A small study suggests that money really can buy happiness!
In a six-month experiment, people who received cash transfers of $10,000 generally reported feeling happier than people who did not receive the payment.
The experiment determined that happiness can be achieved among households making up to $123,000 a year.
The researchers gave 200 people a one-time sum of $10,000, which came from two anonymous wealthy donors. Participants who got the money were required to spend it all within three months.
They recorded how happy they felt every month, as did a control group of 100 people who did not get any money. The researchers measured happiness by having people rank how satisfied they were with their lives on a scale of 1 to 7 and how frequently they experienced positive feelings, like happiness, and negative feelings, such as sadness, on a scale of 1 to 5.
The group that got $10,000 reported higher levels of happiness than those who did not after three months of spending.
However, people with household incomes above $123,000 did not report noticeable improvements in their happiness. This means, that these people are already content.