Money And Happiness: An Analysis Of Their Interrelationship

The Context of Happiness and its Connection to Economics

Mure?an, G. M., & Ciuma?, C. (2020). Money And Happiness: A Conceptual Integration. Annales Universitatis Apulensis: Series Oeconomica, 22(1), 57-65.

The paper focuses on identifying the context of happiness based on the concepts of economics. Many economist believe that money can increase the happiness level. There is a conflict between the relationship shared between the well being and economy. Studies have been investigated on the relevant topic to understand the correlation between money and happiness.

Mure?an, G. M., & Ciuma?, C. (2020). Money And Happiness: A Conceptual Integration. Annales Universitatis Apulensis: Series Oeconomica, 22(1), 57-65.

According to Cummins (2002) that increase in income can positively impact happiness, job satisfaction, job satisfaction. Researchers believed that well being is inclusive of two factors: life satisfaction and happiness. IT has been found by Kahneman & Tversky that people feel painful when they have a monetary lose than when they earn the amount.

Mure?an, G. M., & Ciuma?, C. (2020). Money And Happiness: A Conceptual Integration. Annales Universitatis Apulensis: Series Oeconomica, 22(1), 57-65.

Among people in US, that with the increase in income, the happiness level kept on fluctuating. As per the opinion of conventional economics, money can buy happiness. However, in countries like Japan, it has been found that there is significant relationship between money and happiness. It has been derived from the study that money and happiness are two important elements and the influence of one on the other varies according to culture and people.

D’Ambrosio, C., Jäntti, M., & Lepinteur, A. (2020). Money And Happiness: Income, Wealth And Subjective Well-Being. Social Indicators Research, 148(1), 47-66.

The major purpose of the study is to analyze the relationship between unconditional money paid to poor women and the impact of money on happiness. The study was conducted as a across Zambia in 90 rural communities in controlled cluster randomized trial. The relationship of money and happiness is stronger in lower strata and poor countries.

D’Ambrosio, C., Jäntti, M., & Lepinteur, A. (2020). Money And Happiness: Income, Wealth And Subjective Well-Being. Social Indicators Research, 148(1), 47-66. 

The programme run by the government led to a 7.5 to 10 % affect on the happiness quotient of women after almost 36 and 48 months, respectively. It has been found that women have an overall satisfaction which is higher when related to the well being and future of their children. The findings suggests that the happiness of the women is not only dependent on the money but on the their children health and happiness. Relative pathway of poverty is powerful than the absolute pathway of poverty while explaining the impact.

Money and Happiness: Two Important Elements

Mure?an, G. M., Fülöp, M. T., & Ciuma?, C. (2021). The Road From Money To Happiness. Journal Of Risk And Financial Management, 14(10), 459.

In the article, through an explonatory study the author focused on investigating the connection between salary and happiness with a quasi-experimental design. Several studies showed a positive relationship between financial stability and happiness and correlation between the individual’s pleasure and happiness that are directly proportional to the development and growth o the nation.

Mure?an, G. M., Fülöp, M. T., & Ciuma?, C. (2021). The Road From Money To Happiness. Journal Of Risk And Financial Management, 14(10), 459.

The study included 376 respondents and administered structured equation modeling in ADANCO. Researchers stated that there is an association between the finances or individual and monetary satisfaction. A research by Vera Toscano researched that not only income but expectations of income can affect the satisfaction kevel of an individual. The results from the study shows that there is a positive relationship shared between happiness and salary, salary and life satisfaction, salary and financial satisfaction.

Tauseef, S. (2021). Can Money Buy Happiness? Subjective Wellbeing And Its Relationship With Income, Relative Income, Monetary And Non-Monetary Poverty In Bangladesh. Journal Of Happiness Studies, 1-26.

The author of the paper aims at conducting an empirical analyses of the various aspects such as income, relative income, non0monetary and monetary profits for the well being and happiness of the individual in rural areas of Bangladesh. Evidences from research like Easterlin (2001) found that richer people might be happier and satisfied than poorer people; however increase in income does not always co-relate with increase in well being.

Tauseef, S. (2021). Can Money Buy Happiness? Subjective Wellbeing And Its Relationship With Income, Relative Income, Monetary And Non-Monetary Poverty In Bangladesh. Journal Of Happiness Studies, 1-26.

A research indicated spending money to get some time which in turn brings happiness has promoted well being within people. People might have gained economic stability with inducing more time into work which only led to stress however they end up missing on happier moments in life. Spending money for the purpose of time saving such as appointing a house cleaner, cook promoted life satisfaction.

