Happiness: Does More Money Do It?

Most people think that having more money will make them happy and results of surveys bears this out, but only up to a point. Defining happiness as satisfaction with one’s life and the experience of positive emotions, surveys have yielded mixed results. When contemplating satisfaction with one’s life, many compare their status and achievements with others and on that basis, people with more money generally claim more satisfaction. However, on the basis of experiencing positive emotions, or “feeling” happy, more money does not help beyond the level of basic needs.

World-Wide Survey on Happiness

According to Rob Stein, writing in the Washington Post (July 1, 2010) the results of a massive Gallup survey (2005,2006) of 136,000 people in 132 countries found that while those with money reported satisfaction in that it provides respect and control, it does not provide happiness. The article quotes Sonja Lyubomirskt, professor of psychology at the University of California, "It's really interesting that if you look at countries that are so different – from rural villagers to people living in a city like Stockholm – they are all about the same in terms of what makes people happy."

U.S Rich, But Not Happy

According to Jeanna Bryner, writing for Live Science, (U.S. is Richest Nation, But Not Happiest; July 1, 2010) comparing one nation’s happiness with another is more complex than first supposed. The two categories of happiness, life satisfaction and emotional well-being are not the same thing. So while a wealthy nation may report higher life satisfaction, they may report less emotional well-being. Thus, the United States may be the richest nation in the world, but it is not the happiest. The U.S. has the highest gross domestic product of any nation, but comes in number 16 for overall well-being and number 26 for life enjoyment.

Why Doesn’t Money Make Us Happy?

Many feel happy when they buy a new car, a new house, or even new clothes. However, the feeling of well-being soon passes. According to University of California, Riverside, psychologist  Sonja Lyubomirsky, PhD, this phenomenon is called the "hedonistic treadmill," that is, seeking short-term mood boosts through purchasing goods and services. A goal of simply making more money in order to fulfill a need to boost our moods temporarily cannot therefore produce lasting happiness. John D. Rockefeller, who was a very wealthy man by any measure, was asked how much money is enough. His answer was, “Just a little bit more.”

Happiest Countries and Happiest States

According to Francesca Levy writing for Forbes Magazine (July 14, 2010,) the happiest countries according to the well-being index (a combination of life satisfaction and positive emotions) are Denmark, Finland, Norway, Sweden, and the Netherlands. Most of the least happy countries are in Africa: Togo, Burundi, Comoros, Cambodia, and Sierra Leone. The U.S. is ranked number 14. In the U.S. the happiest states are Utah, Hawaii, Wyoming, Colorado and Minnesota. The least happy states are West Virginia, Kentucky, Mississippi, Ohio, and Arkansas.

According to Positive Psychology pioneer Martin Seligman of Penn State University, such age–old advice as counting our blessings and living with a mindset of gratitude actually do make us happier. Seligman also advocates character as a component of happiness and advocates the practice of such universally-admired virtues as kindness, fairness, and courage.

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