money can't buy love essay

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Money can’t buy love. but happiness maybe.

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Money might not buy love, but a new study suggests that it is more strongly related to happiness than some people think — particularly when people compare their income with someone else’s.

Writing in the journal Psychological Bulletin, researchers describe an association between people’s subjective socioeconomic status — how they perceive their own income, education, and occupation standing in comparison with others — and happiness.

That association, they say, is significantly larger than the connection between people’s objective socioeconomic status — as measured by income and educational attainment — and their level of happiness.

“ There is a conventional wisdom in social science that relationships and experiences are more important than money in producing happiness,” said co-author Michael Kraus , associate professor of organizational behavior at the Yale School of Management. “But we found that when people consider their wealth relative to others, there is a stronger association between money and happiness.”

The study, which was led by Jacinth Tan, an assistant professor of psychology at Singapore Management University, contradicts decades of social science research that shows a weak relationship between money and happiness, particularly in wealthy societies, the authors say.

“ The size of the relationship we observed in our study has policy implications in the sense that lawmakers must acknowledge that the relationship between money and happiness remains consequential and cannot be ignored,” said Kraus. “Policy considerations that help people obtain good jobs and protect people from financial ruin during this pandemic may have an added benefit of improving people’s happiness.”

The new research was motivated by an apparent disparity in previous research that has showed weak links between income and happiness and the idea that many people actively seek out prestigious jobs and higher status, the authors say. Moreover, as inequality has increased in some societies (including the United States), overall happiness has declined. That outcome wouldn’t be expected if wealth and material resources were inconsequential, the researchers say.

This gap between research findings and observation suggests the possibility that objective measures, such as income, do not adequately capture the influence of money on happiness, the researchers said. They wanted to test the idea that happiness is more dependent on what people  think  they have compared with others than how much they  do  have.

For the study, the researchers performed a meta-analysis of 357 different studies that have examined questions related to associations between objective and subjective measures of socioeconomic status and people’s subjective wellbeing — their sense of happiness and life satisfaction. Collectively, those studies involved data from more than 2.3 million participants gathered in publicly available datasets, such as the World Values Survey, as well as in private datasets.

In their analysis, the researchers applied the MacArthur Scale of Subjective Status — a 10-rung ladder in which people indicate their perceived social status — to test the association between comparative resources and happiness. Their findings suggest that that social comparison is an important driver of how much money or material resources will increase happiness.

The researchers also found that the effect of social comparison was stronger in countries, such as Singapore, with high population density. This finding makes sense, the researchers say, since there often is greater competition for resources in places where population density is high.

Tan pointed out that social comparison can lead to unhappiness when a person determines their status compares less favorably to others. She cited a quote attributed to Mark Twain: “Comparison is the death of joy.”

“ Our findings also suggest that improving from past levels of material resources alone is insufficient for increasing happiness,” she said. “Even if people today are earning higher wages or attaining higher educational levels than their parents or compared to 10 years ago, there is going to be limited impact on their happiness if they are not doing at least as well as, if not better than others at the present. In people’s minds, social mobility is not simply the ability to ascend one’s own socioeconomic ladder, but also to ascend the ladder of the broader, collective society.”

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Faculty & Research | 2.14.2018

Money Can’t Buy Love, But Here’s What Can

New research proves that couples should spend money to increase quality time spent together..

Photograph by LuckyBusiness/iStock

After the shopping buzz around the holiday season fizzles out, Valentine’s Day is a much-needed boost for businesses, which bombard consumers with gift ideas for spoiling their loved ones. But as it turns out, no box of chocolates or bouquet of roses can outweigh the ultimate bliss of time spent together, according to new research from Harvard Business School.

Previous research  by assistant professor of business administration Ashley Whillans indicated that spending money on time-saving purchases can increase individual happiness. To figure out the secret to happy relationships, detailed in a new working paper, Whillans surveyed more than 3,000 individuals who were married or in marriage-like relationships and who spent money on time-saving purchases. One couple paid movers $200 to handle the labor and time-intensive task of moving all their belongings from their old apartment into a new one. Another couple outsourced their laundry to a service that handled the tiresome washing and folding for between $40 and $50 a visit. But Whillans found that it wasn’t simply the act of minimizing the number of chores that led to relationship bliss. For example, moving to a professionally managed apartment and therefore no longer needing to mow the lawn isn’t enough to bring couples closer together. Only when couples consciously elect to turn the time saved from outsourcing a task into quality time spent together—by going out to the movies or cooking dinner together—does Whillans’s study show a positive correlation between outsourcing chores and relationship satisfaction.

