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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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Money Can’t Buy Happiness Essay | Essay on Money can’t buy Happiness for Students and Children in English
February 14, 2024 by Veerendra
“Money Can’t Buy Happiness” Essay: The problem with the saying, “money can’t buy happiness” is that it’s only partly right. When we think of spending money typically, we tend to think about spending money on things – a new car, a new TV, the latest sound-cancelling headphones and so on.
However, as human beings with sophisticated minds, over time, we often adapt surprisingly well to new changes in our world.
You can read more Essay Writing about articles, events, people, sports, technology many more.
That new TV we have wanted for so long after a few months is just a TV to us as we have gotten used to the higher clarity, better audio, and the 4K resolution. That new game out in the market, which we will spend a lot of money on, will soon get boring and we will eventually stop playing it. People often equate money with happiness, but that may or may not be the case depending on the context and situation.
Below are given a few examples of long and short essays concerning the topic.
Long and Short Essays on Money Can’t Buy Happiness for Kids and Children
We have provided a few sample essays on the mentioned topic. There is one extended essay of 500 words; a short piece of 100-150 words; and ten lines on the subject of money not buying happiness.
Long Essay on Money Can’t Buy Happiness 500 Words in English
Such long essays are usually helpful for students in classes 7, 8, 9, and 10. They are asked to write these essays for assignments and exams.
We often think that our lives would be so much better off if we just had more money. For example, “that person in my class has the brand new Playstation. I wish my parents were that rich to buy me one.” or “That person has a nice looking Rolex. If only I had the money to buy one.” “If only I had the money to buy a new car.” Hence, the list goes on. But what we take for granted is that once we have enough money to buy that item, we get bored of it and desire something new.
Psychologists call this the “Hedonic Treadmill” – New things always become “old”, and they need to be replaced with newer items.
Another factor we’re not going to be happy with buying things is that we want to compare ourselves to those around us – our families, our friends, celebrities, advertisements, etc.
When we see some new advertisements on TV, we feel like we have to buy it as a celebrity endorses it. When we open social media, we see photos of our friends and relatives who have gone for vacations and trips, and we feel we need the money to go on a vacation to enjoy ourselves as that is the only way to spend time with family properly. But what we don’t realize is comparisons are often insidious and harming, especially if we see ourselves at the non-receiving end.
What we should keep in mind is money always begs for more money. Of course, the main aim of a modern lifestyle is to get a proper job and earn wealth, but making earning wealth the sole purpose of one’s existence is dangerous and harmful. One will never be happy and peaceful and will always yearn for more wealth. He/she will never be satisfied. No amount of wealth can be seen as “enough”. If one’s sole purpose is to accumulate wealth to spend on material goods, then he/she will never be satisfied with their life.
Greek Philosopher, Diogenes says, “He has the most who is most content with the least.” This means that when a person appreciates and knows the value of his earnings, and does not take it for granted, and takes care of it properly, he can be happier than the wealthiest person on Earth.
With this being said, there are ways in which you can utilize your money more happily and healthily; Instead of wasting money on material goods, spend your accumulated wealth on road trips and vacations, picnics, family outings, etc. Getting out of the house and getting the experience of the outside world will have a positive impact on your mental health. Visiting new locations, be it solo, with friends, or family will boost your morale as you visit new places and meet new people, giving you new experiences and will teach you how to use your money carefully. If you have enough money to spare, you should donate some money to charity to help those less unfortunate. Not only will you be doing a good deed, but acts of charity will also teach you to be empathetic towards others.
All in all, the bottom line then is whether money buys you happiness or not is entirely dependent on how you choose to spend it.
Short Essay on Money Can’t Buy Happiness 150 Words in English
Such short essays are usually helpful for students in classes 1,2,3,4,5, and 6. They are asked to write these essays for assignments and exams.
We often think to ourselves, “If only I had the money to buy the PlayStation.”.” If only I had the money to buy a new car”.
Of course, the main aim of a modern lifestyle is to get a proper job and earn wealth, but making earning wealth the sole purpose of one’s existence is dangerous and harmful. We started equating our success to the material things we own in comparison to others.
There is always the question of “Who has the latest iPhone?” If one’s sole purpose is to accumulate wealth to spend on material goods, then he/she will never be satisfied with their life. There will always be a desire for something newer once the “new” becomes “old” again.
10 Lines on Money Can’t Buy Happiness Essay in English
- Focussed on making as much wealth as possible, you may lose the time available at hand.
- Buying things for personal consumption may feel rewarding at first. But using that money for a cause other than personal gain will help in growing a positive personality.
- Money cannot buy authentic relationships like friendship, love, etc.
- Everything isn’t about money, it’s the little things in life that matter the most.
- Money cannot buy time, so use your time wisely.
- Money cannot fix broken relationships.
- Addiction to earning money can cause severe mental stress.
- Money can seem to be “never enough.”
- Materialism can become an unhealthy obsession.
- Money alone cannot buy peace of mind.
FAQ’s Money Can’t Buy Happiness Essay
Question 1. Can money buy happiness?
Answer: Whether or not money buys you, happiness depends on how you chose to spend it. Always hoarding money will cause more anxiety and mental stress. Spending money in healthy ways like, for a vacation, or charity, will help you establish a positive and healthy mind.
Question 2. How to be happy with less money?
Answer: Of course, money is a necessity, but life should not solely revolve around the material gains it brings. If one can refrain from spending money uselessly on material goods, he will be much happier.
Question 3. What is the best way to utilize money?
Answer: Refrain from too much materialism. Instead, spend some of that money on trips with friends/family, charities, etc., as they help you refresh your mind, and help to maintain good mental health.
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Persuasive speech: Money can buy happiness and love
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