
Millionaires, rejoice! It turns out that money can, in fact, buy happiness. And a new study suggests more is better, with well-being rising as earnings grow. “Having more money gives people a greater sense of control over life,” said study author Matthew Killingsworth. The finding stems from more than 1.7 million real-time reports of well-being from more than 33,000 U.S. adults. They were prompted by their cellphones to answer the question “How do you feel right now?” at random times during their waking hours. Previous research had suggested that an annual income of more than $75,000 might not improve people’s day-to-day lives, and that notion has been widely circulated. But this study appears to disagree. Seen from a moment-by-moment angle, Killingsworth said, the data show “evidence that happiness rises continuously, far above $75,000,” which means there’s reason to believe that more money really does improve people’s lives. “If you have more money, you can choose how to spend your time and how to direct your life,” said Killingsworth, a senior fellow at the University of Pennsylvania’s Wharton School of Business, in Philadelphia. Stress reduction This study found that a sense of control accounted for as much as 74% of the apparent link between greater income and greater well-being. People who earn more spend less time stressing out about bills, Killingsworth noted. The study found that… read on > read on >