Does Money Make Us Happy?

Many people may have had this thought during lockdown. Or perhaps another question: How much money makes us happy? Some have realised how little they have spent superfluous items during the pandemic when our access to, or need for, these items has been limited. Some may have questioned whether they need to return to that level of spending again.

The thing is, unless we discuss the relationship between money and happiness with our students, we leave them open to being influenced without dialogue. And this is where the negative connotations with money come into play. These can be anything from ‘Money is the root of all evil,’ or ‘I have to make as much money as possible at any cost’ and everything in between.

The average salary in the UK is £38,800

Studies have shown that happiness does not increase beyond a certain point (around £50,000)

But that’s still a lot of money.

The bit that often gets missed out of the discussion is what it allows you to do. Where do the happiest people spend their money? Ask students and they often equate money with buying power. And that makes sense. Money allows you to buy fast cars, nice clothes, wonderful food etc… But it also allows you to do things. Serve others. Create something greater than yourself. And again if we don’t discuss this with our students, they’ll be chasing things that they hope will make them happy rather than experiences that could really change their lives. 

So the slide deck being sent out this week discusses the power of money with our students and the ability to use it in a way that makes us happy.

It introduces them to ideas on minimalism and the growing movement towards it (with a short video). It also uses a video to introduce them to research that suggests money can indeed make you happy, but when you don’t spend it on yourself. 

What if we could get students to not aspire towards money for money’s sake only (which is fine by the way) but also as a tool to ensure experiences that allow them to have more fulfilling lives?