The study also found that couples who elected to spend part of their income on time-saving measures were more resilient when it came to dealing with the inevitable conflicts associated with any committed relationship. “It’s sort of like a social-support idea,” Whillans says. “If you’re stressed, a healthy coping response can be to seek out a friend or family member to help you deal with that stress. Time-saving purchases are like another kind of social support––maybe your in-laws are coming over and the house is a mess, so you need a cleaner. Or maybe you and your partner are both working really hard and don’t have time to clean. We find that when couples respond to those kinds of stressors by purchasing support, they experience greater relationship satisfaction.”

 She warns, however, that time-saving purchases are not the be-all-and-end-all key to relationship satisfaction. The benefits of time-saving purchases appear primarily when couples are faced with controllable stressors, such as too much laundry to fold. When faced with an uncontrollable stressor, such as a death in the family, couples who spend their money instead on distracting, uplifting experiences––a dinner date, a short vacation––are likely to be happier.

 Of course, hiring cleaners, signing up for a laundry service, or outsourcing lawn-mowing can all end up costing much more than material gifts. Ximena Garcia-Rada, a doctoral candidate in marketing, has good news for couples who wish to achieve higher degrees of relationship satisfaction but have limited disposable income. Based on research done by working with Brierly professor of business administration Michael Norton, Garcia-Rada posits that relationship rituals are highly valuable in and of themselves. The researchers define a ritual as a task that is repeated over time, but continues to have symbolic meaning for the couple. Bringing one’s significant other coffee every day doesn’t count if he or she takes that coffee for granted, but going to the movies together every Friday night can establish a romantic ritual. Garcia-Rada says that her preliminary findings have interesting implications for the commonly held notion that scheduling intimacy is less romantic: “Couples who actually schedule time to cuddle, for example, end up developing a ritual to do so. That indicates a commitment to the relationship, and commitment is a key driver to satisfaction.” 

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Home — Essay Samples — Economics — Money — The Truth: Money Does Not Buy Happiness

The Truth: Money Does not Buy Happiness

• Categories: Happiness Money

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Published: Mar 3, 2020

Words: 768 | Pages: 2 | 4 min read

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Can Money Really Buy Happiness?

Money and happiness are related—but not in the way you think..

Updated November 10, 2023 | Reviewed by Chloe Williams

• More money is linked to increased happiness, some research shows.
• People who won the lottery have greater life satisfaction, even years later.
• Wealth is not associated with happiness globally; non-material things are more likely to predict wellbeing.
• Money, in and of itself, cannot buy happiness, but it can provide a means to the things we value in life.

Money is a big part of our lives, our identities, and perhaps our well-being. Sometimes, it can feel like your happiness hinges on how much cash is in your bank account. Have you ever thought to yourself, “If only I could increase my salary by 12 percent, I’d feel better”? How about, “I wish I had an inheritance. How easier life would be!” I don’t blame you — I’ve had the same thoughts many times.

But what does psychological research say about the age-old question: Can money really buy happiness? Let’s take a brutally honest exploration of how money and happiness are (and aren’t) related. (Spoiler alert: I’ve got bad news, good news, and lots of caveats.)

Higher earners are generally happier

Over 10 years ago, a study based on Gallup Poll data on 1,000 people made a big headline in the news. It found that people with higher incomes report being happier... but only up to an annual income of $75,000 (equivalent to about $90,000 today). After this point, a high emotional well-being wasn’t directly correlated to more money. This seemed to show that once a persons’ basic (and some “advanced”) needs are comfortably met, more money isn’t necessary for well-being.

But a new 2021 study of over one million participants found that there’s no such thing as an inflection point where more money doesn’t equal more happiness, at least not up to an annual salary of $500,000. In this study, participants’ well-being was measured in more detail. Instead of being asked to remember how well they felt in the past week, month, or year, they were asked how they felt right now in the moment. And based on this real-time assessment, very high earners were feeling great.

Similarly, a Swedish study on lottery winners found that even after years, people who won the lottery had greater life satisfaction, mental health, and were more prepared to face misfortune like divorce , illness, and being alone than regular folks who didn’t win the lottery. It’s almost as if having a pile of money made those things less difficult to cope with for the winners.

Evaluative vs. experienced well-being

At this point, it's important to suss out what researchers actually mean by "happiness." There are two major types of well-being psychologists measure: evaluative and experienced. Evaluative well-being refers to your answer to, “How do you think your life is going?” It’s what you think about your life. Experienced well-being, however, is your answer to, “What emotions are you feeling from day to day, and in what proportions?” It is your actual experience of positive and negative emotions.

