Money and happiness | Aspen Daily News Online

Money can?t buy happiness? can be heard in contemporary music, positive psychology, and on local pulpits. However, recent research indicates that income is positively correlated with happiness. Research on larger groups also indicates that income may contribute to a state of well being at a national level. For example, in comparing the average life satisfaction of citizens across nations, wealth as indicated by gross national product (GNP), is a strong predictor of happiness. Thus, generally, the greater a nation?s GNP the more likely a nation?s citizens will report greater life satisfaction (i.e. happiness). This research makes sense in that financial stability improves satisfaction in life by providing more time with friends and family, freedom to pursue interests, and decreased financial worry.
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Despite this interesting data, one must take the relationship with money and happiness with a grain of salt. In reality, the relationship with money and happiness is not clearly delineated. The impact of money on happiness is greatest for those with the least resources; as income increases, the contribution of money to happiness decreases. Eventually, the relationship between money and happiness is negligible as incomes rise. Thus, money may not be the most important with regard to maintaining long term happiness or mental well-being.
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Additionally, extant research also suggests that one?s relationship with money can become problematic in that people with higher levels of materialism tend to be less happy than those who focus their energy around relational, mental, and spiritual fulfillment. Research also indicates that too much saving can decrease perceived quality of life. The key to happiness is to save enough for security and spend some money on activities and experiences that enhance well-being.
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When we focus on money, we can become too focused on working harder and harder to earn income, which often leads to increased anxiety and decreased sense of satisfaction. Rather than focusing on money, a better key to well-being is to focus on increasing happiness contributors in one?s life. In fact, money plays a minimal role in happiness in comparison to factors such as: having a focus on meaningful goals, expressing gratitude, giving of one?s strengths, and simplifying one?s life to concentrate on those people and activities most meaningful to personal well-being.
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Most importantly, our expectations for life, relationships, and financial well-being significantly impact wellness. The greater a person?s expectations, the more likely a person is to experience stress, anxiety, and depression. True wealth isn?t about money. True wealth comes from quality relationships, good health, a focus on others in addition to oneself, and continued self-improvement and growth. By focusing on aspects of life beyond money, true wealth and happiness can be realized.

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Andrea Pazdera, Ph.D., is the Program Director of the Aspen Counseling Center. If you have any questions or would like to make a comment, Andrea may be reached at 920-5555, or at apazdera@cwrmhc.org.

Source: http://www.aspendailynews.com/section/home/154516

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