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Does Cash Lead to Happiness?

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Monday, 2nd of August 2010

A recent survey commissioned by Orange found that more graduates list being happy in their job as a priority that supersedes a large pay cheque. This news sparked some discussion on the graduate-jobs.com Facebook group where arguments were put back and forth as to what is more important and, more interestingly, the extent to which the two have a coexistent relationship - in other words, to what degree is money linked to happiness?

The answer to this question probably varies from person to person, it is undeniable that money makes some people more excited than others. Yet on the other hand, few of us can say with a straight face that the idea of rolling around in a massive mound of £100 notes is not appealing in the slightest.

The old cliché is that 'money can't buy you happiness' yet when we do earn, win or are gifted with some it usually does bring a smile to your face. I suppose what the proverb is saying is that money can't buy you long term happiness, many rich people are extremely unhappy. Flip this on its head, are there many people struck by poverty that are happy?

The relationship between capital and contentment is a deceptive one that can easily be misinterpreted: Back in 2006 The Pursuit of Happyness (sic.) starring Will Smith was released to generally favourable reviews. However, the film about a struggling door-to-door salesman turned stock broker was criticised by many in the media for supporting the shallow philosophy that wealth equals well-being. Here is a prime example of the misinterpretations from either side of the relationship between money and joy.

The critics are right, as are the old wives, that money does not bring you happiness but what it does bring you is security and this is where many people go astray on the subject. Lots of money can't buy you happiness, but little money can present unhappiness. It is a natural reaction therefore when one experiences a financial squeeze (even only slightly, e.g. not being able to afford to go out) to assume that the reverse (surplus wealth) brings with it the respective opposite (happiness).

The Pursuit of Security may not have been such a catchy title that drew in the box office figures but it would have been a more fitting one. It would be interesting to see if anyone disagrees with this analysis? Does happiness have a direct correlation with wealth? Or maybe you think there's no link at all?