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Money buys happiness -- if you spend on someone else
Key Excerpts from Article on Website of Reuters News
Posted: March 27th, 2008
http://www.reuters.com/article/domesticNews/idUSN20424467200...
Money can buy happiness, but only if you spend it on someone else. Spending as little as $5 a day on someone else could significantly boost happiness, [a] team at the University of British Columbia and Harvard Business School found. Their experiments on more than 630 Americans showed they were measurably happier when they spent money on others -- even if they thought spending the money on themselves would make them happier. "We wanted to test our theory that how people spend their money is at least as important as how much money they earn," said Elizabeth Dunn, a psychologist at the University of British Columbia. They asked their 600 volunteers first to rate their general happiness, report their annual income and detail their monthly spending including bills, gifts for themselves, gifts for others and donations to charity. "Regardless of how much income each person made, those who spent money on others reported greater happiness, while those who spent more on themselves did not," Dunn said. Dunn's team also surveyed 16 employees at a company in Boston before and after they received an annual profit-sharing bonus of between $3,000 and $8,000. "Employees who devoted more of their bonus to pro-social spending experienced greater happiness after receiving the bonus, and the manner in which they spent that bonus was a more important predictor of their happiness than the size of the bonus itself," they wrote in their report, published in the journal Science. "Finally, participants who were randomly assigned to spend money on others experienced greater happiness than those assigned to spend money on themselves," they said. "These findings suggest that very minor alterations in spending allocations -- as little as $5 -- may be enough to produce real gains in happiness on a given day."
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