© Reuters. FILE PHOTO: A woman holds US dollar bills in this illustration taken on May 30, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
By Chris Taylor
NEW YORK (Reuters) – For generations, society has wrestled with the question of whether money brings happiness. Now a new book has some answers, with the data to back it up.
The easy answer, according to Robert Waldinger and Marc Schulz, authors of “The Good Life”: No, money won’t buy you happiness. That’s according to the findings of the Harvard Adult Development Study, the world’s longest-running study of happiness.
The more complex answer is that money is obviously a big part of our daily lives, and up to a certain level of income ($75,000 in one known study) will actually affect our satisfaction, in terms of meeting basic needs and supporting our lives. our families.
Beyond that, however, there is no correlation. For most financial experts, the point is not to treat money as the ultimate goal, but as a means to an end, to shape a meaningful existence.
Since 1938, the Harvard Study of Adult Development has tracked people, now up to three generations, to find out what really makes a fulfilling life and what doesn’t.
“Money can’t buy us happiness, but it is a tool that can give us safety and security and a sense of control over life,” says Schulz, who is also a professor of psychology at Bryn Mawr College in Pennsylvania. “At the end of the day, life is really about our connections with others. It’s our relationships that keep us happy.”
Here’s what the world’s longest study of happiness can teach us about our lives, our careers, and, yes, our money:
PROFESSIONAL SUCCESS IS NOT EQUAL TO HAPPINESS
Our tendency as a society is to imagine that being a high achiever will solve all our problems.
Not so.
In the Harvard study, the sample of participants with “more prestigious jobs and more money were not happier in their lives,” says Schulz.
The notion that you’ll be fulfilled if you pursue a money-oriented accomplishment, like a big promotion or a dollar figure in your 401(k), pushes happiness far into the future and is always out of reach.
Says Schulz: “The problem with that approach is that life passes you by.”
TREASURE WORK FRIENDSHIPS
Yes, the main purpose of going to the office is the paycheck. But don’t discount all the little daily interactions with the people around you at the office, because it turns out they are very important.
“A large part of our waking life is spent at work, and if you believe that relationships make a good life, then you should think about your connections at work,” says Schulz. “Those relationships are important to your well-being, because you spend a great deal of time with them.”
PREPARE NOW FOR LIFE AFTER RETIREMENT
Retirement poses a significant risk to many people’s happiness and sense of self-esteem: Since many people are so identified with their careers and job titles, retirement can take all that away from them and leave them feeling totally lost.
That’s why mid-career pros should think about that gear change now. Build a framework of life with purpose and meaning and networks outside the office. That could mean taking up new activities, mending old friendships, or volunteering for favorite causes.
“The people who have done best in retirement are those who lean into it, think about their social connections, and rebuild their networks outside of work,” adds Schulz.
VALUE EXPERIENCES OVER THINGS
According to the study’s findings, accumulating more stuff isn’t going to boost the happiness meter. Instead, think in terms of experiences.
“Instead of buying a bigger house or a nicer car, if you use your money to share experiences with others, that money will give you a better return on happiness,” says Schulz.
That could be a vacation or having your family over for a nice dinner.
“Those are the kinds of activities that allow us to connect,” he adds.
DO A MINI-HARVARD STUDY – ON YOURSELF
The way the Harvard Study operates is by asking respondents (724 original participants, some of whom are still around, and 1,300 descendants) to reflect and occasionally self-assess.
They are happy? Are they where they want to be? Are there areas where you are falling short?
There’s no reason the rest of us can’t do the same, with regular checkups. That way, if your career, friendships, and finances aren’t working together to give you a life of purpose and meaning, you can adjust course.
“It’s absolutely critical,” says Schulz. “There are gains to be made in doing a self-examination and determining if you are doing what is really important to you.”