In both of these studies — the one that found the happiness curve to flatten after $75,000 and the one that didn't — the researchers were focusing on experienced well-being. That means there's a disagreement in the research about whether day-to-day experiences of positive emotions really increase with higher and higher incomes, without limit. Which study is more accurate? Well, the 2021 study surveyed many more people, so it has the advantage of being more representative. However, there is a big caveat...

Material wealth is not associated with happiness everywhere in the world

If you’re not a very high earner, you may be feeling a bit irritated right now. How unfair that the rest of us can’t even comfort ourselves with the idea that millionaires must be sad in their giant mansions!

But not so fast.

Yes, in the large million-person study, experienced well-being (aka, happiness) did continually increase with higher income. But this study only included people in the United States. It wouldn't be a stretch to say that our culture is quite materialistic, more so than other countries, and income level plays a huge role in our lifestyle.

Another study of Mayan people in a poor, rural region of Yucatan, Mexico, did not find the level of wealth to be related to happiness, which the participants had high levels of overall. Separately, a Gallup World Poll study of people from many countries and cultures also found that, although higher income was associated with higher life evaluation, it was non-material things that predicted experienced well-being (e.g., learning, autonomy, respect, social support).

Earned wealth generates more happiness than inherited wealth

More good news: For those of us with really big dreams of “making it” and striking it rich through talent and hard work, know that the actual process of reaching your dream will not only bring you cash but also happiness. A study of ultra-rich millionaires (net worth of at least $8,000,000) found that those who earned their wealth through work and effort got more of a happiness boost from their money than those who inherited it. So keep dreaming big and reaching for your entrepreneurial goals … as long as you’re not sacrificing your actual well-being in the pursuit.

There are different types of happiness, and wealth is better for some than others

We’ve been talking about “happiness” as if it’s one big thing. But happiness actually has many different components and flavors. Think about all the positive emotions you’ve felt — can we break them down into more specifics? How about:

• Contentment
• Gratefulness

...and that's just a short list.

It turns out that wealth may be associated with some of these categories of “happiness,” specifically self-focused positive emotions such as pride and contentment, whereas less wealthy people have more other-focused positive emotions like love and compassion.

In fact, in the Swedish lottery winners study, people’s feelings about their social well-being (with friends, family, neighbors, and society) were no different between lottery winners and regular people.

Money is a means to the things we value, not happiness itself

One major difference between lottery winners and non-winners, it turns out, is that lottery winners have more spare time. This is the thing that really makes me envious , and I would hypothesize that this is the main reason why lottery winners are more satisfied with their life.

Consider this simply: If we had the financial security to spend time on things we enjoy and value, instead of feeling pressured to generate income all the time, why wouldn’t we be happier?

This is good news. It’s a reminder that money, in and of itself, cannot literally buy happiness. It can buy time and peace of mind. It can buy security and aesthetic experiences, and the ability to be generous to your family and friends. It makes room for other things that are important in life.

In fact, the researchers in that lottery winner study used statistical approaches to benchmark how much happiness winning $100,000 brings in the short-term (less than one year) and long-term (more than five years) compared to other major life events. For better or worse, getting married and having a baby each give a bigger short-term happiness boost than winning money, but in the long run, all three of these events have the same impact.

What does this mean? We make of our wealth and our life what we will. This is especially true for the vast majority of the world made up of people struggling to meet basic needs and to rise out of insecurity. We’ve learned that being rich can boost your life satisfaction and make it easier to have positive emotions, so it’s certainly worth your effort to set goals, work hard, and move towards financial health.

But getting rich is not the only way to be happy. You can still earn health, compassion, community, love, pride, connectedness, and so much more, even if you don’t have a lot of zeros in your bank account. After all, the original definition of “wealth” referred to a person’s holistic wellness in life, which means we all have the potential to be wealthy... in body, mind, and soul.

Kahneman, D., & Deaton, A.. High income improves evaluation of life but not emotional well-being. . Proceedings of the national academy of sciences. 2010.

Killingsworth, M. A. . Experienced well-being rises with income, even above $75,000 per year .. Proceedings of the National Academy of Sciences. 2021.

Lindqvist, E., Östling, R., & Cesarini, D. . Long-run effects of lottery wealth on psychological well-being. . The Review of Economic Studies. 2020.

Guardiola, J., González‐Gómez, F., García‐Rubio, M. A., & Lendechy‐Grajales, Á.. Does higher income equal higher levels of happiness in every society? The case of the Mayan people. . International Journal of Social Welfare. 2013.

Diener, E., Ng, W., Harter, J., & Arora, R. . Wealth and happiness across the world: material prosperity predicts life evaluation, whereas psychosocial prosperity predicts positive feeling. . Journal of personality and social psychology. 2010.

