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article imageEarning £1 million a year won't make a person happy, study says

By Edwin Manaois     Mar 26, 2010 in Lifestyle
A new study says that a person earning 1 million pounds a year won't make him happy if his colleagues earn more than him in a year.
The study by the department of psychology at the University of Warwick were seeking to explain why people in rich nations have not become any happier over the last 40 years even though economic growth reflected a substantial changed in average income.
Led researcher Chris Boyce has found out "that the ranked position of an individual’s income best predicted general life satisfaction, while the actual amount of income and the average income of others appear to have no significant effect.”
The findings were taken from data collected over seven years about earnings and life satisfaction from the British Household Panel Survey.
Money really doesn't buy happiness.
A previous study conducted at Princeton University linking cash and good mood found to be greatly exaggerated and mostly an illusion.
"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."
Another study about happiness said you are happier if you spend your money while you are still young enough to really enjoy it.
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