Can money buy happiness? The debate on whether money can buy people happiness has existed for ages, with captivating arguments from the opposing sides. On the one hand, some believe that without money, one cannot have a happy life. On the other hand, others contend that there is more to happiness than just money. While there is no denying that, other than money, different life experiences and materials can bring happiness, there is compelling evidence to suggest that money can buy happiness.
One of the most important aspects that show money can buy happiness relates to the idea that money determines how people become comfortable and consequently happy. According to Yunus and Morshed (2015), the art of making money itself brings happiness. When people can afford the things they want in life, such as good housing, clothing, education, entertainment, and social relationships, to mention but a few, they are bound to be happy (Yunus & Morshed, 2015). In this sense, money makes such individuals happy and can buy what is meaningful and pleases them.
The second reason money can buy happiness concerns the idea that with money, people are also free from stress and mental health conditions such as depression, which often make people sad and hopeless. To underpin this view, a study by Killingsworth (2021) has shown that people with low-income backgrounds have a high susceptibility to depression and stress and experience low well-being, while those with high income reported high well-being. This aspect shows that when people do not have enough money, they are inclined to be unhappy in their lives.
People with money savor life experiences since they can afford most of their wants. On the contrary, those with insufficient money are preoccupied with how they can acquire money (Yunus &Morshed, 2015). When people have money, they are extricated from the discomforts of anonymity and receive recognition in communities. This is yet another perspective that shows that money can buy happiness in life. Individuals with no money are invariably gloomy, and this is even more patent in modern living, in which money determines almost every other aspect.
Beyond that, people with money can also become philanthropists and derive happiness when they see their altruist efforts enhance the welfare and well-being of others. A person may be willing to help others in need, but without money, they will be helpless and, in most cases, depressed by their situation. Hence, having money can buy happiness as a result of impacting the lives of others positively (Yunus & Morshed, 2015).
Despite the above examples, there are still those who maintain that one can achieve happy life without money and that money can be the source of unhappiness. For instance, Kudrna and Kushlev (2022) point out that wealthy people associate their wealth with an obstacle to life, as what matters most is what they end up losing as they endeavor to become wealthy. The more wealth an individual has, the more time they will spend on how to protect it and not develop what makes them happier. While there is no gain in saying that money is not the panacea to life challenges, people with money do not encounter as many problems that bring unhappiness compared to their peers without money. Thus, it stands to reason that money buys happiness by making life meaningful.
Short of it, people continue to debate whether money can buy happiness or not. On the balance of available evidence, money can buy happiness. Humans are happy when things are going well, be it having materials and wealth, socializing with friends, and entertaining themselves. Money makes all these possible hence a strong indicator that money can buy happiness.
References
Killingsworth, M. A. (2021). Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences, 118(4), 1-30. https://doi.org/10.1073/pnas.2016976118
Kudrna, L., & Kushlev, K. (2022). Money does not always buy happiness, but are richer people less happy in their daily lives? It depends on how you analyze income. Frontiers in Psychology, 13, [883137]. https://doi.org/10.3389/fpsyg.2022.883137
Yunus, M., & Morshed, L. (2015). Super happiness: Making money is happiness, making other people happy is super happiness. Subarna.
