For Happiness, Seek Family, Not Fortune
Study Shows Family Relationships Bring Greater Happiness Than High Income
Different Perspective on Happiness and Money continued...
"We looked at 35 years' worth of data and found the relationship between income and happiness to be very strong," Stevenson tells WebMD.
The findings seem to contradict the idea that money is only related to happiness up to the point where basic needs are met.
The research by Stevenson and Wolfers shows that people living in households with annual incomes of $250,000 tended to report higher levels of personal satisfaction than people living in households with annual earnings of $120,000.
"We didn't look at the super-rich, so we can't really say if Bill Gates is that much happier than the rest of us," Stevenson says.
About 1% of American families have annual incomes of $250,000 or more, while just 5% earn $120,000 or more.