Money Giveth, Money Taketh Away: the Dual Effect of Wealth on Happiness

1067 Words5 Pages
PSYC 2100
12/6/11

Money Giveth, Money Taketh Away: The Dual Effect of Wealth on Happiness

This study questions whether or not money can buy one’s happiness. Evidence from this study

have proven that the income a person shows an important impact on happiness. Those who are more

luxurious, when experiencing the best things in life, they tend to forget the simple joys that life brings

them instead. When being reminded of wealth, it can apply a deep insight of effects on thought and

behavior. In simpler terms, when people are thinking of money, it may lead them to think that any

experiences they desire is likely to be attainable. But in believing that these experiences could be easily

accessible, it may also display that savoring can be weakened by financial wealth because of the great

amount of pleasurable experiences that wealth has to offer.

To test whether this hypothesis was consistent, a study between wealth and savoring was

carried out. As a result, a negative correlation was shown between individuals' income and their ability

to savor on their own. To further demonstrate the results of this hypothesis, another experiment was

set up to help better understand why there is a relationship these two. When one savors, happiness is

being promoted. The authors then further hypothesized that the negative effect of wealth on savoring

may also play a role on other emotional benefits that money provides, which lessen the positive

relationship between money and the happiness that it brings.

In Study 1, 351 adult employees of the University of Liege were recruited and participated in an

online survey that had money-relation questions. The goal of this study was to see whether when

thinking about money had an impact on savoring. Participants were randomly assigned to a money

prime or a control

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