ThankYouJack wrote: ↑
Wed Jun 26, 2019 2:56 pm
I agree that less is often more, but I think if you could point to studies that would make a more compelling argument. Which counties, income levels, generations, etc are happiest?
I believe I have seen studies that suggest that, in the USA at least, increased wealth has some positive correlation with increased happiness TO A POINT. I think I recall reading that said "point" is a family income of about $75K /yr.. Above and beyond this point, more money does not translate into greater happiness.
I don't recall where I read that, or how scientific the studies were that led to that conclusion, or how great was individual variation, but you can probably google if interested.
I just googled "Correlation between wealth and happiness" and the first hit quoted a study that focused on: "what happens when people tie their self-worth to financial success, scoring high on the “Financial Contingency of Self-Worth” scale, or FCWS. The researchers found that doing so made people engage in more social comparisons, experience more stress and anxiety, and feel less autonomy than those who didn’t tie their self-worth to income, regardless of their actual economic status. “People in this society are often focused on pursuing money, and they don’t think there is anything bad about that,” says Park. “But in terms of your psychological well-being, there are all kinds of negative consequences.”
I have no idea how reliable that study was (I did not read the original paper), but the conclusion seems to correlate with my anecdotal impression of the happiness of people I have known "who tie their self-worth to financial success".
From the same article, another experiment: "In one experiment, Monnot showed that job satisfaction did not rise in tandem with income. In fact, as with prior studies, wealth beyond a certain point tended to make Chinese workers no more satisfied with their jobs or their incomes, suggesting that money has only so much power to increase our life satisfaction.
“Our findings are pretty aligned with prior research,” says Monnot. “The correlation between income and job satisfaction is really small, to the extent that it predicts about five percent of job satisfaction.” https://greatergood.berkeley.edu/articl ... _happiness
That finding also echoes my own experience and my perception of that of people I have known (and I have had friends across the entire "wealth spectrum", with the exception of the "ultra-rich"...i.e. billionaires or close). . There is a thread somewhere in this forum of people looking back at their professions and discussing their satisfaction levels and whether they would recommend their profession to young people starting out...there were many pages of responses and it would be an interesting thread to review. I found it interesting that it seemed to me, scanning the responses, that the most dissatisfied were lawyers and doctors, both of which were also among the best paid. People in several lower paying fields (teachers, military service, the arts, and others) on the whole seemed happier. There definitely seemed to me to be no strong positive correlation between pay scale and satisfaction, despite this being a financial site and thus perhaps attracting those more interested in money.
I can speak of my own experience and what I have observed in others (as I have above), Others may have had different experiences. There are lots of studies online, but how good any of them are or how much one can generalize the findings to a particular individual's experience is beyond me.