Money Can Increase Life Satisfaction, According to New US Survey
A recent survey conducted by the US government suggests that while money cannot buy happiness, it can have a positive impact on overall life satisfaction. The study, conducted in 2021, found that less than 5% of US residents reported being unhappy with their lives. However, lower-income households, earning less than twice the federal poverty threshold (about $55,000 for a four-person household), expressed higher levels of dissatisfaction compared to higher-earning individuals.
The survey revealed that 8% of lower-income Americans were not pleased with their existence, which is more than double the rate among higher-income individuals. These findings support the commonly accepted idea that wealth and contentment in life are linked.
Lead author Amanda Ng identified variations in life satisfaction related to age and specific to lower-income US citizens. Within this demographic group, white and black Americans reported lower levels of happiness compared to Hispanic and Asian Americans. Additionally, middle-aged people between 45 and 64 expressed more dissatisfaction compared to their older or younger counterparts.
Interestingly, Americans, overall, were found to be less happy than individuals from other countries, a difference that does not apply to US residents with higher salaries. The reasons behind these differences remain unexplained. However, James Maddux, a top scientist at George Mason University’s Center for the Progression of Wellbeing, noted that these income-related outcomes align with other research. Maddux suggested that when individuals are struggling to meet basic needs such as housing, food security, and healthcare, it becomes challenging to notice the positive aspects of life. However, as people achieve a certain level of financial stability, their happiness begins to increase at a slower pace until it plateaus.
The survey also highlighted the importance of how people choose to use their extra money. According to Maddux, avoiding ostentatious spending, such as owning extravagant homes or luxury cars, can lower enjoyment. Instead, investing in worthwhile endeavors like learning, charitable giving, and self-enriching travel can increase life satisfaction.
The survey results were based on ongoing interviews conducted as part of the CDC health survey. Published in the National Health Statistics Reports on November 2, 2023, the data aims to promote subjective well-being as a public health priority.
Experts caution against prioritizing material success and accumulating wealth as a means to achieve happiness. Instead, they suggest focusing on relationships and meaningful experiences. Joshua Becker, founder and editor of Becoming Minimalist, stated that many people prioritize money, believing it will bring happiness. However, this pursuit often distracts from what truly matters in life.
In conclusion, while money may not be the key to happiness, it can contribute to life satisfaction. Achieving a certain level of financial stability and making meaningful investments can have a positive impact on overall well-being. However, it is essential to prioritize relationships and experiences over material wealth to find true happiness.
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