Money leads to more happiness if you’re already a happy person
One of the most crucial questions for all investors, not just those planning for retirement, is whether more money leads to more happiness.
One way of interpreting what the researchers found is that the money-happiness correlation depends crucially on whether you’re a happy or unhappy person to begin with. If you’re an unhappy person, then money helps you only to a limited extent. As Killingsworth put it in the wake of the study’s publication, “if you’re rich and miserable, more money won’t help.”
Even so, the authors of this new study emphasize we should not exaggerate the psychological significance of the money-happiness correlation. Though that correlation is statistically significant, it has only limited ability to explain happiness. This is a subtle but important distinction; statistical significance and psychological significance are not the same thing.
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