Donnelly, G. E., Zheng, T., Haisley, E., & Norton, M. I.. The amount and source of millionaires’ wealth (moderately) predict their happiness . . Personality and Social Psychology Bulletin. 2018.

Piff, P. K., & Moskowitz, J. P. . Wealth, poverty, and happiness: Social class is differentially associated with positive emotions.. Emotion. 2018.

Jade Wu, Ph.D., is a clinical health psychologist and host of the Savvy Psychologist podcast. She specializes in helping those with sleep problems and anxiety disorders.

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• Study: Money can’t buy love – or friendship

Study: Money can’t buy love – or friendship

By Bert Gambini

Release Date: April 9, 2020

BUFFALO, N.Y. – While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.

“When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes,” says Lora Park , an associate professor of psychology at UB and one of the paper’s co-authors.

“Feeling that pressure to achieve financial goals means we’re putting ourselves to work at the cost of spending time with loved ones, and it’s that lack of time spent with people close to us that’s associated with feeling lonely and disconnected,” says Deborah Ward, a UB graduate student and adjunct faculty member in UB’s psychology department.

Ward led the research on a team that also included Ashley Whillans, an assistant professor at Harvard Business School, Kristin Naragon-Gainey of the University of Western Australia, and Han Young Jung, a former UB graduate student.

The findings, published in the journal Personality and Social Psychology Bulletin, emphasize the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals.

“Depression and anxiety are tied to isolation, and we’re certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic,” says Ward. “These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what’s required to achieve success in the financial domain comes at the expense of spending time with family and friends.”

Ward says it’s not financial success that’s problematic or the desire for money that’s leading to these associations.

At the center of this research is a concept psychologists identify as Financial Contingency of Self-Worth. When people’s self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person. The degree to which they succeed financially relates to how they feel about themselves — feeling good when they think they’re doing well financially, but feeling worthless if they’re feeling financially insecure.

The research involved more than 2,500 participants over five different studies that looked for relationships between financial contingency of self-worth and key variables, such as time spent with others, loneliness and social disconnection. This included a daily diary study that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.

“We saw consistent associations between valuing money in terms of who you are and experiencing negative social outcomes in previous work, so this led us to ask the question of why these associations are present,” says Ward.

“We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success, which is tied to the quality of their relationships with others.”

Ward says the current study represents the beginning of efforts to uncover the processes at work with Financial Contingency of Self-Worth.

“I hope this is part of what becomes a longer line of research looking at the mechanisms between valuing money and social-related variables,” says Ward. “We don’t have the final answer, but there is a lot of evidence that pressures are largely playing a role.”

Media Contact Information

Bert Gambini News Content Manager Humanities, Economics, Social Sciences, Social Work, Libraries Tel: 716-645-5334 [email protected]

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Research News

Money can’t buy love — or friendship, study finds.

By BERT GAMBINI

Published April 15, 2020

While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by UB and Harvard Business School has taken initial steps to better understand why this link exists.

“When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes,” says Lora Park, associate professor of psychology at UB and one of the paper’s co-authors.

“Feeling that pressure to achieve financial goals means we’re putting ourselves to work at the cost of spending time with loved ones, and it’s that lack of time spent with people close to us that’s associated with feeling lonely and disconnected,” says Deborah Ward, a UB graduate student and adjunct faculty member in UB’s psychology department who led the research on a team that also included Ashley Whillans, assistant professor at Harvard Business School, Kristin Naragon-Gainey of the University of Western Australia and Han Young Jung, a former UB graduate student.

The findings, published in the journal Personality and Social Psychology Bulletin, emphasize the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals.

“Depression and anxiety are tied to isolation, and we’re certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic,” says Ward. “These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what’s required to achieve success in the financial domain comes at the expense of spending time with family and friends.”

Ward says it’s not financial success that’s problematic or the desire for money that’s leading to these associations.

At the center of this research is a concept psychologists identify as Financial Contingency of Self-Worth. When people’s self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person. The degree to which they succeed financially relates to how they feel about themselves — feeling good when they think they’re doing well financially, but feeling worthless if they’re feeling financially insecure.

The research involved more than 2,500 participants over five different studies that looked for relationships between financial contingency of self-worth and key variables, such as time spent with others, loneliness and social disconnection. This included a daily diary study that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.

“We saw consistent associations between valuing money in terms of who you are and experiencing negative social outcomes in previous work, so this led us to ask the question of why these associations are present,” says Ward. “We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success, which is tied to the quality of their relationships with others.”

