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Relationship Between Money and Happiness

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Words: 905 |

Pages: 2|

5 min read

Published: Jan 29, 2024

Words: 905|Pages: 2|5 min read

Published: Jan 29, 2024

Table of contents

  1. Body Paragraph 1: The role of money in meeting basic needs
  2. Body Paragraph 2: Money as a facilitator of life experiences
  3. Body Paragraph 3: The impact of money on social connections and relationships
  4. Body Paragraph 4: The psychological and contextual factors influencing happiness
  5. Conclusion

Money has long been a subject of debate when it comes to the concept of happiness. Many argue that money can solve many of life's problems while others contend that it breeds greed and corruption and offers little real joy. Both sides have valid arguments but it’s important to consider all aspects of the relationship between money and happiness to draw a credible conclusion. This essay will explore the complex relationship between money and happiness. While money can contribute to happiness through increased access to resources and experiences, its impact on overall happiness is complex and influenced by other factors, such as social connections, psychological well-being, and contextual factors.

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Body Paragraph 1: The role of money in meeting basic needs

Money provides individuals with the essential necessities of life such as food, shelter, and healthcare. When these basic needs are met, individuals can experience a sense of security and well-being. Studies have shown that those who are financially secure and can meet their basic needs are more satisfied with their lives than those who cannot. For example, a Gallup poll conducted in 2018 found that people with higher incomes were more likely to rate their lives as “thriving” rather than “struggling.” If people can satisfy their basic needs, they can focus on improving other areas of their lives, which can contribute to happiness.

Body Paragraph 2: Money as a facilitator of life experiences

Money can also serve as a facilitator for life experiences such as travel and hobbies which can enhance happiness. Engaging in enjoyable activities, broadening one's cultural horizons, and pursuing passions are all potential sources of happiness. In fact, a study conducted by researchers at San Francisco State University found that people who spent money on experiences rather than material possessions were happier and felt more fulfilled. However, relying solely on money for experiences can have limitations and drawbacks. Financial constraints can limit the ability to access certain experiences and the accumulation of material possessions can become a distraction from more meaningful pursuits.

Body Paragraph 3: The impact of money on social connections and relationships

Money can significantly impact one's social status, which can influence interactions with others and relationships. However, an individual's social relationships also contribute significantly to their well-being and happiness. Furthermore, research has found that income inequality can negatively affect communities and reduce overall happiness. People form important social connections and derive happiness from trust, love, and support, all of which are not monetary. Through social connections, people can find meaning and purpose in their lives, which can contribute positively to happiness.

Body Paragraph 4: The psychological and contextual factors influencing happiness

Happiness is also affected by various contextual and psychological factors. Hedonic adaptation is the tendency for individuals to adjust to new levels of happiness or material wellbeing. This psychological phenomenon suggests that the impact of money and wealth on people's happiness can be temporary. Aspirations, values, and personality traits also impact subjective well-being. Research has found that life satisfaction is higher for those who prioritize intrinsic goals such as personal growth and community involvement than for those who prioritize extrinsic goals such as financial success and image. Furthermore, external circumstances, such as social comparison and cultural factors, can shape people's perceptions of happiness. For example, studies suggest that in cultures that place a high value on individual achievement, such as the US, people are more likely to derive happiness from personal accomplishments and financial success.

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Conclusion

While money can contribute to happiness, the relationship between the two is complex and multifaceted. Money can contribute positively to happiness through providing access to resources and experiences, but the role of social connections and psychological and contextual factors also influences overall well-being. To achieve happiness, individuals should strive for a balance that includes both material and non-material factors, recognizing the importance of family, friends, and community involvement in addition to financial stability and success. The pursuit of a happy life is a fundamental human goal that is continuously evolving, and people should regularly reassess its different dimensions.

  1. Rath, T. (2019). Can Money Buy Happiness? Gallup. https://www.gallup.com/analytics/247034/money-buy-happiness.aspx
  2. Van Boven, L.A., & Gilovich, T. (2003). To do or to have? That is the question. Journal of Personality and Social Psychology, 85(6), 1193-1202. https://doi.org/10.1037/0022-3514.85.6.1193
  3. Bartolini, S., Bilancini, E., Pugno, M., & Vinci, (2017). Income Inequality and Happiness Revisited. Journal of Economic Behavior and Organization, 146, 206-216. https://doi.org/10.1016/j.jebo.2017.11.008
  4. Sheldon, K.M., Elliot, A.J., Kim, Y., & Kasser, T. (2001). What Is Satisfying about Satisfying Events? Testing 10 Candidate Psychological Needs. Journal of Personality and Social Psychology, 80(2), 325-339. https://doi.org/10.1037/0022-3514.80.2.325
  5. Diener, E., & Suh, E. (1997). Measuring Quality of Life: Economic, Social, and Subjective Indicators. Social Indicators Research, 40(1-2), 189-216. https://doi.org/10.1023/A%3A1006859511756
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Cite this Essay

Relationship Between Money and Happiness. (2024, January 29). GradesFixer. Retrieved July 15, 2024, from https://gradesfixer.com/free-essay-examples/relationship-between-money-and-happiness/
“Relationship Between Money and Happiness.” GradesFixer, 29 Jan. 2024, gradesfixer.com/free-essay-examples/relationship-between-money-and-happiness/
Relationship Between Money and Happiness. [online]. Available at: <https://gradesfixer.com/free-essay-examples/relationship-between-money-and-happiness/> [Accessed 15 Jul. 2024].
Relationship Between Money and Happiness [Internet]. GradesFixer. 2024 Jan 29 [cited 2024 Jul 15]. Available from: https://gradesfixer.com/free-essay-examples/relationship-between-money-and-happiness/
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