Can money buy long lasting happiness?
Scientific litsketch on boosting mental health
How can we buy longer lasting happiness? Research shows that the happiness we feel when spending money repeatedly on ourselves declines significantly and quickly, but spending money repeatedly on others produces longer lasting happiness (O’Brien and Kassirer, 2019).
In an experiment, people were divided into two groups. Group One was given $25 to spend $5 each day to buy a small gift for others over five days. Group Two was given $25 to spend $5 each day to buy a small gift for themselves over five days. At 5pm each day, both groups were asked to answer a survey on how they spent the money that day and how happy they felt.
The results showed that both groups felt equally happy for the first two days but Group One that spent money for others felt greater happiness from day three until day five compared to Group Two. The happiness for those who spent money repeatedly for themselves declined significantly from day three.
Certainly, it is more blessed to give than to receive. How will you spend money for others in the future to increase your happiness?
O’Brien, E., & Kassirer, S. (2019). People are slow to adapt to the warm glow of giving. Psychological Science, 30(2), 193-204.