Everyday Money

They say money can’t buy happiness. They’re wrong. At least up to a point. People’s emotional wellbeing increases along with their income up to about US$75,000 (NZ$103,700), researchers report in today’s edition of Proceedings of the National Academy of Sciences. For people making less than that, “Stuff is so in your face, it’s hard to be happy. It interferes with your enjoyment,” said Angus Deaton, an economist at Princeton University.

Not surprisingly, someone who moves from a US$100,000 a-year job to one paying US$200,000 realises an improved sense of success.

As a financial planner I tend to think money is good for you, and am pleased to find some evidence for that.