Thursday, May 2, 2013

Yes, money can buy you happiness

Really, who wouldn't be pleased if they had a money bin?  

We all know the sayings: Money can't buy you happiness; more money, more problems.

But while those are nice little feel-good platitudes, they may not hold water in the real world, according to a new study from economists Betsey Stevenson and Justin Wolfers.

By mapping income versus self-described happiness in several countries worldwide, the study's authors found that the more money people had, the happier they tended to be. The trend was clear across the board, leading the economists to conclude that there's "no evidence of a satiation point," a theoretical level of contentment past which more cash doesn't translate into more happiness.

Two charts in the report tell the story. The first plots income groups within countries by happiness, clearly showing a correlation in higher income to higher reported happiness.

For the rest of the story:

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