“Money Can Buy Happiness”- Daniel Kahneman and Matthew Killingsworth of Princeton University and the University of Pennsylvania discovered that as income and earnings increase, so does happiness.
The old saying “money can’t buy happiness” is difficult to learn because many people discover that their happiness decreases after becoming wealthy.
Some argue that the adage “people go broke to feel better about not having enough money” is accurate. Then there are those who swear by this proverb and live their entire lives by it.
From an excellent example of adversarial collaboration by Matthew Killingsworth, Daniel Kahneman, & Barbara Mellers, the Wash Post reports that “money can buy happiness,” and without a previously reported “income satiation effect.” The researchers’ PNAS figure illustrates. But… pic.twitter.com/wfK7jyfaox
— David Myers (@DavidGMyers) March 10, 2023
The connection between wealth and happiness is extremely personal. A new study has completely refuted an old proverb that many people have come to believe over many generations. Here’s what the study discovered.
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In his research published in 2010, Kahneman demonstrated that the trend generally stops when an individual’s income reaches close to $75,000. However, a new study found that happiness increases with income, even when income exceeds $75,000.
The new study, published in the Proceedings of the National Academy of Sciences, surveyed 33,391 people in the United States between the ages of 18 and 65. They had a yearly income of at least $10,000.
Both the researchers recorded people’s feelings at random times via a smartphone app and it ranged from “very bad” to “very good”.
Where do cognitive biases emerge?
For the sake of simplicity, we will distinguish between:
System 1 and System 2(1/5)
— DanielKahneman (@kahneman_daniel) May 14, 2020
Later, they compared these feelings and discovered that people earning up to $500,000 per year were generally very happy, according to CBS.
Killingsowrth, on the other hand, warned in a statement that money isn’t everything – “One of many factors that influence happiness. Money is not the key to happiness, but it can certainly help.”
