For nearly two decades, wage growth has stagnated, and during a recent visit to my local Sainsbury’s, I encountered a tube of toothpaste priced at nearly £7, which makes the assertion that money cannot purchase happiness seem quite insensitive. This perspective often stems from a narrow understanding of money’s potential. If one solely uses their finances for material possessions, any joy derived from those purchases is likely to be superficial and short-lived.
Nonetheless, I find it hard to believe that anyone paying exorbitant rent wouldn’t feel a greater sense of happiness if they owned their home outright. While it’s true that luxury items like Rolex watches and rare handbags cannot compare to cherished moments with loved ones, those meaningful experiences often come with a financial cost. The increasing commodification of leisure time signifies that having more financial resources allows individuals to allocate more time towards their passions and ultimately discover deeper meaning in life.
As someone diagnosed with attention deficit hyperactivity disorder, I have a certain expertise in understanding dopamine—though not necessarily the science behind it. I am well aware of where to find it, its cost, and which activities provide a consistent and enduring release rather than just a fleeting burst.
Among the most enriching sources of long-lasting joy that positively affect my mental health are experiences filled with novelty and awe—specifically, the profound, life-enriching kind. For instance, I recall a time in rural France when I woke up to find two feet of snow blanketing the hilly terrain, reminiscent of a scene from Narnia, and it brought me to tears. This experience highlighted not only nature’s restorative qualities but also my fortune in being able to afford such a trip, made possible by an affordable airline.
In my observation, having more disposable income correlates with increased happiness. Financial security, which can be quite elusive for freelance writers, alleviates stress and expands one’s horizons. A 2023 study conducted by psychologists at Princeton and the University of Pennsylvania revealed that individuals with higher incomes tend to report greater happiness, although it is crucial to recognize that money cannot resolve unhappiness stemming from non-financial issues.
Elon Musk, who is poised to become the world’s first trillionaire, recently tweeted, “Whoever said ‘money can’t buy happiness’ really knew what they were talking about [sad-face emoji].” However, Musk’s personal experience does not imply that financial resources couldn’t foster happiness for the billions struggling to make ends meet. One must empathize with Musk’s situation; the ability to alleviate world hunger yet choosing not to must be profoundly isolating.
Regarding the ultra-wealthy, it’s important to note that hoarding wealth like Smaug atop a mountain of gold is unlikely to lead to happiness. If Smaug were to venture beyond his treasure, utilizing his riches to explore and appreciate the beauty of Middle-earth, he might find a greater sense of contentment.
Eleanor Margolis is a columnist for the i newspaper and Diva.
