighs their need for nice things and possessions. So if money does not buy you happiness what does buy you happiness? What are the factors in life that make you happy?
One way to address this question could be looking at ones well-being. As such a deeper interpretation of well-being is necessary. When considering the concept of well-being, there are two major approaches, objective well-being, and subjective well-being. Objective well-being looks at how healthy a person is and the access he has to resources. Subjective well-being on the other hand looks at the overall happiness of a person. In the same breath it is also argued that material well-being, that is the things we buy and want, does not lead to our overall happiness. Hence, money doesn’t buy you happiness. (Williams, 2014).
Considering this notion that money does not buy you happiness (Myers & Diener, 1995), Kawachi and Kennedy (2002, p.30 -31) sought out to summarise the main ingredients to happiness in one’s life. They noted sex, ethnicity and age scarcely make you happy. Rather it is the relationships and community you have around you that generates levels of happiness. Furthermore, enjoying one’s work and leisure is highly correlated with happiness. On the other hand, one’s wealth and income does not have a straight correlation with happiness. Some poor people are happy, some rich people are unhappy and vice versa.
Nonetheless, millions of people across the globe spend large
References: Bond, R. & Smith, P. B. (1996). Culture and conformity: a meta-analysis of studies using asch’s (1952b, 1956) line judgment task. Psychological Bulletin, 119(1), 111–137. Maslow, Abraham H. 1943 "A theory of human motivation." Psychological Review, 50: 370-396. Helliwell, J., Layard, R., & Sachs, J. (2012). World Happiness Report. Centre for Economic Performance. The Earth Institute Columbia University. Myers, D. G. & Diener, E. (1995). Who is happy? Psychological Science, 6(1), 10–19. Offer, A. (2006). The challenge of affluence: self-control and well-being in the United States. Williams, J. (2014) Consumption and Well-being. Chapter 12. P. 104 – 127. Zaichkowsky, J