You are Much less More likely to Be Completely happy As soon as You Begin Making Extra Than This Quantity, Research Say
Money doesn’t make you a more generous person or buy more happiness, according to researchers.
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March 9, 2021 2 min read
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Making more money doesn’t guarantee you’ll be more empathetic or considerate, as a study published last week by the American Psychological Association (APA) found.
In a survey of more than 1.6 million people in 162 countries, researchers from Singapore and the United States concluded that those with higher incomes are likely to feel safer and less shy than lower-paid workers, but that members of the earlier group are not exactly more loving.
“Having more money doesn’t necessarily make a person more compassionate and grateful, and greater wealth may not help build a more caring and tolerant society,” senior researcher Eddie Tong, associate professor of psychology at the National University of Singapore told the APA .
Related: 20 Secrets to a Happier Life
The report further shows that high earners often had more positive “self-respect emotions” such as pride and determination. Those on lower incomes, on the other hand, experienced just the opposite, with emotions ranging from sadness to shame.
In essence, more money seems to have a positive effect on a person’s “emotional wellbeing” – as Tong pointed out – but there is no consistent correlation between income levels and people’s attitudes towards one another. The professor added that his team’s results are correlative, which makes it difficult to prove whether higher income actually leads to positive emotions, or whether there is simply a link between them.
“Policies that aim to increase the income of the average person and stimulate the economy can contribute to an individual’s emotional well-being,” he said. “It doesn’t necessarily have to contribute to emotional experiences that are important for community harmony.”
And despite the fact that there may be some truth to the effects of money on happiness, at least one 2010 Princeton University study claims that more money doesn’t necessarily mean more happiness – especially when you’re starting out above $ 75,000 – Earning dollars. According to the report’s authors, having a high income can have a positive impact on your attitudes towards your entire life path, but it has little impact on how you perceive your everyday life.