Money and Happiness

1647 Words7 Pages
Running head: MONEY AND HAPPINESS

Does An Increase In Wealth Make People, And Countries, Happier?
Bishop 's University
Term paper
March 11, 2014
PSY 246B: Social Psychology II
Professor Standing
Abstract
In this paper, the relationship between happiness and money was examined. Does money buy happiness? Three studies were examined in depth to provide an answer to this question. This paper found that people believed that they would be happier if they were richer. It was also found that people gaining less than $ 75,000 per year experienced lower life happiness. Studies showed that an increase in income is only good for increasing the individual’s happiness for a short period of time. Keyword: Upper-class,
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51% of the divorced people who gain less than 1000 per month were unhappier and more stressed, and 24% felt the same with an income of more than $ 3000 per month. Individuals who earned low incomes and had illnesses, even small illnesses such as asthma, reported feeling less happy than those who were healthy, with 41% compared with 22% happy. Furthermore, three surveys were conducted where residents from 151 nations were ranked from 1 to 151 on themes. On happiness, the United States ranked 5th and on stress, the United States ranked 5th also. Finally, on the feeling that life is going well, the United States ranked 9th.
It should be taken into account here that people who are in a condition of perfect health but begin to experience stressful events in their life might begin to develop an illness due to these stressful events. Luscombe concluded this experiment by pointing out that people who gain less than $ 75,000 a year experienced unhappiness in their lives, more so than a person that gains $ 75,000 or more. However, people who gained already $ 75,000 or more did not experience an increase in happiness.
In an everyday setting, one might wonder why some rich people as celebrities might seem unhappy, may this be due to the fact that money doesn’t buy happiness? At least when someone is already rich and doesn’t have to worry about how he will survive another day or what he will be eating that day or even if he will be eating at all.
In the experiment by
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