Does An Increase In Wealth Make People, And Countries, Happier?

1617 words - 6 pages

Does An Increase In Wealth 1Running head: MONEY AND HAPPINESSDoes An Increase In Wealth Make People, And Countries, Happier?Camille VasseurBishop's UniversityTerm paperMarch 11, 2014PSY 246B: Social Psychology IIProfessor StandingAbstractIn this paper, the relationship between happiness and money was examined. Does money buy happiness? Three studies were examined in depth to provide an answer to this question. This paper found that people believed that they would be happier if they were richer. It was also found that people gaining less than $ 75,000 per year experienced lower life happiness. Studies showed that an increase in income is only good for increasing the individual's happiness for a short period of time.Keyword: Upper-class, middle-class, lower-class, happiness, money.Does An Increase In Wealth Make People, And Countries, Happier?People often believe that money will bring happiness in their lives. Being in the position of a poor person or a rich person might account for different points of view. Does money really bring your well-being? Do people seem happier in rich countries? These are some of the questions that will be looked upon in this essay. "People who claim that money can't buy happiness just don't know where to shop" (Diener & Diener, 2002). In this essay, it will be shown how people perceive their own happiness and other's happiness in relation to the income they earn per year.To introduce the concept of money and happiness, one should examine first of all what is the perception of people about money. Do people believe that they will be happier earning a bigger income? These are questions that can be answered through an experiment conducted by Aknin et al (2009). In their studies, they examined what are the intuitions of people if they earned a bigger income.The first study tested 429 individuals from the United States from an online survey. The participants mean age was 40.2 and these participants had to answer a second online survey concerning the study. In these questionnaires, the participants had to report their annual income and were asked to answer this question: 'How would you rate your life overall these days?' (0=worst possible life overall, 10= best possible life overall). On a scale to 1 to 10, the participants had to rate the happiness of others with the income that these were earning per year. Figure 1(see Figure Caption) shows these predictions. Research has demonstrated that higher income does correlates with happiness with r= 0.25. Furthermore, the participants were correct in assuming that after a certain amount of money one earns by year happiness increases by much less.The second study tested 345 Americans and the mean age was 52.8. The participants were selected the same way as study 1. Study 2 had the same procedure as Study 1, except here the participants had also to determine how happy they would personally be if their income were higher (using the same incomes as Study 1). Also, their ratings of...

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