Word: morefully
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The Beatles sang that money can't buy you love. But what about happiness? Research consistently shows that the more money people have, the more likely they are to report being satisfied with their lives.
And that makes sense: money buys you things that make life easier and more satisfying; the easier your life, the happier you tend to be. That relationship isn't entirely linear, since there's a limit to how much wealth can please you; the happiness benefit of an increasing income...
To understand why, researchers at the University of Warwick and Cardiff University decided to break down how individual people evaluate their income. What does wealth mean to people? Previous work has suggested that people tend to value their own wealth more - and are happier - when it compares favorably to everyone...
But the reference-income hypothesis is rather abstract. The researchers wondered whether there was a more nuanced way to capture how people valued their income. They reasoned that people tend to make specific comparisons of personal wealth, not only with the average income of the larger population, but with the...
Boyce and Moore found that an individual's rank, viewed this way, was a stronger predictor of happiness than absolute wealth. The higher a person ranked within his age group or neighborhood, the more status he had and the happier he was regardless of how much he made in dollars...