This then leads to: Does having money guarantee happiness? Is wealth the only source of happiness? To answer these questions that have been around for ages, The London School of Economics decided to conduct a research. Based on the research by said institution, mental and social wellness influence happiness more than material wealth or money.
A double in salary only increased the happiness level of 200,000 respondents from around the world by 0.2 (in a scale of 1 to 10), while being in a relationship resulted in a happiness rise of 0.6. Losing a partner, either by separation or death, had a same downward impact. Meanwhile, unemployment caused a happiness dip of 0.7 in the scale, which was the lowest, along with those who were experiencing depression or anxiety. However, once they found partners, the increase in happiness was the largest.
The researcher concluded that the respondents' concern about their salary was only about how its amount compared to others, not how it directly affected their lives.
Report co-author Richard Layard states in another article on theguardian.com that on average, people have become no happier in the last 50 years, despite average incomes more than doubling, contrary to what most people believe. Also, a report from Princeton.com concludes that though high income does improve people's thoughts about theirs lives, or evaluation of life and life satisfaction, it does not necessarily improve emotional well-being, which refers to the emotional quality of an individual's everyday experience. This only supports the conclusion of LSE.
Since the state's government plays a key role in maintaining the state's happiness, Layard says that the study will help that state take action. He adds that in the past, the state has already tackled problems on poverty, unemployment, and physical health. Now, the state can also focus on mental health and social issues such as domestic violence, mental disorders, bullying, among others. Targeting "well-being creation," rather than "wealth creation."
