Interesting study regarding money and happiness

[creekland]

So money doesn't buy happiness we've all been told.  However, that's because our parents/teachers didn't go into enough detail.  Apparently, money buys time and time gives us happiness.

 

As one who has a bit of freedom time-wise due to the money hubby brings in, I think I have to say I'd agree with this one.  As I look at those I know... ditto.

 

 http://www.bbc.com/news/science-environment-40703519

 

Now I'll also admit not feeling guilty keeping a bit of free time in our schedules.  It's for our health.   :coolgleamA:  

 

(NOTE:  We don't pay a cleaning service.  We just don't clean as much as many others do - not being afraid of germs and all in basic dirt and dust bunnies.  We do, however, go out to eat a fair bit considering how much I "love" :glare: cooking.)

[SKL]

Yeah, fewer things to worry about in limited time does relieve stress.

 

I would really rather have the time to do it myself, but lacking that, I will pay to get certain things done.  For me, that is better than having stuff hanging over my head.  Dirt and clutter put me in a bad mood.

 

And eating food prepared by others - yes, that is my lifestyle for the most part.  Not sure it adds to my happiness (I understand that preparing food is good for the soul and all that), but it does open up opportunities that would otherwise be shut.  I used to make dinner every day before whatever else we did in the evenings, and it was very stressful.  Things always take longer than I expect.  I'm yelling at my kids to get into their coats and feeling guilty about being 2 minutes late to Kindermuzik.  Not worth it.

[creekland]

Yeah, fewer things to worry about in limited time does relieve stress.

 

I would really rather have the time to do it myself, but lacking that, I will pay to get certain things done.  For me, that is better than having stuff hanging over my head.  Dirt and clutter put me in a bad mood.

 

And eating food prepared by others - yes, that is my lifestyle for the most part.  Not sure it adds to my happiness (I understand that preparing food is good for the soul and all that), but it does open up opportunities that would otherwise be shut.  I used to make dinner every day before whatever else we did in the evenings, and it was very stressful.  Things always take longer than I expect.  I'm yelling at my kids to get into their coats and feeling guilty about being 2 minutes late to Kindermuzik.  Not worth it.

 

I think the bolded part is true only for those who enjoy it - just like any other stress-relief option (running, reading, traveling, etc).

 

I read the article out loud to my mom... now she's considering hiring a cleaning lady (again).   :hurray:  It seems she just needed the "science" results to give her mind the "go ahead" to do so.  (Those with terminal cancer honestly don't have to be thinking about keeping their house clean when it's not something they enjoy nor have the energy for.  She has the $$ - use it!)

[hjffkj]

Anytime we have extra money to spare I use it to lighten my load so I have free time. For me at this stage of my life that means hiring a babysitter so I can just relax or do something I love sometimes. In the future, I hope it mean paying someone to clean or cook for me. I hate doing both of those things. Our HOA has a landscaper who does the lawn so we never waste time on mowing and I'm thankful for that.

[creekland]

Anytime we have extra money to spare I use it to lighten my load so I have free time. For me at this stage of my life that means hiring a babysitter so I can just relax or do something I love sometimes. In the future, I hope it mean paying someone to clean or cook for me. I hate doing both of those things. Our HOA has a landscaper who does the lawn so we never waste time on mowing and I'm thankful for that.

 

I hate cleaning too, but our house is so old (stuff inside of it is so old), I'm afraid it would frustrate a house cleaner trying to get it clean (stains from years of kids and pets, etc).  Someday I need to budget in new flooring and we need to repaint, but for now, we don't mind living with it (too much).  We'd rather travel.

[regentrude]

I think it's even more complicated than that. Sure, extra time lowers stress and feels good. For our family, we accomplish this not by outsourcing tasks to hired help, but by me having a lower career trajectory (which costs money in the sense that, with my qualifications, I could have chosen a higher paying trajectory) that allows me to work fewer hours than DH.

OTOH, at some point too much free time is also not good, and creates unhappiness and depression in many people because they feel a lack of purpose. Long term unemployment is psychologically difficult for many even if they don't have the financial stress - or think of newly retired people who often have a hard time. I think the extra time is best appreciated when time is a precious commodity. Any excess, and it loses its appeal. People with too much time on their hands won't gain much happiness by outsourcing and creating even more free time.

Edited July 25, 2017 by regentrude

[creekland]

I think it's even more complicated than that. Sure, extra time lowers stress and feels good. For our family, we accomplish this not by outsourcing tasks to hired help, but by me having a lower career trajectory (which costs money in the sense that, with my qualifications, I could have chosen a higher paying trajectory) that allows me to work fewer hours than DH.

OTOH, at some point too much free time is also not good, and creates unhappiness and depression in many people because they feel a lack of purpose. Long term unemployment is psychologically difficult for many even if they don't have the financial stress - or think of newly retired people who often have a hard time. I think the extra time is best appreciated when time is a precious commodity. Any excess, and it loses its appeal. People with too much time on their hands won't gain much happiness by outsourcing and creating even more free time.

