Writings
Can’t Buy My Love (But Happiness May Come at a Cost)
Itis said that money makes the world go round… But does it buy happiness? In the words of Gustavo Parisi — from the band Los Auténticos Decadentes — “Money isn’t everything… but how it helps”. For some people money does indeed buy happiness, while for others, happiness comes from other sources. In this essay we will look at why happiness, depending on where you look at it, can or cannot be bought.
Patrizia Reggiani, better known as Gucci, once said: “It’s better to cry in Rolls Royce than to be happy on a bicycle.” (Pisa, 2011), a sentiment shared by some in the research community. A study published by Matthew Killingsworth collected 1.7 million data points and his research concludes that “money does influence happiness” (Killingsworth, 2021). He further states that “higher earners are happier because of an increased sense of control over life. When you have more money, you have more choices about how to live your life.” Furthermore, the author even makes connections to the ongoing COVID-19 pandemic: “You can likely see this in the pandemic. People living paycheck to paycheck who lose their job might need to take the first available job to stay afloat, even if it’s one they dislike. People with a financial cushion can wait for one that’s a better fit. Across decisions big and small, having more money gives a person more choices and a greater sense of autonomy.” (Killingsworth, 2021).
On the other hand, Luther Vandross and Janet Jackson state in their Grammy-nominated chart-topping song that “The best things in life are free” and studies back up their claims. A study published by the Institute of Research on Labor & Employment from the University of California argues that happiness comes from respect and influence. The research is based on surveys conducted on 80 college students and the results suggest that “having high standing in your local ladder leads to receiving more respect, having more influence, and being more integrated into the group’s social fabric” (Anderson et al., 2011). Cameron Anderson, one of the authors of the study, further states that “one of the reasons why money doesn’t buy happiness is that people quickly adapt to the new level of income or wealth. Lottery winners, for example, are initially happy but then return to their original level of happiness quickly. It’s possible that being respected, having influence and being socially integrated just never gets old” (Anderson et al., 2011).
Overall, both sides make compelling arguments about why money can or cannot buy happiness. Personally, I think that the truth lies in the middle: Money cannot buy happiness in and out of itself, but it is a great tool that counts towards achieving happiness but family, friends, and respect from others play an important role as well. Indeed, it seems that Gustavo Parisi’s phrase is spot-on: Money isn’t everything, but for sure it can help.