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Money Can't Buy Your Happiness! Don't Even Look For It
On this the researchers corroborates: "People should avoid the trap of over-emphasizing financial matters and consider a complete portfolio of resources. This will help them cope when hard times are imminent."
As a matter of fact, the researcher also referred to a poll conducted by the Gallup Organization which apparently showed that the average person was relatively happy and satisfied with his or her life, but a larger income was more directly related to a stronger sense of happiness than with any other factor. The researchers observed that the people who thought they had a great life reported higher income, but larger salaries die not mean that such persons felt happier on a day-to-day basis.
According to Diener, this may surprise some people who have long heard that money can't buy happiness. "Money is an object that many or most people highly desire and pursue during most of their waking hours. It would be surprising if making more money had no influence whatsoever when people are asked to evaluate their lives," said Diener.
The survey, however, also revealed that a larger income did not necessarily contribute to a person's day-to-day feelings of happiness, stronger social relationships or feeling of respect. "Essentially," said Diener "We have two forms of prosperity: economic and psychological." He explains: "But we've found that while money may be able to make people lead more comfortable lives, it won't necessarily contribute to life's pleasant moments that come from engaging with people and activities rather than from material goods and luxuries."
Biswas-Diener said it's this kind of 'psychological wealth' that can help people get through the recent financial downturn.
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