If you have clothes to wear, food to eat, and a roof over your head, increased disposable income has just a small influence on your sense of well-being.
If you have clothes to wear, food to eat, and a roof over your head, increased disposable income has just a small influence on your sense of well-being.To put it another way, if you’re living below the poverty line (,050 annual income for a family of four in 2009), an extra ,000 a year can make a buy some happiness, but as you’ll see, it’s just one piece of the puzzle.Tags: Compare/Contrast Essay + Rubric 8th GradeRevising And Editing Checklist For Persuasive EssayDisadvantages Of Learning A Foreign Language EssayCry The Beloved Country Critical EssaysSat Critical ThinkingBombing Of Hiroshima And Nagasaki EssayLiterature Review On DiabetesEssay S 2015 College Students
And for individual people, learning more about the relationship between income and happiness could help them find their own personal sweet spot — where income leads to life satisfaction without requiring additional sacrifices.
There's still a lot of economics work that needs to done to fully understand that relationship.
A substantial body of economic research says otherwise: Statistically speaking, household income is strongly related to both emotional well-being and a person's evaluation of their own quality of life.
Will getting a raise this season make you less nervous, stressed or sad?
In one sense, people already know that their happiness is related to their income, but the details of how exactly that relationship works are important.
Income is often used as a convenient proxy for well-being in economics, but not every dollar of income has the same end effect.
Previous studies have found a correlation between money and happiness, but the Case Western study used the data on individuals over time to demonstrate that income can a reduction in negative emotions.
It also found that an increase in income can reduce the incidence of serious mental illness (defined as a score of 10 or higher).
"We earn income because there are things we want to do — we want to live our lives, support our families, have experiences and so forth," said Clingingsmith.
Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case.