NEW YORK – Elders have always said that money does not buy happiness, and now science has confirmed it.
This interesting claim came in a new U.S. study .
Researchers at San Francisco State University found spending money didn’t always buy happiness at least if you’re materialistic.
‘Everyone has been told if you spend your money on life experiences, it will make you happier, but we found that isn’t always the case,’ said Ryan Howell, an associate professor of psychology at SF State.
‘Extremely material buyers, who represent about a third of the overall population, are sort of stuck. They’re not really happy with either purchase.’
This is because when material buyers purchase life experiences, they are no happier because the purchase is likely ‘out of line with their personality and values’.
But if they spend on material items, they are not better off either, because others may criticise or look down upon their choices.
The researchers found that those who tend to spend money on material items reported no happiness boost from experiential purchases.
This is because those purchases did not give them an increased sense of ‘identity expression’ – the belief they bought something that reflected their personality.