 

I agree with you.  I think the study was mainly aimed at the working world, not the unemployed or retired world.  The vast majority of retirees I know find something to do with their lives, because not doing so is incredibly boring.  It could be a hobby.  It could be clubs filled with other retirees.  It could be travel.  It could be a side job they've always thought they'd enjoy, but didn't pay enough to pay the bills during their "breadwinner years." It could be watching their grandkids a few times per week.  I've seen multiple variations.

 

I haven't met those chronically unemployed where money wasn't a factor.  I've met unemployed, but by choice and their lives mirror the retirees I know (some of these being happy SAHM).  I've met unemployed and stressed because money is a big factor.

[Bluegoat]

I very much agree with what regentrude says.

 

But beyond that - I think that the thing with "more money doesn't make you happier" is that often, people are working for more money but not for more time, or maybe more value.  I knew a family that lived in a fairly expensive city, both partners were working crazy intense jobs and they had no time.  Hiring out might have taken off some of the strain, but then they'd have had to work more.

 

What they really needed to reassess was their material lifestyle - in their case it meant moving, and job retraining.

 

Also - I think there is a bang for your buck issue.  It isn't just that people need some work to keep them busy - they need work that they see as meaningful.  Work that you start to see as not meaningful, or even negative, can be incredibly draining even if you are making more money and can do a lot of leisure activities as a result.  I think people can then be tempted to compensate by buying a lot of consumer goods and such, and then they are tempted to become more and more competitive in the work, which is the problem in the first place.

[Twolittleboys]

Also, I have seen studies and "more money doesn't make you happier" only really applies once you hit a certain amount of income/wealth. If you are below that threshold, more money does generally equal more happiness which makes sense as you don't have to worry about paying bills, health care etc. But once a certain basic/average life style is achieved, additional money doesn't do much.

[Guest]

I think it's even more complicated than that. Sure, extra time lowers stress and feels good. For our family, we accomplish this not by outsourcing tasks to hired help, but by me having a lower career trajectory (which costs money in the sense that, with my qualifications, I could have chosen a higher paying trajectory) that allows me to work fewer hours than DH.

OTOH, at some point too much free time is also not good, and creates unhappiness and depression in many people because they feel a lack of purpose. Long term unemployment is psychologically difficult for many even if they don't have the financial stress - or think of newly retired people who often have a hard time. I think the extra time is best appreciated when time is a precious commodity. Any excess, and it loses its appeal. People with too much time on their hands won't gain much happiness by outsourcing and creating even more free time.

This is definitely true from what I have seen, and this is borne out in another study about money a few years back, where essentially they discovered that it buys happiness to the point of diminishing returns, which was about 160k per year. After that there wasn't an appreciable difference in reported happiness per additional dollar earned, and if I recall the correlation went negative around 40k per year, where every dollar less marked increased unhappiness.

 

It was an interesting study, I wonder if I can locate the original text?

[Guest]

Also, I have seen studies and "more money doesn't make you happier" only really applies once you hit a certain amount of income/wealth. If you are below that threshold, more money does generally equal more happiness which makes sense as you don't have to worry about paying bills, health care etc. But once a certain basic/average life style is achieved, additional money doesn't do much.

 

:iagree:  This so much.  Something recently changed in my life so that now I have even less than the small emergency cushion than before.  Money may not buy happiness, but it sure would buy some relief. 

 

[creekland]

Also, I have seen studies and "more money doesn't make you happier" only really applies once you hit a certain amount of income/wealth. If you are below that threshold, more money does generally equal more happiness which makes sense as you don't have to worry about paying bills, health care etc. But once a certain basic/average life style is achieved, additional money doesn't do much.

 

This is why I think the study/article really only applies to those who make enough to cover the basics - not poverty level struggling folks.  I saw that they included millionaires, but did they include those making well below poverty amounts while still in their breadwinning years?  I have my doubts.

 

In general, I love Zig Ziglar's quote about money:

 

“Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale.†Zig Ziglar

 

https://www.goodreads.com/quotes/309132-money-isn-t-the-most-important-thing-in-life-but-it-s

Edited July 25, 2017 by creekland

[luuknam]

OTOH, at some point too much free time is also not good, and creates unhappiness and depression in many people because they feel a lack of purpose. Long term unemployment is psychologically difficult for many even if they don't have the financial stress - or think of newly retired people who often have a hard time. I think the extra time is best appreciated when time is a precious commodity. Any excess, and it loses its appeal. People with too much time on their hands won't gain much happiness by outsourcing and creating even more free time.

 

 

If you don't have money, your "free" time isn't all that "free" either, since you can't afford to use it in the ways you'd like to. Want to garden? Nope, no money for seeds or tools or w/e. Etc etc etc. Also, when your "free" time is because you don't trust your mentally ill spouse to be alone at home with the kids while you get a job, and you can't afford daycare, then that's not really "free" time either - it's "being trapped at home with kids and a mentally ill person" time. And for people with depression, the last thing they need is oodles of unscheduled "free" time. 

 

So, anyway, agreeing that it's complicated.