Can Your Money Buy You Happiness? Harvard Study Results

Article Summary:

For generations, people have been trying to figure out if money brings happiness. According to the authors of “The Good Life”, Robert Waldinger and Marc Schulz, the answer is no. The findings of the world’s longest study on happiness, the Harvard Study of Adult Development, show that money does not equate to happiness. However, up to a certain income level, money does affect satisfaction with life by meeting basic needs and providing for families. Beyond that, there is no correlation between money and happiness. Money should be considered a means to an end, not the ultimate goal.

The Harvard study also found that career success does not equal happiness. Participants with more prestigious jobs and money were not happier in their lives. The idea of being happy by chasing money-oriented achievements like a promotion or a large 401(k) balance keeps happiness out of reach. The study emphasized the importance of relationships, both at work and outside of work.

Retirement can also pose a risk to people’s happiness and self-worth. The study suggests that mid-career professionals should think about building a life framework with purpose and meaning and connections outside of work. Experiences, such as vacations or shared activities, provide a better return on happiness than material possessions.

Finally, the study suggests that everyone should do a mini-Harvard study on themselves by periodically checking in to see if their career, finances, and relationships are working together to give them a life of purpose and meaning. By doing some self-examination and figuring out what is truly important, individuals can adjust their course and make gains in their happiness.

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