We Knew Money Can't Buy You Love ... Now It Turns Out It Can't Buy Happiness Either

Researchers at Princeton and other institutions are reporting that money doesn't have much to do with happiness.

One of the lead authors summarized the findings about, as the Los Angeles Times put it, "the intangible relationship between money and happiness:"

"It's mostly illusory," (Arthur) Stone said. "When you look at people's actual experience, the rich are not happier than others. And if they are, it has little to do with the money they have."

Elsewhere, they said

"People with above-average income are relatively satisfied with their lives but are barely happier than others in moment-to-moment experience, tend to be more tense, and do not spend more time in particularly enjoyable activities." (source: Princeton)

In fact, researchers say, the belief that more money will lead to more happiness can lead to a misallocation of time:

"Despite the weak relationship between income and global life satisfaction or experienced happiness, many people are highly motivated to increase their income," the study said. "In some cases, this focusing illusion may lead to a misallocation of time, from accepting lengthy commutes (which are among the worst moments of the day) to sacrificing time spent socializing (which are among the best moments of the day)."

The study will appear in the June 30th edition of Science.