She says the current study represents the beginning of efforts to uncover the processes at work with Financial Contingency of Self-Worth.

“I hope this is part of what becomes a longer line of research looking at the mechanisms between valuing money and social-related variables,” Ward says. “We don’t have the final answer, but there is a lot of evidence that pressures are largely playing a role.”

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April 10, 2020

Study: Money can't buy love – or friendship

by Bert Gambini, University at Buffalo

While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.

"When people base their self-worth on financial success , they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes," says Lora Park, an associate professor of psychology at UB and one of the paper's co-authors.

"Feeling that pressure to achieve financial goals means we're putting ourselves to work at the cost of spending time with loved ones, and it's that lack of time spent with people close to us that's associated with feeling lonely and disconnected," says Deborah Ward, a UB graduate student and adjunct faculty member at the UB's psychology department who led the research on a team that also included Ashley Whillans, an assistant professor at Harvard Business School, Kristin Naragon-Gainey, at the University of Western Australia, and Han Young Jung, a former UB graduate student.

The findings, published in the journal Personality and Social Psychology Bulletin , emphasize the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals.

"Depression and anxiety are tied to isolation, and we're certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic," says Ward. "These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what's required to achieve success in the financial domain comes at the expense of spending time with family and friends."

Ward says it's not financial success that's problematic or the desire for money that's leading to these associations.

At the center of this research is a concept psychologists identify as Financial Contingency of Self-Worth. When people's self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person. The degree to which they succeed financially relates to how they feel about themselves—feeling good when they think they're doing well financially, but feeling worthless if they're feeling financially insecure.

The research involved more than 2,500 participants over five different studies that looked for relationships between financial contingency of self-worth and key variables, such as time spent with others, loneliness and social disconnection. This included a daily diary study that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.

"We saw consistent associations between valuing money in terms of who you are and experiencing negative social outcomes in previous work, so this led us to ask the question of why these associations are present," says Ward. "We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success , which is tied to the quality of their relationships with others."

Ward says the current study represents the beginning of efforts to uncover the processes at work with Financial Contingency of Self-Worth.

"I hope this is part of what becomes a longer line of research looking at the mechanisms between valuing money and social-related variables," says Ward. "We don't have the final answer, but there is a lot of evidence that pressures are largely playing a role."

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Money can't buy love -- or friendship

Basing self-worth on financial success creates pressures that hurt important social connections.

While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.

"When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy, which are associated with negative social outcomes," says Lora Park, an associate professor of psychology at UB and one of the paper's co-authors.

"Feeling that pressure to achieve financial goals means we're putting ourselves to work at the cost of spending time with loved ones, and it's that lack of time spent with people close to us that's associated with feeling lonely and disconnected," says Deborah Ward, a UB graduate student and adjunct faculty member at the UB's psychology department who led the research on a team that also included Ashley Whillans, an assistant professor at Harvard Business School, Kristin Naragon-Gainey, at the University of Western Australia, and Han Young Jung, a former UB graduate student.

The findings, published in the journal Personality and Social Psychology Bulletin , emphasize the role of social networks and personal relationships in maintaining good mental health and why people should preserve those connections, even in the face of obstacles or pursuing challenging goals.

"Depression and anxiety are tied to isolation, and we're certainly seeing this now with the difficulties we have connecting with friends during the COVID-19 pandemic," says Ward. "These social connections are important. We need them as humans in order to feel secure, to feel mentally healthy and happy. But much of what's required to achieve success in the financial domain comes at the expense of spending time with family and friends."

Ward says it's not financial success that's problematic or the desire for money that's leading to these associations.

At the center of this research is a concept psychologists identify as Financial Contingency of Self-Worth. When people's self-worth is contingent on money, they view their financial success as being tied to the core of who they are as a person. The degree to which they succeed financially relates to how they feel about themselves -- feeling good when they think they're doing well financially, but feeling worthless if they're feeling financially insecure.

The research involved more than 2,500 participants over five different studies that looked for relationships between financial contingency of self-worth and key variables, such as time spent with others, loneliness and social disconnection. This included a daily diary study that followed participants over a two-week period to assess how they were feeling over an extended time about the importance of money and time spent engaged in various social activities.

"We saw consistent associations between valuing money in terms of who you are and experiencing negative social outcomes in previous work, so this led us to ask the question of why these associations are present," says Ward. "We see these findings as further evidence that people who base their self-worth on money are likely to feel pressured to achieve financial success, which is tied to the quality of their relationships with others."

Ward says the current study represents the beginning of efforts to uncover the processes at work with Financial Contingency of Self-Worth.

