We already know that money alone can’t make you happy. But there haven’t been many studies into the link between money and sadness – until now.
A US research group, led by psychologist Kostadin Kushlev, looked into whether there is a relationship between money and sadness.
The research group looked at US Census data for over 12,000 people, paying particular attention to income versus reported levels of happiness.
They found that having a higher income doesn’t affect how happy you are on a day-to-day basis but it found that wealthier people said they felt sad less often. Happiness and sadness are two separate states, the group concluded, and money is one thing that can help you manage unhappiness.
People who are wealthier said they felt sad less often because they are less stressed or concerned about money worries. So, while money alone cannot make you happy, it does act as a safety net for when things go wrong, so that a broken down car or busted washing machine needn’t lead to added stress.
But in the end, good health, family and friends are the things that make people happy.