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Does money buy happiness or unhappiness? The answer cannot be told in a ridiculous 30-second soundbite. If you want to delve into the complexity of this issue, read on. Science has a great story to tell. Looking forward to the debate... Read More
Money and Happiness
Wow, we are on the same wavelength since I published my blog today on "Breaking News: Money Actually Can Buy Happiness" (http://psychologyofwellbeing.com) except that clearly I went for the cheap soundbite in the title of my post. However, I did that somewhat tongue-in-cheek to counteract all of the soundbites that usually swing the other way and my point (I think) is congruent with yours. I would like to say "great minds think alike" except that my mind runs like an Atari 2600 compared to that super computer you have in your noggin.
mental synchronicity
Jeremy, now the question is why we were both thinking about cashflow today. I was reading the blogs and simply had to respond to the erroneous nature of the most read post this morning. I was actually planning to write a piece on the psychology of religion until I felt compelled to whip out a response.
I love the Atari 2600 with River Raid and Pitfall, and in turn, love your brain.
cheers,
Todd
synchronicity indeed
Well I'm glad we published on the same day. If you had published a day or two earlier I would have had to scrap my piece and start over with something else to avoid a plaigiarism claim. Like you, I've been seeing a lot dumbed down stories that try to explain the relationship between money and happiness in a "single note". And in positive psychology circles, people tend to focus on the evidence that shows what we want to believe (money doesn't matter) but not the evidence to the contrary.
Ironically, the other reason I wrote my piece is I know that I too will be guilty of it. I like the warm fuzzy stories about how money is not all that important as much as the next guy. So before I started going down that path of sharing all of the fun stories about how meaning, social relationships, CURIOSITY, positive emotions etc. are all more important than money, I thought it would be good to lay the foundation.
It's a relationship that is fun to think about and scrutinize. But that is because of it's complexity. Your last paragraph sums that up beautifully.
Hello Dr. Kashdan
An excellent column. It everyone read and internalized its message, there would be many more happy people running around.
Steve Mason
PT Blogger
gratitude
Extremely kind of you to take the time to respond. Looking forward to reading your blog.
cheers,
Todd
Great job, Todd!
Very well said and succinct (and absolutely loved your point about "proven")!
A mouth full of sound bites
Fantastic response. Thank you for bringing a broad perspective to the literature. I hope these criticisms are heard.
Sticking to the data
Thanks for these comments and opinions about the recent study I summarize in my post, but some of them go well beyond the data and objectives of the study. The study is not about poverty. All of the subjects were gainfully employed. It is not about value judgments regarding how money should be spent. It reveals a surprising unconscious effect that thinking of money diminishes savoring. Savoring is positively correlated with happiness. Why that should be so is interesting. I provide the author’s conclusion that money or even the thought of it reduces one’s ability to savor life simple pleasures.
sticking to the literature
You described an interesting study but I am surprised that you found my comments as going beyond the data. It is important to review any study in the context of the existing literature. Thus, all of the points I mentioned are relevant as potential moderators and/or confounds.
For instance, if everyone in the study you discuss is gainfully employed, then what does it really tell us about the link between money and savoring? After all, the diminished utility of money after $40,000-50,000 is substantial. People that make a tremendous amount of money tend to have strong stress-related appraisals. Yet another relevant variable included from the analysis but in the research literature over the past 20+ years.
My primary point is that we cannot make conclusions about the inherent value of money from one study much less one study divorced from the literature and based on a few dozen people coming to the laboratory.
Good soundbites. Questionable stability and validity.
cheers,
Todd
An Urgently Needed Message!
Great post, Todd! Excellent title....a good antidote to erroneous
soundbites that really may have harmful effects. People need a realistic attitude towards money....it clearly is a core issue in many people's lives and knowing how to spend money for maximal well-being, having a mindset that allows people to understand their financial needs and make and manage money accordingly is a sign of
responsibility not frivolity and materialism. Both people and money
can be complex....soundbites won't do. Hope your message gets out there....it's a public service! And I like the point about what science can prove....or rather can't.
Cheers,
Marion
A little money, but a lot of love
Here is a quote from Born to Be Good by Dacher Keltner that I think provides a good summary of the literature on wealth and happiness:
"Does money make us happy? The answer for those who have very little is yes. Material gain allows individuals in the lowest economic strata to avoid the innumerable problems associated with economic deprivation, including depression, anxiety, compromised resistance to disease, and high mortality rates.
"For those in the upper classes and above, however, the association between money and happiness is weak or nonexistent. Researchers have now asked millions of people the simple question: 'How satisfied are you with your life right now?' It is not personal wealth, the strength of the stock market, inflation, or fluctuations in interest rates that cause the ebb and flow in our personal wellbeing. This same literature reveals time and time again that what makes us happy is the quality of our romantic bonds, the health of our families, the time we spend with good friends, the connections we feel to communities."
Keltner
great quote from a top-notch researcher.
Kelter
It's a good quote as far as it goes. It leaves out the middle-class,
where unprecedented stresses are currently being experienced.
And, Todd, what about work and meaning?
agreed
Marion, I agree with all the gaps you recognize. This is the problem when people don't do justice to the topic and just pay lip service with a few links to a few studies. Either we address money in all its complexity or we should take on a topic that we are ready to fully handle.
You know me, I always feel happiness is overdone and meaning is neglected.
Agreed, Too
Beautifully stated, Todd....either folks should take on the complexity of an issue or handle something else. Yes, no more soundbites. That would be a step forward in the service of intellectual integrity.
Has anyone here ever read any
Has anyone here ever read any of Thomas J. Stanley's work? He points out a lot of the misconceptions we have about wealth in America. He goes very much into contrasting the lifestyles of those who live a life of materialism vs. those who live below their means and yet still have a satisfactorily quality of life. Which makes me think that your response was right on point. Great job!
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