"I hope this is part of what becomes a longer line of research looking at the mechanisms between valuing money and social-related variables," says Ward. "We don't have the final answer, but there is a lot of evidence that pressures are largely playing a role."

• Social Psychology
• Relationships
• Consumer Behavior
• Child Psychology
• Educational Psychology
• Psycholinguistics
• Self-awareness
• Scientific method
• Psychometrics
• Adult attention-deficit disorder
• Collaboration

Story Source:

Materials provided by University at Buffalo . Original written by Bert Gambini. Note: Content may be edited for style and length.

Journal Reference :

• Deborah E. Ward, Lora E. Park, Kristin Naragon-Gainey, Ashley V. Whillans, Han Young Jung. Can’t Buy Me Love (or Friendship): Social Consequences of Financially Contingent Self-Worth . Personality and Social Psychology Bulletin , 2020; 014616722091087 DOI: 10.1177/0146167220910872

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I Don’t Believe Money Can Buy Happiness Essay

Happiness is very essential in each and everyone’s life as it makes life enjoyable and motivates someone to move on. There are many factors that contribute to an individual’s happiness, for instance, satisfaction in one’s family life, work, love relationships and even good academic performance.

Money is also a contributing factor but only when combined with other aspects like mentioned above. This paper gives an insight on why I don’t believe that money can buy happiness. I don’t believe that money can buy happiness since some aspects that leads to happiness for example respect, power love and a feeling of appreciation and belonging cannot be bought but rather attained naturally.

The more one earns, the more the needs that are to be satisfied and so money is essential to a certain level after which it becomes a problem and make people less approachable and more egocentric affecting their social life negatively hence hindering happiness in their lives. Money also impairs people ability to enjoy life and the many things they have acquired through their wealth despite being in a better position to purchase items of choice because life’s little pleasures are overlooked.

Money helps us to have a comfortable life as we can be able to cater for our needs but it surely cannot buy us happiness. This is because happiness in our lives is brought about by the little pleasures that life holds for us for example the joy attained through socialization with others, satisfaction in work and family life among others and not in the big pleasures attached to wealth and money.

Materialistic people are generally unhappy as they tend to ignore the little things that bring about happiness in life in search of bigger things with the hope of being happier which does not come to pass.

According to Luscombe (2010), money contributes happiness when it is acquired to a certain amount ($ 75,000) in a year after which no greater happiness is attached to the money. He argues that the lower an individual’s income falls below $75,000 per year, the unhappier he or she may be but at the same time, earning more than this does not guarantee any much happiness.

This shows that as much as money is essential in acquisition and satisfaction of our needs, it does not guarantee our happiness by its own and other aspects of life have to be incorporated to attain happiness.

Happiness can be viewed as the way one feels at a particular moment for example either emotionally well or not. It can also be viewed as the inner satisfaction an individual feels about his or her life in general in regard to what is happening. Money seems to make life appear to be working out well but it actually does not contribute to a person’s emotional well being that leads to total happiness.

Lower income does not in itself lead to sadness but make people stressed up by the problems that face them. For instance those with family problems like those who are sick, separated or divorced are not happy irrespective of the amount of income they earn hence money just help improve living conditions and brings a person to a life he or she thinks is better but do not necessarily lead to happiness.

There is more to happiness than money and there are people who are without money but are happier than those with lots of money depending on the circumstances that face them and the conditions in which they live.

People who delight in their work for example those who are involved in more social work and lot of human contact seem to achieve much higher levels of happiness as compared to those whose work involves dealing with machines and less human interaction since there is a good feeling that comes along with sharing of experiences, ideas and opinions with others.

For example hairdressers, doctors, nurses, teachers and social workers tend to be happier due to the strong social relations they develop in their work between their colleagues and also with their clients. This shows that although income matters, our attitude towards life is essential plus the consideration of other factors that may lead to our happiness like love, respect and recognition.

The key issue towards attainment of happiness is the ability to have just enough money to cater for the basic needs for instance food, clothing, shelter and health and some little more for emergency and concentrating on how you spend your time and not what you can acquire.

One should work on his or her strengths, purpose, the people and things that make life worth living and not on the items perceived to bring happiness but in reality do not. This is because happiness is an attitude and making enough to facilitate basic needs and a little surplus creates some peace of mind hence happiness and lack of it causes pain and stress as one tries to make ends meet.

Luscombe, B. (2010). Do We Need $75,000 a Year to Be Happy? . Web.

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IvyPanda. (2023, December 26). I Don't Believe Money Can Buy Happiness. https://ivypanda.com/essays/i-dont-believe-money-can-buy-happiness/

"I Don't Believe Money Can Buy Happiness." IvyPanda , 26 Dec. 2023, ivypanda.com/essays/i-dont-believe-money-can-buy-happiness/.

