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The relationship between money and happiness has been debated for decades. However, some scholars in psychology suggest that income does affect people’s well-being, especially by allowing them to cover basic needs and reduce situations of vulnerability.
Social psychologist Daniel Gilbert, professor of psychology at Harvard University, explained at an academic conference why money can increase happiness: it helps people avoid many forms of everyday suffering.
“When people are hungry, cold, or sick, they are not happy,” he said, and added, "Money makes people absolutely happy because it gets them out of almost all forms of human misery".
Psychology says money can help happiness: what the Harvard expert explains
According to the researcher, studies show that people with fewer resources experience significant increases in their well-being as their income grows.
This is because money is the gateway to access basic and essential things, such as:
- Food.
- Safe housing.
- Medical care.
- Financial stability.
When those needs are covered, well-being usually improves.
A key point the expert highlights about money and happiness
Gilbert notes that the relationship between money and happiness does not grow indefinitely, because at the highest levels of wealth, the effect tends to level off.
The importance of personal bonds for happiness
The psychologist also cited research by Nobel Prize winners Daniel Kahneman and Angus Deaton on the relationship between human connections and well-being
A study conducted by both researchers in 2010 found that social relationships can have an even greater impact than money on mood.
The expert then points out that spending a day with loved ones has a much greater emotional boost than increasing income, making this another of the ingredients analyzed for the “recipe” for happiness.