Can't buy me meaning? Money cuts a quicker path to happiness - Deepstash
The Psychology of Money

Learn more about moneyandinvestments with this collection

How to develop a healthy relationship with money

How to create a budget

The impact of emotions on financial decisions

The Psychology of Money

Discover 52 similar ideas in

It takes just

7 mins to read

Key Takeaways

Key Takeaways

  • Researchers and philosophers identify two types of psychological well-being, which can be summarized as the purposeful and the pleasurable. 
  • Previous research has already established that, on average, wealthy people experience happier, more meaningful lives.
  • A new study asks a more nuanced question: Does meaning predict happiness, regardless of wealth? The results suggest that meaning is less important to happiness for wealthy people.
  • More importantly, meaning may be extra important for people without much money.

12

149 reads

Defining Meaning and Happiness

Defining Meaning and Happiness

Researchers and philosophers differentiate between two types of psychological wellbeing: eudaimonic (the meaningful, purposeful, or significant) and hedonic (the pleasurable or enjoyable). The latter aligns with what most people term “happiness.” 

To understand the distinction, imagine working hard on an important life goal. This might feel meaningful, but unpleasant. On the other hand, taking heroin might feel meaningless, but enjoyable.

14

145 reads

Finding Meaning Boosts Happiness

Finding Meaning Boosts Happiness

Meaning and happiness are rarely totally separate. In general, meaningful experiences make people feel happy, and vice versa. For example, spending time with friends, buying gifts for others, and celebrating life milestones can be both meaningful and enjoyable. 

Finding meaning in life is therefore usually a good way to boost happiness.

13

114 reads

Money Does Buy Happiness

Money Does Buy Happiness

To the possible disappointment of anyone hoping to indulge in some schadenfreude, prior research establishes that, on average, wealthy people experience happier and more meaningful lives than their lower-income counterparts. This is probably because money can buy both meaning and happiness, so long as you spend it in the right way — for instance, by purchasing experiences, time with loved ones, or gifts for others. 

14

121 reads

The Paradox Of Wealth

The Paradox Of Wealth

On one hand, meaning might be especially important for wealthy people’s happiness, since all of their basic needs are met and they have the resources to pursue grand, meaningful experiences.

On the other hand, meaning may be less important, because it is easier for the wealthy to pursue happiness in other ways, like fancy trips, fun cars, and big parties.

12

113 reads

Study 1: The Americans

Study 1: The Americans

The wealthier someone is, the less meaning affects their happiness levels. Importantly, this does not mean that high-income people reported less overall meaning or happiness — their levels were about as high, or even higher, than those of lower-income participants.

But the study found that meaning was less important to their happiness. 

12

87 reads

Study 2: The World

Study 2: The World

Once again, the correlation between meaning and happiness became smaller as wealth increased.

This pattern held in 10 out of 11 world regions, including Latin America, Sub-Saharan Africa, the Middle East, and Europe.

12

82 reads

Study 3: Different Questions

Study 3: Different Questions

For wealth status, participants rated their socioeconomic status using the MacArthur social ladder, which asks participants where they believe they stand compared to others considering their money, education, and jobs.  

Once again, the higher someone reported being on the socio-economic ladder, the less meaning predicted their happiness. 

12

69 reads

Confounding Factors

Confounding Factors

One of the downsides of large survey studies, of course, is that the researchers cannot control every relevant factor that could affect the results. In particular, age and religiosity are correlated with meaning and income, making them potential confounding factors. Additionally, income might affect how much meaning and happiness vary — in other words, how much their scores can be expected to spread out. This can affect statistical analyses.  

12

67 reads

The Findings: The Rich Are Busy Being Rich

The Findings: The Rich Are Busy Being Rich

In short, data from more than 500,000 people suggest that meaning is less important to happiness for wealthy people. This does not mean that wealthy people are struggling to find meaning: Both their meaning and happiness levels are on par with, or even higher than, their lower-income counterparts.  

Perhaps wealthy people simply do not need meaning to be happy. Their resources minimize the stress of meeting daily needs like paying bills or affording food. They can also afford the kinds of purchases that boost happiness, like fun experiences and enjoyable hobbies.

12

76 reads

Meaning Is A Currency Of The Poor

Meaning Is A Currency Of The Poor

The more important takeaway is that meaning may be extra important for people without much money. Compared to their wealthier counterparts, poor people suffer high rates of depression and other mental health problems. Incorporating meaning-making into one’s life may be a free way to improve happiness. 

14

74 reads

CURATED BY

reeser

I get my inspiration from the fictional world. I'm a social geek.

CURATOR'S NOTE

Money brings in freedom and happiness.

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

5,740 Reviews

App Store

4.7

72,690 Reviews

Google Play

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates