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Can money buy happiness? Income may boost emotional well-being more than we thought(www.cbc.ca)

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Money does indeed buy happiness, and it increases with a bigger paycheque more than economists previously believed, a recent analysis has found.

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This is the best summary I could come up with:

A paper Kahneman co-authored with Matthew Killingsworth and Barbara Mellers in 2023 concluded that the 2010 research had overstated the plateau effect because it used an unreliable method of measuring happiness from a Gallup survey, which asked study subjects to recall if they smiled the previous day.

“Income might have this protective effect against experiencing certain negative emotions, but it doesn’t necessarily bring us joy on a day-to-day basis,” he said.

Back in 2017, Jessie Golem, a photographer and videographer from Hamilton, was working four precarious jobs, including one for a volunteer organization that she hoped would open some doors.

When Golem was enrolled in Ontario’s basic income pilot program, she was able to focus on her better-paying work as a freelance photographer, knowing her rent would be covered regardless of whether her invoices had been paid promptly.

She said it was satisfying to see her efforts on the business “turning into real-world money,” and it helped that she was no longer in a constant state of worry about what she’d do if the car or computer she uses for work broke down.

Eventually, Hu was part of a successful startup that significantly improved his circumstances and launched his lucrative career in software engineering.

The original article contains 1,242 words, the summary contains 201 words. Saved 84%. I’m a bot and I’m open source!

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