Tauseef, S. (2021). Can Money Buy Happiness? Subjective Wellbeing And Its Relationship With Income, Relative Income, Monetary And Non-Monetary Poverty In Bangladesh. Journal Of Happiness Studies, 1-26.

Living under the poverty line estimated by utilizing the depth of poverty measure and it has been derived form the study that there has been negative impact on happiness. Comparisons could lead to dissatisfaction among people. The living standards and health were discovered to have a positive relationship with happiness in all aspects. Among men, the income effect was stronger than in women whereas the impact of relative income, monetary and non-monetary poverty on the well being of individuals are higher in female individuals.

Research Studies on Money and Happiness

Whillans, A., Macchia, L., & Dunn, E. (2019). Valuing Time Over Money Predicts Happiness After A Major Life Transition: A Preregistered Longitudinal Study Of Graduating Students. Science Advances, 5(9), Eaax2615.

The author of the article concentrated on impact of money on happiness. A number of Americans reported that they fail to get enough time to participate in activities they would want to involve in. In a large survey of 30000 working adults reported that most of the time they felt rushed and stressed.

Whillans, A., Macchia, L., & Dunn, E. (2019). Valuing Time Over Money Predicts Happiness After A Major Life Transition: A Preregistered Longitudinal Study Of Graduating Students. Science Advances, 5(9), Eaax2615.

Current research suggests that individuals participated in six studies (n=4690) who prioritized time over money felt overly satisfied in their lives with more positive and less negative emotions. People felt overwhelmed with happiness who took time off and valued themselves along with other activities than money. Money cannot equal happiness always. It limits the dissatisfaction but cannot completely eradicate difficulties.

Jain, M., Sharma, G. D., & Mahendru, M. (2019). Can I Sustain My Happiness? A Review, Critique And Research Agenda For Economics Of Happiness. Sustainability, 11(22), 6375.

The study aims at identifying the connection between money and happiness. Human beings strive to live a life of happiness but it is important to maintain a standard of living as well in the society. In order to maximize the importance of happiness, it is essential for individuals to consider other aspects of life rather than only focusing on money.

Jain, M., Sharma, G. D., & Mahendru, M. (2019). Can I Sustain My Happiness? A Review, Critique And Research Agenda For Economics Of Happiness. Sustainability, 11(22), 6375.

The paper majorly aims at highlighting and compiling the researches conducted and understanding if happiness can be sustained. To carry out the research paper, almost 71 papers were evaluated. People value happiness and the ones who value happiness report higher levels of happiness than others. Happiness is a condition from within that cannot be promoted by higher level of education or money.

Jain, M., Sharma, G. D., & Mahendru, M. (2019). Can I Sustain My Happiness? A Review, Critique And Research Agenda For Economics Of  Happiness. Sustainability, 11(22), 6375.

With the decline in economic status, the happiness quotient remains the same. However, it has been reported in a study that material well being is directly associated with the level of happiness. There are countries like Bhutan that formulated a Gross National Happiness Index, or in Uk, the Social impact bonds which not only considered economic condition but other social problems in defining the well being of the people.

D’Ambrosio, C., Jäntti, M., & Lepinteur, A. (2020). Money and happiness: Income, wealth and subjective well-being. Social Indicators Research, 148(1), 47-66. https://doi.org/10.1007/s11205-019-02186-w 

Jain, M., Sharma, G. D., & Mahendru, M. (2019). Can I sustain my happiness? A review, critique and research agenda for economics of happiness. Sustainability, 11(22), 6375. https://doi.org/10.3390/su11226375 

Mure?an, G. M., & Ciuma?, C. (2020). Money and happiness: A conceptual integration. Annales Universitatis Apulensis: Series Oeconomica, 22(1), 57-65. https://oeconomica.uab.ro/upload/lucrari/2220201/05.pdf 

Mure?an, G. M., Fülöp, M. T., & Ciuma?, C. (2021). The Road from Money to Happiness. Journal of Risk and Financial Management, 14(10), 459. https://doi.org/10.3390/jrfm14100459 

Tauseef, S. (2021). Can Money Buy Happiness? Subjective Wellbeing and Its Relationship with Income, Relative Income, Monetary and Non-monetary Poverty in Bangladesh. Journal of Happiness Studies, 1-26. https://doi.org/10.1007/s10902-021-00443-9 

Whillans, A., Macchia, L., & Dunn, E. (2019). Valuing time over money predicts happiness after a major life transition: A preregistered longitudinal study of graduating students. Science advances, 5(9), eaax2615DOI: 10.1126/sciadv.aax2615