How much does the happiness cost?

People surveyed about their own happiness and that of others with varying incomes tended to overstate the impact of income on well-being. Although income is widely assumed to be a good measure of well-being, the researchers found that its role is less significant than predicted and that people with higher incomes do not necessarily spend more time in more enjoyable ways, Medical News Today reports.

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How much does the happiness cost?

Economist Alan B Krueger and psychologist and Nobel laureate Daniel Kahneman at Princeton University measured the happiness of 909 employed women in Texas and 810 women in Ohio.

They found that higher income played a relatively small role in people’s daily happiness, according to EurekAlert.

The measures were based on people’s ratings of their actual experiences, instead of a judgment of their lives.

The role of income in a person’s well being is less significant than predicted, the researchers said, and people with higher incomes do not necessarily spend more time in more enjoyable ways, Daily News and Analysis reports.

“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.