IvyPanda . (2023) 'I Don't Believe Money Can Buy Happiness'. 26 December.

IvyPanda . 2023. "I Don't Believe Money Can Buy Happiness." December 26, 2023. https://ivypanda.com/essays/i-dont-believe-money-can-buy-happiness/.

1. IvyPanda . "I Don't Believe Money Can Buy Happiness." December 26, 2023. https://ivypanda.com/essays/i-dont-believe-money-can-buy-happiness/.

Bibliography

IvyPanda . "I Don't Believe Money Can Buy Happiness." December 26, 2023. https://ivypanda.com/essays/i-dont-believe-money-can-buy-happiness/.

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Essay on Money Can’t Buy Happiness

Students are often asked to write an essay on Money Can’t Buy Happiness in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Money Can’t Buy Happiness

The meaning of happiness.

Happiness is a feeling of joy that comes from within. It’s when we feel good about our lives and the people around us. It’s not something you can go to a store and buy like a toy or a candy bar.

Money’s Role

Money is useful. It helps us buy things we need like food and a home. It can also help us have fun, like when we buy a game or go on a trip. But these things only make us happy for a short time.

Riches and Smiles

Some rich people have lots of money but are not happy. They may feel lonely or worried. This shows us that even with all the money in the world, you can’t buy a happy heart.

Lasting Joy

True happiness comes from love, friendship, and good memories. These are things that money can’t buy. Doing kind things for others or spending time with family and friends makes us truly happy.

Also check:

• Speech on Money Can’t Buy Happiness

250 Words Essay on Money Can’t Buy Happiness

What is true happiness.

True happiness is a feeling of joy, contentment, and well-being that comes from within. It’s not something you can pick up from a store or order online. Happiness is about feeling good inside your heart and mind, not about how much stuff you have.

Money and Things

Money can buy a lot of things like toys, games, and candy. But these things only make us happy for a little while. After some time, new toys become old, and the excitement fades. The joy that comes from things you can touch and buy does not last forever.

Love and Friendship

Think about the times you laugh with your friends or get a hug from your family. These moments give you a warm feeling that stays with you much longer than the happiness you get from a new toy. Love and friendship are priceless, and you cannot buy them with money.

Helping Others

Have you ever helped someone and seen them smile because of what you did? This kind of joy comes from giving, not getting. When you help others, you feel good on the inside. You can’t put a price tag on the happiness that comes from being kind.

The Simple Things

Often, the best things in life are free. Playing outside, talking with friends, or reading a good story can make you very happy. These simple pleasures do not cost anything, yet they fill us with happiness.

In conclusion, money is useful for buying things we need, but it cannot buy true happiness. Happiness is about love, friendship, kindness, and enjoying the simple things in life. These are treasures that money can never buy.

500 Words Essay on Money Can’t Buy Happiness

The meaning of true happiness.

Many people think that having a lot of money means you will be happy. They believe that when you are rich, you can buy anything you want, and that will make you happy. But true happiness is not something you can buy with money. True happiness comes from love, good health, and being content with what you have.

Love and Relationships

Think about the times you feel the happiest. Is it when you get a new toy, or is it when you are playing with your friends? For most of us, being with our family and friends makes us feel good. Laughing, playing games, and sharing stories are moments that make us happy. These moments do not cost anything. Money cannot buy the love of your family or the fun times with your friends.

Health is Wealth

Being healthy is very important for happiness. Sometimes, rich people are not healthy. They may have money to go to the best doctors, but they cannot buy good health. Eating well, getting enough sleep, and playing outside can keep you healthy. These things are better than any medicine and they do not need a lot of money.

Contentment is Key

Contentment means being happy with what you have. It does not matter if you do not have the newest video game or the latest sneakers. Being thankful for what you have is a big part of being happy. If you always want more, you will never be happy. Even if you have a lot of money, you will always be looking for the next thing to buy. But if you are content, you can find joy in the simple things in life.

The Best Things in Life Are Free

Some of the best things in life do not cost any money at all. Watching the sunset, playing in the park, and reading a good book are things that can make you very happy. You do not need to spend money to enjoy these things. Nature, art, and imagination are always there for you to enjoy.

Money and Happiness

Money can help you live comfortably. It can buy you a home, food, and clothes. But after your basic needs are met, more money does not mean more happiness. People with less money can be just as happy, or even happier, than rich people. When you have a lot of money, you might worry about it too much. You might be afraid of losing it or think about how to make more. This can make you feel stressed and not happy.

