Does money buy happiness?

Well, if the conventional wisdom is right and it doesn't, why do we work so hard to make money

and hope that our kids will be wealthier than we are?

Welcome back to Savi Psychologist. I'm your host, Dr. Jade Wu.

I'll help you meet life's challenges with evidence-based research,

a sympathetic ear and zero judgment.

Today, we take a brutally honest exploration of how money and happiness are and aren't related.

So, spoiler, there's some bad news, there's some good news and lots of caveats.

Have you ever thought to yourself, if only I could increase my salary by 10%, I feel better.

How about, I wish I had a trust fund, how happy I would be?

I don't blame you. I've had the same thought many times.

Money is a big part of our lives, our identities, and perhaps our well-being.

And sometimes it can certainly feel like your happiness hinges on how much cash is in your bank account.

But what does psychological research say about the age-old question, can money really buy happiness?

Well, Freddie Mercury didn't think so in his 1984 song, Money Can't Buy Happiness.

But more recently, rapper Fabulous said in his song Change Up, but it's a damn good down payment.

Well, who is right?

Let's take a really honest look at the science of how money and happiness are and are not related.

And let's start with the bad news for most of us, which is that higher earners are generally happier.

Over 10 years ago, a study based on Gallup poll data on 1,000 people made a big splash in the news.

It found that people with higher incomes report being happier, but only up to an annual income of $75,000, which is equivalent to about $90,000 today.

After this point, more money wasn't related to higher emotional well-being.

...