Money can actually buy happiness, study finds

BUZZ fam, you’ve probably heard the expression “money doesn’t buy happiness” but a new study has found that the more money you have, the greater your happiness.

The ‘Expanding Class Divide in Happiness in the United States, 1972-2016’, published in the past week in the journal Emotion, found that among people age 30 and older, the correlation between income and happiness has been rising over the years.

The study used data from the General Social Survey (GSS), with 44,198 participants between 1972 and 2016.

The GSS asked, “Taken all together, how would you say things are these days? Would you say that you are very happy, pretty happy, or not too happy?”

The new study divided respondents into quintiles and deciles on the basis of income and looked at how they answered that question over several decades.

Adults who were at the top grade of inflation-adjusted household income (US$108,410 and higher) were five per cent more likely to say they were “very happy” than people in the ninth decile.

However, the new study found no evidence that happiness tapers off after a certain income point, though it did not study incomes within the top decile to see if the happiness-income correlation continued to rise for those earning over US$108,410.