In conclusion, happiness is not something you can buy at a store. It comes from love, health, being content, and enjoying the simple things. Remember, the most precious moments in life are often the ones that money cannot buy. So, smile, play, and enjoy every day, and you will find that happiness is all around you.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

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Question and Answer forum for K12 Students

Money Can’t Buy Happiness Essay for Students and Children in English

Money Can’t Buy Happiness Essay: The proverb “Money Can’t Buy Happiness” states that money can buy all the materialistic things like cars, houses, and also you can live a luxurious life too but having all the materialistic things surely will not give happiness. Money can be used to buy anything in the world but there is no shop where you can walk and buy happiness and so they say money can’t buy happiness.

When it comes to the question of whether money can buy happiness or not the answer here is that money is just a tool to buy things that give us luxury which in turn will give us happiness. But it doesn’t necessarily increase our happiness. Buying more and more luxurious things won’t really bring you more joy. More money isn’t going to improve your mindset, nor will it bring peace to mind. In other words, you can say that more money can’t buy happiness. There are many aspects which money can’t give.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Suppose you think a new 24” LED TV will bring you happiness but after having the same 24” LED you see a better option and it makes you feel sad. You want to have better than this. It is not actually the tv that gives you happiness, it is the human nature of having more. A human being is one who is never satisfied. Happiness is actually the state of mind which cannot be achieved by materialistic things. There are many reasons which prove that money can’t buy happiness.

Buying stuff won’t make us happy, because we tend to compare it with others. Comparisons are ridiculous and quite often harmful to us.

What is Happiness?

Is it a big car, a luxurious house, or a big-screen LED TV?  Buying any new stuff feels great at first.  But gradually months and years later, the excitement decreases. The bright, shiny, newness will eventually go down and you’ll want a new one or more.

Happiness is a feeling. Feeling that money can’t buy. If someone asks are you happy, what will you answer?.

Happiness means satisfaction. Be satisfied with what you have in your life.  Not to crave on the things that you don’t have.

Reasons Why Money Can’t Buy Happiness

There are some very good reasons why having more money doesn’t necessarily make a person happier. It can actually turn the opposite. Many wealthy people, for example, are actually under stress.

Here we mention few reasons why money can’t buy happiness

More Stuff More Work

Many think that if you get more luxurious stuff our life would be happier but that isn’t true. The more the stuff, the more work it takes to take care of it. Day by day everything has become larger. Today people want larger houses to live in but keeping it clean and maintained is again a challenge. It takes more time and effort to keep your mansions neat and tidy.

More Stuff Less Free Time

As you own more stuff, you will get less free time because you’ll be spending time in the maintenance of the things you bought. Time is very important for everyone, but much of our free time is spent doing house chores and taking care of our stuff. You can use the money to hire maids but that is not possible in every situation.

More Stuff More Expenses

The more stuff you own, the more money you will have to spend to maintain it.

For example, bigger houses need more repairs than smaller ones. Unfortunately, repairs are a necessary part and can be expensive.

The more stuff you own, the more work and money is spent to maintain it. Having less stuff can free up some of your time to do things you enjoy. So money cannot always bring you happiness.

Materialistic things give Temporary Satisfaction

Money can buy temporary happiness. Everyone experiences themselves on cloud nine when they’ve bought something they’ve been desiring. These feelings of happiness are usually temporary. This happiness soon fades away and that new thing is no longer interesting.

Scientists have proved that we get more happiness from our experiences but not from materialistic things. And also they don’t cost much.

Time spent with your loved ones will give you more happiness than buying a costly item that you were eyeing for a long time.

Money Can’t Buy Family, Friends and Love

Family, friends and your loved ones are the people who will make you special. They are the people whose surroundings will make you happy. And definitely, money cannot buy these relationships.

When people are dying and taking their last breath they don’t want to see the things they own or the achievements of their life. All they want to see are their loved ones.

It’s their relationships that really matter but not stuff.

True love doesn’t care whether your loved one is rich or poor. That person will value you for who you are and not money.

Money Can’t Give You Peace of Mind

A person can live without a big house, he can survive without driving a car but cannot live with a stressful mind. True happiness has nothing to do with the bank balance. More money also sometimes steals away the peace of mind because of insecurity.

Changing our outlook for money is the first step in achieving true happiness, the kind of happiness that comes from being satisfied with what you have.

In conclusion, once you have your basic needs like food, water, shelter, clothing and the feeling of safety, then money can’t buy happiness.

It’s up to you to build meaningful relationships, enjoy the little things in life, and start spending your money on experiences and other people rather than materialistic things.