Researchers at the University of Pennsylvania have found a strong link between more income and greater happiness for most people. Research published in the journal Proceedings of the National Academy of Sciences.
Previous studies on the relationship between income and happiness have produced conflicting results. So the 2010 study showed that the level of happiness increases with earnings, but when an annual income of $75,000 is reached, people are practically not happier by earning more. This conclusion has been refuted by the results of a new 2021 study. Now the authors of the conflicting papers have come together to conduct a new study.
To collect data, the researchers used the Track Your Happiness app, which asked participants to answer questions about their mood several times a day.
The analysis showed that for most people, higher incomes were indeed associated with greater happiness. At the same time, the happiness that new money brings grows faster for those who were happier in the beginning. Also, additional income did not bring happiness to the already rich but unhappy.
That’s why a 2010 study found that the level of happiness held steady at $75,000. As it turns out, the plateau initially exists for less happy people. But now happiness for them ceases to grow with an annual income of 100 thousand dollars.
According to the scientists, their findings have practical implications for people choosing a career.