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Tags: happiness | money | services | time-saving

Money Can Bring You Happiness, If You Buy This

a key with a label on it saying "happiness"
(Dreamstime)

By    |   Wednesday, 02 February 2022 06:19 PM EST

Money can’t buy happiness, right? Well researchers say that it depends on how you spend it. A study published in the Proceedings of the National Academy of Sciences suggests that people who spend money to buy time instead of material goods, are happier overall.

“Despite rising incomes, people around the world are feeling increasingly stressed and pressed for time, undermining well-being,” wrote the study authors.

According to NPR, the study found that when people spend money on time-saving services such as a house cleaner, lawn care or grocery delivery, it makes them feel happier. By comparison, money spent on material goods — aka — things, does not boost positive feelings as many would expect.

In an age where consumers don’t hesitate to buy the biggest and best electronic devices, people are often reluctant to spend money on time-saving services.

“Contemplating paying somebody else to do something you’re perfectly capable of doing yourself may provoke feelings of guilt,” acknowledged Elizabeth Dunn, a professor of psychology at the University of British Columbia and one of the authors of the study.

Furthermore, according to Fast Company, it wasn’t just the wealthy who were happiest about buying time. While relatively wealthy people who spent money to buy time were more satisfied with their lives than wealthy people who didn’t, people with much lower incomes also reported they were happier than those at the lower end of the economic spectrum who did not.

“What we found is that people who spent money to buy time reported being almost one full point higher on our 10-point ladder, compared to people who did not use money to buy time,” said Dunn. People from across the economic spectrum benefited from buying time, she said.

The respondents were asked to rank their own level of happiness on a 10-point scale of satisfaction and positive emotion.

To further investigate this phenomenon, the researchers gave study participants $40 to spend only on “things.” The following week, the participants were instructed to spend the $40 on freeing up their time by using the cash for home cleaning, deliveries, or maintenance so they could do more pleasurable activities.

The results clearly showed that when the study participants bought time, instead of things, they felt happier, less stressed, and more satisfied.

“Moving people up the ladder of life satisfaction is not an easy thing to do,” said Dunn, according to NPR. “So, if altering slightly how people are spending their money could move them up a full rung, it’s something we really want to understand and perhaps encourage people to do.”

© 2023 NewsmaxHealth. All rights reserved.


Health-News
Money can't buy happiness, right? Well researchers say that it depends on how you spend it. A study published in the Proceedings of the National Academy of Sciences suggests that people who spend money to buy time instead of material goods, are happier overall. "Despite...
happiness, money, services, time-saving
427
2022-19-02
Wednesday, 02 February 2022 06:19 PM
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